Because Filipinos applies the phrase “sharing is caring” in a excessive way, and whatever you share, may it be in cash or in kind will be replenished “hundredfold".
I know this is a cultural thing in the Philippines that reflects the close-knit relationship between families. A family member who earns supports the whole family, and extended family, and relatives, and neighbors, etc. While it sounds good to be generous, it is not a good idea if the earner will do it in the long run, specially if the family become totally financially dependent. This is common to most Filipinos who work overseas and are driven by the motivation that they need to work and earn to provide for the family, sending almost all of their salary back home. At the end, they go home for good without much assurance of good retirement.
I answered a similar question about why Filipinos DON’T save despite being resourceful. This is what I notice. Most working Filipinos owns a savings account. Who wouldn't want to save for the future or for emergencies, right? However, having a savings account comes with a commitment to restrict oneself from withdrawing or swiping due to spending habits. I admit, during my early working days, I had an addiction of swiping my card whenever I saw something peasant to buy, which significantly affected my saving performance. I am so financially naive until I learned about the “commitment saving account”. It is a savings account where you save a portion from your primary bank account.
Spending habit, the biggest culprit as to why Filipinos save very little from their salary, is observed by lavish lifestyle and to some, over generousity towards family even if it depletes the monthly budget. Unnecessary spending, like on holidays and special occasions.
This is not a generalization, but its something that is true and happening.
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