Total gross revenue of industries grew by 10.3 percent in the second quarter of 2007, from 13.6 percent in 2006. Real Estate continued to post the fastest growth at 30.4 percent, driven by increased renting and leasing operations of giant supermalls and shopping centers nationwide, while the steady growth of the Business Process Outsourcing (BPO) sector continued to boost sales and occupancy of office spaces. Favorable performances were also registered in Finance, Transportation, Communication and Storage and Trade which grew by 15.2 percent, 12.8 percent and 12.6 percent, respectively.

Total Employment expanded by 0.9 percent from a contraction of 0.3 percent in 2006 as all other industries posted positive growths, except for Electricity and Water, which declined by 0.7 percent. Leading the employment growth is Real Estate which grew by 10.5 percent, followed by Mining and Quarrying, Finance, Private Services, Trade, Transportation and Communication and Manufacturing, growing by 10.5 percent, 6.9 percent, 4.9 percent, 3.5 percent, 3.2 percent, 0.9 percent and 0.1 percent, respectively.

Total compensation, which represents the salaries and wages paid out by all industries in cash and in kind, slowed down to 4.1 percent from 7.1 percent in 2006. Finance and Transportation and Communication are still the top performers for this quarter registering double-digit positive growths of 12.6 percent and 11.0 percent, respectively. Other industries likewise posted positive growths particularly Trade at 6.3 percent and Electricity and Water at 5.3 percent, except for Real Estate which declined by 4.7 percent.

With the favorable performances of both compensation and employment, Total Compensation per Employee remained positive at 3.4 percent largely attributed to increases in Finance (7.3 percent), Electricity and Water (6.1 percent), Trade (3.0 percent) and Manufacturing (1.7 percent).

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

ESTRELLA V. DOMINGO
Assistant Secretary General

Contact Persons:

Ms. Maria Fe M. Talento; Ms. Rhea-Ann F. Austria; Ms. Geraldine A. Mendoza
Tel Nos.: (632) 896-5372 (632) 895-2481
E-mail: mfm.talento@nscb.gov.ph; raf.austria@nscb.gov.ph; ga.mendoza@nscb.gov.ph

Related Link: