SUMMARY
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MANILA, Philippines – Transportation and communications, manufacturing, finance, and real estate buoyed the total gross revenue index of industries in the third quarter of 2014, the Philippine Statistics Authority (PSA) reported.
Based on Quarterly Economic Indices (QEI), the country’s total gross revenue index of industries accelerated by 9.7% for that period, mainly supported by the expansion of transportation and communications at 10.9%, PSA reported Thursday, February 26.
Manufacturing grew by 10.8%; finance, 10.2%; and real estate by 10.1%.
Trade also expanded with a 9.4% growth from 9.9% in 2013, while private Services slowed down to 5.9% from 8.8% in the same period in 2013.
The Philippines’ QEI aims to provide measures of growth in production, gross revenue, employment, and compensation in different sectors of the economy.
PSA said the indicators were developed as a guide for a more meaningful analysis of current economic behavior and events. It is also used as deflators to express a current value in real terms, bases for wage formulation, and forecasting and projections.
Buoyant figures
Total employment index climbed by 4.2% from 2013’s growth of 1.9%.
Real estate and finance sectors recorded the fastest employment index growth of 11.6% and 10.2%, respectively, in 2014.
Private services expanded by 5.8%; manufacturing, 4.6%; and transportation and communications by 3.7% last year.
Mining and quarrying rebounded in the third quarter 2014 with a growth of 3.2% from a 2.1% decline in 2013.
Electricity and water declined by 2.2% while trade plummeted to 0.6% from 3.8% growth.
Total compensation index posted a 7.8% growth during the third quarter of 2014.
Leading the sectors compensation growth are finance, which expanded by 23.1%, and real estate by 21.4%.
The total compensation per employee index accelerated slightly to 3.4% from 3.3% registered last year, attributed to the growths in the index of finance, real estate, and manufacturing sectors.
The manufacturing sector may have felt the “lingering effects” of port congestion toward the end of 2014. Both the value and volume of major commodity imports and exports declined and slowed down despite the holidays.
Meanwhile, the prospects of the Philippine real estate industry this year are bright, anchored by the continuing growth of the Business Process Outsourcing (BPO) sector and supported by the resurgence of the retail, hospitality and gaming sectors. BRappler.com
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