The country’s real estate sector posted slower growth of 5.3 percent in gross revenue in the second quarter of this year, against 15.8 percent a year earlier, the latest data from the Philippine Statistics Authority (PSA) showed.
The sector, however, remained as the top employer among all industries, according to the PSA’s sectoral Quarterly Economic Indices for the second quarter of 2015.
The real estate sector mirrored the slowdown in the Total Gross Revenue Index of all industries, which grew 5.7 percent in the second quarter of 2015, down from a 10.8-percent rise posted a year ago.
The transportation and communication sector buoyed the overall revenue figure, with the fastest growth rate among the industries of 9.3 percent, albeit also lower than last year’s 21.1-percent growth.
The private services sector ramped up its revenue growth at 8.8 percent, against last year’s 2.5 percent.
Finance posted 7.6 percent from 10.3 percent, while trade revenues grew 6.9 percent from 9.6 percent a year ago. Manufacturing, however, suffered a staggering plunge, with a minimal one-percent growth from last year’s 13.8-percent.
For the first quarter of 2015, the property sector posted the fastest revenue increase among industries, with a 13.7-percent growth rate.
The sectoral indices are computed based on data from the Quarterly Survey of Philippine Business and Industry, as well as from reports of various administrative and regulatory agencies with 1978 as the base year, the PSA explained.
The survey showed that the real estate sector remained to be the top employer among all industries.
“Real Estate continues to be the top gainer in employment, with an index growth of 12.9 percent from 10.4 percent last year,” reported national statistician Lisa Grace Bersales.
She said the Total Employment Index for the quarter registered a mere 2.8-percent growth, slowing down 4.7-percent in the same quarter last year.
Following real estate in the employment index is finance, which grew by 8.0 percent, a bit slower than last year’s growth of 8.7 percent.
Private services’ employment index grew 5.8 percent from last year’s 5.3 percent; mining and quarrying, 3.8 percent from 7.8 percent; manufacturing, 2.9 percent from 5.2 percent; electricity and water, one percent, from a contraction of 0.3 percent last year.
Transportation and communications contracted by 1.5 percent from 5.9 percent; and trade declined by 2.0 percent from its 0.1-percent growth last year.
As for compensation per employee, the Total Compensation per Employee Index sped up by three percent, from 1.5 percent a year ago.
“The acceleration was attributed to the upswing of private services (3.9 percent from a growth of 2.8 percent), real estate (3.3 percent from 3.2 percent), and trade (3.1 percent from 1.8 percent).
“Only mining & quarrying suffered a setback by 8 percent from an already declining rate of 5.4 percent last year,” Bersales said.