Most real estate-engaged establishments in the formal sector operated on their own or leased properties rather than through contract-based real estate activities in 2014, a survey by the Philippine Statistics Authority (PSA) said.
Results of a 2014 Annual Survey of Philippine Business and Industry (ASPBI) conducted by the PSA and released only on Thursday, showed a total of 504 establishments with total employment of 20 and over in the formal sector of the economy were engaged in real estate activities.
“The survey was conducted nationwide in April 2015 with the year 2014 as the reference period of data, except for employment which is as of November 15, 2014,” PSA said.
“Field operations of the 2014 ASPBI were scheduled from April to July 2015,” the agency added.
PSA did not disclose why it took so long to release the results.
The survey found that real estate activities with own or leased property dominated the sector.
“Nine out of 10 establishments in real estate activities were engaged in real estate activities with their own or leased property,” PSA said.
Contract-based activities, by contrast, include real estate businesses operating as offices within other businesses, such as financial firms.
On a geographical basis, the bulk of the establishments were located in the National Capital Region with 343 establishments or 68.1 percent of the total.
“Central Visayas and CALABARZON regions placed far second and third with 34 establishments or 6.7 percent, and 33 establishments or 6.5 percent, respectively,” PSA said.
Similarly, PSA noted that NCR accounted for the biggest share in employment of the sector, comprising almost three-fourths (32,843 or 74.1 percent) of the total workforce.
The real estate-engaged formal sector employed a total of 44,319 workers in 2014, with 99.9 percent of 44,283 being paid employees, while only 0.1 percent or 36 employees were working owners or unpaid workers, according to the PSA.
“Real estate activities with own or leased property employed bulk of the workers with 40,124 (90.5 percent) of the total,” PSA said.
In contrast, the remaining 9.5 percent or 4,195 workers were accounted for by real estate activities on a fee or contract basis.
Moreover, the sector paid a total compensation of P15.8 billion in 2014, with average annual compensation of P355.7 thousand per paid employee.
“Bulk of the total compensation was paid by real estate activities with own or leased property sharing P14.0 billion (88.6 percent) and the remaining portion amounting to P1.8 billion (11.4 percent), by real estate activities on a fee or contract basis,” PSA said.
The survey noted that employees in real estate activities on a fee or contract basis received higher average annual compensation of P427.6 thousand per paid employee than those employed in real estate activities with own or leased property with P348.2 thousand.