Total Index on Gross Revenue of industries increased by 10.1 percent in the first quarter of 2008, a slow down from last year’s 12.8 percent growth. Real Estate posted the highest growth at 21.4 percent, brought about by increased sales of residential houses. Second is Trade, which expanded by 11.4 percent due to robust sales of petroleum products, Transportation and Communication came in third with 10.7 percent growth.

On the other hand, Total Index on Employment declined by 2.1 percent, from 0.5 percent growth posted a year ago. Except for Manufacturing, which dropped by 4.7 percent, growths were registered for the following sectors: Finance by 10.0 percent, its first double-digit employment growth ever; Electricity and Water by 7.7 percent, the highest since 2002; Mining and Quarrying, up by 7.0 percent; Transportation and Communication, by 4.2 percent; Real Estate, by 2.7 percent; Trade, up by 2.4 percent; and Private Services which decelerated by 0.3 percent.

Total Index on Compensation, which represents the salaries and wages paid out by industries in cash and in kind, grew by 7.2 percent, the highest growth recorded since 2004. Double-digit growths were recorded in Transportation and Communication and Finance at 14.7 percent and 10.5 percent, respectively. Except for Mining and Quarrying which declined by 4.4 percent from its year ago growth of 21.1 percent, all other sectors posted positive growths.

Total Index on Compensation Per Employee accelerated by 9.6 percent due to expansion of Compensation and the decline in Employment indices. Highest growth came from Mining and Quarrying at 16.0 percent, followed by Manufacturing with 10.3 percent growth and Transportation and Communication with 10.1 percent growth.

This report is based on the July 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

Telefax No.: (632) 896-5372

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