THE industrial sector in the Philippines has marked slower growth for both gross revenue generated and compensation to employees in the first quarter of 2016.
A statement that the Philippine Statistics Authority (PSA) issued on Monday said the growth rate for gross revenue of industries during the period was 6.9 percent compared with 7.4 percent a year earlier.
Employees’ compensation index, similarly, lost momentum, and contracted to 4.5 percent from 6 percent a year earlier. The number of jobs in key industries, as measured by the total employment index, was also down by 0.04 percent, slower than the 3.8 percent increase the previous year.
However, PSA noted that despite the declining pace of employment and compensation indices, growth in the total compensation per employee index accelerated to 4.6 percent from the 2.1 percent rise in 2015.
Real estate was the only sector that registered the fastest gross revenue growth, 13.2 percent, during the first three months of 2016, but it was lower than 13.7 percent registered in the previous corresponding period.
It was followed by transportation and communication at 9.4 percent from 12.3 percent, respectively while other industries that also posted positive growth were trade, finance, manufacturing, and private services.
PSA traced the deceleration to industries dealing in real estate, which slowed by 10.4 percent, down from 20.1 percent; mining and quarrying which dipped further by 15.4 percent from a 2 percent contraction; and manufacturing which declined by 3.4 percent from an expansion of 11.2 percent.
Only electricity and water posted accelerated with 16.3 percent growth from 1.4 percent a year ago.
Among the industries, both manufacturing, and mining and quarrying declined by 0.9 percent and 6.3 percent, from a growth of 3.7 percent and 3.3 percent, respectively.
Meanwhile, real estate slowed down to 8.1 percent from 15.3 percent; transportation and communication turned around to a growth of 1.9 percent from a contraction of 0.4 percent; finance decelerated by 1.8 percent from 7.9 percent; electricity and water turned around to 1.3 percent growth from a contraction of 0.3 percent; trade accelerated by 1.1 percent from 0.1 percent; and private services slowed down to 1.1 percent from 8.0 percent of the same quarter last year.