But they stick to budget...
By Ronnel Domingo, Philippine Daily Inquirer, January 2008
MANILA, Philippines – Filipinos are the most generous gift-givers in Asia during the Christmas season but presents tend to be low-cost as they stick to a budget, according to an informal survey of GE Money.
The Connecticut-based consumer financial services unit of General Electric Co. polled some 2,000 employees of GE Money Asia and joint-venture firms wherein it has interest, "to better understand the people and the communities where we live and work."
Respondents belonged to 19 nationalities and worked in GE Money Asia organizations in Japan, Thailand, Korea, the Philippines, Singapore, China and Indonesia.
However, GE Money was quick to clarify that the comparison, conducted in November and early December, was not apple-to-apple as different numbers of people by age, sex, marital status and nationality were used.
Local respondents, who comprised seven percent of the total, showed that 78 percent of the total, showed that 78 percent of Filipinos planned to buy the most number of gifts at least six items.
Also, poll results showed that Filipinos were the most family-oriented with regard to the celebrations as 95 percent of them said they would spend Christmas with "close family".
Being the largest population of Christians in the region, 68 percent of Filipinos said they would attend church or services. in comparison, 48 percent of Singaporeans said they would go out for Christmas dinner, while 40 percent of the Japanese said they would stay at home.
Among Filipinos, the most popular gift they wished to receive was money, just like the Singaporeans and the Thais.
Accessories like watches were popular for all nationalities polled except the Filipinos.
Buying gifts for everyone was the top choice among Filipinos, Singaporeans and Koreans, while at least a fifth of Thais, Japanese and Chinese did not buy gifts at all.
Still, 84 percent of Filipinos said they planned to spend for Christmas at less or about the same amount as in the previous year, with 28 percent citing economic conditions as a reason.
More than half or 52 percent of Filipinos used cash to buy Christmas gifts, unlike the plastic-savvy Koreans of whom 91 percent used credit cards.
Among Filipinos, the top source of funds for Christmas shopping was the annual bonuses, unlike with other nationalities who used their regular salaries.
Even then, 52 percent of Filipinos made a budget for Christmas shopping and stuck to it while 63 percent of Thais bought on impulse.
For Filipnos, 43 percent said their budget was between $200 and $500 while 33 percent said they had $200 or less.
If money was not a problem, Filipinos and Japanese would prefer to have a new home while the others wished to travel.
Eric Montelibano, vice president of GE Money Bank Philippines, explained that GE Money Asia has been conducting surveys to better understand the people in the communities where employees live and work.
It's GE Money's commitment to understand how people live their lives, at work and in leisure, and the role that consumer finance can play to help them achieve their goals," Montelibano said.
