Revenues of the country’s key industries increased by 9.6 percent in the second quarter of the year, according to the October issue of the Quarterly Economic Indices (QEI) of the Philippines.
National Statistical Coordination Board Secretary-General Jose Ramon Albert said that trade posted “fastest growth” in terms of revenues at 12.6 percent, which contributed significantly to the 9.6-percent rise of the total revenues of industries.
The other key industries that grew in 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.
On the other hand, real estate, private services, electricity and water, and trade paced up an employment growth of 11.2 percent, 5.8 percent, 3.8 percent, and 3.1 percent, respectively, during the second quarter.
The Total Compensation Index in the industries 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.