Total gross revenue of industries accelerated to 13.0 percent in the third quarter of 2007, from 11.5 percent in 2006. The fastest growth was recorded by the Finance sector at 18.5 percent, boosted by higher revenues from loan receivables and borrowings as well as higher premiums and investment income. Trade and Real Estate which grew by 17.6 percent and 17.2 percent, respectively, also showed favorable performances by registering double-digit growths.

However, total Employment declined by 0.3 percent, slightly better than the 0.4 percent decline a year ago. Positive growths were posted by the following sectors: Mining and Quarrying with 17.2 percent, Real Estate with 13.7 percent, Trade with 1.5 percent, Private Services with 0.9 percent, Finance with 0.7 percent and Transportation and Communication with 0.6 percent. However, contractions were recorded in Manufacturing (1.1 percent) and Electricity and Water (1.2 percent).

Total compensation, which represents the salaries and wages paid out by all industries in cash and in kind, grew by 5.5 percent from 5.0 percent in 2006. The top performer for this quarter was Transportation and Communication which registered a double-digit growth of 12.7 percent. Except for Real Estate which declined by 4.0 percent, all other sectors contributed positive growths: Electricity and Water grew by 7.5 percent, Trade by 6.7 percent, Private Services by 5.8 percent, Finance by 5.2 percent, Mining and Quarrying by 3.1 percent and Manufacturing by 1.7 percent.

With the lower decline in Total Employment and the expanded growth in Total Compensation, Total Compensation per Employee accelerated to 5.8 percent from 5.4 percent in 2006. Growth was largely attributed to Transportation and Communication which grew by 12.0 percent; Electricity and Water by 8.9 percent; Trade by 5.1 percent; Private Services by 4.9 percent; and Finance by 4.4 percent.

This report is based on the February 2008 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 A. Bautista
Ms. Geraldine A. Mendoza

Telefax No.: (632) 896-5372

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