Gross revenues of industries rose 8.3 percent in the fourth quarter of 2013, creating more jobs as the pace of income growth accelerated from 7 percent a year earlier.
But employees’ compensation showed a slowdown to 6.1 percent by the end of last year from the 10.4 percent rate of growth in the comparative period.
In the April 2014 issue of the Quarterly Economic Indices (QEI) of the Philippines, the Philippine Statistics Authority (PSA) said the transportation and communications sector posted the fastest revenue growth of 15.9 percent in the last quarter of last year from 4.8 percent in the same period in 2012.
It was the fastest growth in revenue on record since the fourth quarter of 2004.
Finance also exhibited accelerated revenue growth of 10.5 percent, followed by trade with 8.2 percent.
Real estate and private services continued to contribute positively to growth but at slower rates of 9.8 percent and 3.3 percent, respectively.
The PSA noted the deceleration in the total compensation index, which reflected the salaries and wages paid out by industries in cash and in kind to employees.
The PSA traced the slowdown in salaries and wages growth to industries dealing in electricity and water (decelerating to 1.7 percent from 8 percent), transportation and communication (to 2.9 percent from 12 percent), trade (to 3.1 percent from 5.6 percent), and private services (to 7.1 percent from 16.9 percent).
But the compensation index in real estate, finance, mining and quarrying, and manufacturing grew at a faster rate during the period with 13.8 percent, 11.8 percent, 10.8 percent and 8.9 percent, respectively.
Meanwhile, the PSA said the number of jobs in the country’s key industries, as measured by the total employment index, increased by 2.9 percent from the 2.2 percent growth in the previous year.
“The accelerated growth [in employment]was largely attributed to the turnaround growth [in the employment index]of transportation and communication; and trade with 5.6 percent and 4.4 percent from a decline of 2.4 percent and 1.5 percent in the previous year, respectively,” the statistics agency stated.
The PSA further said that the acceleration in the employment index and the deceleration in compensation index resulted in a 3.1 percent decline in the total compensation per employee index.