Total Gross Revenue Index of Industries rose
to 13.8 percent in Q3 2008
(PR-200902-ES1-01 , Posted 26 February 2009)
Total Gross Revenue Index of industries rose to 13.8 percent in the third quarter of 2008, from the previous year’s growth of 13.0 percent. Real Estate, as in the previous quarter, posted the fastest growth at 36.9 percent, boosted by the increased revenues from real estate projects, renting and leasing operations of giant supermalls and shopping centers nationwide. This was followed by Manufacturing which accelerated by 15.3 percent and Finance, which grew by 14.3 percent.
On the other hand, Total Employment Index declined by 2.7 percent, its fifth consecutive decline since the third quarter of 2007. This was pulled down by Mining and Quarrying, which posted its second double-digit decline of 13.8 percent. Manufacturing and Electricity and Water, likewise fell by 4.9 percent and 0.7 percent, respectively. Minimal growths were recorded in Private Services, Trade, Real Estate and Transportation and Communications while Finance posted the fastest growth at 5.8 percent.
Total Compensation Index expanded by 7.3 percent from last year’s growth of 5.6 percent. This represents the salaries and wages, including benefits paid out by industries in cash and in kind. Real Estate grew by 14.9 percent, its second double-digit growth since the first quarter of 2007, followed by Finance at 13.9 percent. All other sectors posted positive growths.
With the expanded growth of compensation and the continued decline in employment, total compensation per employee registered its first double-digit growth of 10.3 percent, an acceleration from the 6.0 percent it registered in the previous year. Robust growths were recorded for Mining and Quarrying (25.5 percent) and Real Estate (13.4 percent), while the rest posted positive growths.This report is based on the February 2009 issue of the Quarterly Economic Indices (QEI) of the Philippines.
ESTRELLA V. DOMINGO
Assistant Secretary General