This paper investigates how rural Filipino households manage income and expenditure shocks using detailed data on gifts, loans, and asset sales. The findings indicate that shocks significantly affect gifts and informal loans but have little impact on livestock and grain sales. Mutual insurance does not occur at the village level; instead, households primarily rely on networks of friends and relatives for support. Certain types of shocks are better insured than others, and financial savings are used to cope with risks. The evidence supports models of quasi-credit where risk is shared within networks through flexible, zero-interest informal loans combined with pure transfers. The study also examines the role of social networks in risk sharing, finding that risk sharing is more efficient within confined networks of family and friends.This paper investigates how rural Filipino households manage income and expenditure shocks using detailed data on gifts, loans, and asset sales. The findings indicate that shocks significantly affect gifts and informal loans but have little impact on livestock and grain sales. Mutual insurance does not occur at the village level; instead, households primarily rely on networks of friends and relatives for support. Certain types of shocks are better insured than others, and financial savings are used to cope with risks. The evidence supports models of quasi-credit where risk is shared within networks through flexible, zero-interest informal loans combined with pure transfers. The study also examines the role of social networks in risk sharing, finding that risk sharing is more efficient within confined networks of family and friends.