Total gross revenue of industries expanded by 11.0 percent in the fourth quarter of 2006, from 15.5 percent registered in 2005.  Real Estate continued to post the highest growth at 39.9 percent with the sustained demand for business office spaces from the BPO industry and increased income from rental and leasing operations.  This was followed by Finance, which grew by 17.3 percent, with the recovery of the insurance sector and higher utilization of financial services; and Trade, which increased by 12.3 percent, boosted by  brisk sales from the country’s newly opened super-malls.  

Total employment accelerated to 3.7 percent from 2.0 percent it registered a year ago.  This was the highest employment growth recorded since the second quarter of 2002. Except for Real Estate which posted a decline of 6.0 percent, all other industries showed positive growths: Mining and Quarrying was up by 7.5 percent; Manufacturing and Private Services, by 4.4 percent each; Finance by 3.5 percent; Transportation and Communication by 2.8 percent; and Electricity and Water and Trade with 1.9 percent and 0.3 percent increases, respectively.   

Total compensation at current price picked up by 7.7 percent from 4.1 percent in 2005. Total compensation of industries represents the salaries and wages paid out by all industries in cash and in kind.  Top performers were Electricity and Water, Finance and Transportation and Communication, posting double-digit growths of 18.8 percent, 15.4 percent and 14.2 percent, respectively.  Favorable performances were likewise registered in Mining and Quarrying, Manufacturing, Trade, Real Estate and Private Services.

Accelerated growths in both compensation and employment at current prices resulted to the higher growth in compensation per employee at 3.9 percent from 2.1 percent.  Electricity and Water recorded the fastest growth in terms of compensation per employee at 16.6 percent followed by Finance, Transportation and Communication and Real Estate with 11.5 percent, 11.0 percent and 10.8 percent, respectively.                                   

This report is based on the April 2007 issue of the Quarterly Economic Indices (QEI) of the Philippines.

ROMULO A. VIROLA
Secretary General

Contact Persons:

Ms. Maria Fe M. Talento
Ms. Rhea-Ann F. Austria
Ms. Geraldine A. Mendoza

Tel Nos.: (632) 896-5372
Telefax :(632) 895-2481

E-mail: mfm.talento@nscb.gov.ph ; raf.austria@nscb.gov.ph ; ga.mendoza@nscb.gov.ph