The quarterly index on total gross revenue at current prices inched up by 3.5 percent in the third quarter of 2003 to 3,519.0 from 3,400.1 in the same quarter last year. On the other hand, current price indices on employment registered a decline of 3.4 percent while compensation posted an increase of 8.0 percent during the quarter in review. These were based on the February 2004 issue of the Quarterly Economic Indices (QEI) of the Philippines.

The QEI is a publication released by the National Statistical Coordination Board (NSCB) to provide users with measures of growth in production, gross revenue, employment, and compensation in the various sectors of the economy. In addition, the indices on compensation per employee can be used as deflators to express a current value in real terms, as bases for wage formulation, and for forecasting or projections. Specifically, indicators included in the QEI were developed to guide users for a more meaningful analysis of the current economic situation. The sectors covered in the QEI are Agriculture, Fishery and Forestry, Mining and Quarrying, Manufacturing, Construction, Electricity and Water, Trade, Transport and Communication, Finance, Real Estate, and Private Services.

The NSCB acknowledges the full support, cooperation and valuable assistance of data producers for the quarterly compilation of the QEI which include: National Statistics Office (NSO), Bureau of Agricultural Statistics (BAS), Sugar Regulatory Administration (SRA), Forest Management Bureau (FMB), Manila Electric Company (MECO), Metropolitan Waterworks and Sewerage System-Regulatory Office (MWSS-RO), Mines and Geosciences Bureau (MGB), Department of Energy (DOE), and National Power Corporation (NPC).

For inquiries please contact, Ms. Vivian R. Ilarina or Ms. Eileen P. Capilit at telephone number 896- 5372 or email address vr.ilarina@nscb.gov.ph / ep.capilit@nscb.gov.ph

ROMULO A. VIROLA
Secretary General