Gross revenues of key industries rose by 10.8 percent in the second quarter of 2014 from the 9.6 percent expansion in the same quarter a year earlier, the latest government data shows.
In the October 2014 issue of the Quarterly Economic Indices (QEI) of the Philippines, the Philippine Statistics Authority (PSA) said among industries, the transportation and communications sector experienced double-digit growth at 21.1 percent in the period, compared to only 2.7 percent growth in the same period last year.
Real estate also recorded double-digit revenue growth of 15.8 percent, up from 11.9 percent in the same quarter a year earlier, followed by manufacturing which accelerated by 13.8 percent versus 3.0 percent in the second quarter of 2013.
Finance and trade slowed down by 10.3 percent and 9.6 percent versus 12.0 and 12.6 percent a year earlier, respectively, while private services also contracted this quarter by an undisclosed percentage, the statistical agency said.
The PSA data also showed that total compensation index accelerated to 6.3 percent in the second quarter from 4.5 percent growth posted last year. The index reflects the salaries and wages paid out by industries in cash and in kind to employees.
“The growth in compensation was led by Real Estate and Finance, which maintained its double-digit growth for the past two quarters with 26.9 percent and 14.4 percent, respectively,” the PSA said.
Other industries with positive growth in compensation were private services, transportation and communication and manufacturing.
Meanwhile, compensation in mining and quarrying slowed down during the period with only 2 percent growth compared to the 12.7 percent in 2013.
The number of jobs in the country’s key industries also improved to in the second quarter. As measured by the total employment index, the number of jobs rose by 4.7 percent this year from the 1.1 percent growth a year earlier.
“This growth of the total employment index was largely contributed by the upturn of transportation and communication with 5.9 percent, and manufacturing with 5.2 percent,” the PSA said.
On the other hand, the PSA said despite the acceleration in the compensation index and the employment index, the total compensation per employee index slowed to 1.5 percent from 3.3 percent last year.
The deceleration was attributed to the decline in mining and quarrying, transportation and communication, finance, manufacturing, real estate, and trade.
Improvements were noted in private services, and electricity and water with 2.8 percent and 0.9 percent, respectively.