The National Statistical Coordination Board posted on Thursday that the revenues of the country’s key industries increased by 9.6 percent in the second quarter of the year, based on the October issue of the Quarterly Economic Indices (QEI) of the Philippines.
In a statement, NSCB Secretary General Jose Ramon Albert said that trade posted “fastest growth” in terms of revenues at 12.6 percent, which majorly contributed to the 9.6-percent rise of the total revenues of industries.
Other key industries he mentioned that grew for the second quarter include real estate by 11.9 percent, private services by 11.6 percent, manufacturing by 3 percent and transport and communications by 2 percent.
In terms of employment, Albert said that the country slowed its employment rate by 1.1 percent for second quarter this year compared to the 3.3 percent same time last year.
“This was due to the sluggish growths recorded in manufacturing, transportation and communications, and finance. The deceleration was further compounded by the decline in mining and quarrying at 1.7 percent,” the NSCB secretary general said.
NSCB cited industries rising its employment segment—based on Total Employment Index in QEI—which include real estate sector at 11.2 percent employment growth, private services at 5.8 percent, electricity and water at 3.8 percent and trade at 3.1 percent.
Like employment, compensation in these industries also declined to 4.5 percent from last year’s 9.4 percent. This is because of the “slow-paced growths” registered by industries such as mining and quarrying, transportation and communication, private services, electricity and water and manufacturing.
“[Despite compensation index skid], finance and real estate rebounded to 17.2 percent and 3.3 percent from a decline of 17.1 percent and 0.1 percent in 2012, respectively,” Albert said.
“With the deceleration of both Employment and Compensation Indices, Total Compensation per Employee Index also decelerated to 3.3 percent from 5.9 percent in the previous year. The decelerated growth was due to the reduced growths in Manufacturing, Private Services and Electricity and Water,” he added.
“Finance posted the fastest growth at 15.8 percent from a decline of 18.5 percent in 2012. All other sectors also registered positive growths during the period,” the secretary general further said.
Kristyn Nika M. Lazo