Philippine industries posted accelerating growth of 7.4 percent in combined gross revenues in the first quarter of 2015 from 6.3 percent a year earlier, paced largely by the expansion of earnings in the real estate sector, official statistics show.
In the August 2015 issue of the Quarterly Economic Indices (QEI) of the Philippines, the Philippine Statistics Authority (PSA) said the real estate sector posted the fastest revenue increase of 13.7 percent in the first quarter from 13.4 percent in the same period in 2014.
Employees’ compensation climbed 6 percent by end-March, building momentum from 5.2 percent growth posted in the year-ago period.
Despite these, the index of total compensation per employee showed a slower increase during the three-month period.
The transportation and communications segment registered revenue growth of 12.3 percent, slowing from a 15.7 percent rise in the year-ago period. It was followed by manufacturing, which posted a 10.1 percent increase, then private services with 7.4 percent.
Trade and finance continued to contribute positively to growth but at slower rates of 6.1 percent and 3.9 percent, respectively.
The PSA said the faster rise in the total compensation index reflected the salaries and wages paid out by industries in cash and in kind to employees.
The agency traced the improvement in salaries and wages to industries dealing in real estate (20.1 percent), finance (18.9 percent), manufacturing (11.2 percent), private services (7.4 percent), electricity and water (1.4 percent), transportation and communication (0.7 percent), trade (0.3 percent).
Meanwhile, mining and quarrying dropped further by 2 percent from a 4.9 percent fall last year.
The PSA added that the number of jobs in the country’s key industries, as measured by the total employment index, was up by 3.8 percent from the 1.4 percent increase the previous year.
“Real estate is the top gainer in employment, with the fastest employment index growth of 15.3 percent (from 9.8 percent); private services accelerated to 8 percent (from 1.7 percent); finance slowed to 7.9 percent (from 8.5 percent); and manufacturing expanded to 3.7 percent (from 0.02 percent),” the statistics agency said.
The PSA, however, pointed out that while the employment index and compensation index gained pace during the period, growth in the total compensation per employee index lost momentum to 2.1 percent from the 3.7 percent rise in 2014.
“The deceleration was attributed to the downswing in mining and quarrying (negative 5.1 percent from growth of 4.4 percent), and private services (negative 0.6 percent from 10.0 percent),” it said.
The agency said the remaining industries contributed positive growth, led by finance (10.2 percent growth from 2.9 percent), and manufacturing (7.2 percent growth from negative 2.9 percent).