NSCB - Press Statement -Total Index on Gross Revenue of Industries accelerated by 15.0 percent in Q2 2008

Total Index on Gross Revenue of Industries accelerated by 15.0 percent
in Q2 2008
(PR-200809-ES1-02 , Posted 30 October 2008)

Total Index on Gross Revenue of industries accelerated by 15.0 percent in the second quarter of 2008, from the previous year’s growth of 10.3 percent. Real Estate posted the fastest growth at 27.2 percent, boosted by increased sales from real estate projects and higher income from renting and leasing operations of supermalls and shopping centers all over the country. This was followed by Trade, up by 16.1 percent due to robust sales of petroleum and pharmaceutical products; and Manufacturing, which grew by 15.2 percent largely due to increased food manufactures.

In contrast, Total Index on Employment continued to decline by 1.3 percent since Q3 2007, from a positive growth of 0.9 percent a year ago. This was pulled down by Mining and Quarrying, which posted a double-digit decline of 17.0 percent from a positive 7.7 growth last year. Manufacturing and Electricity and Water, likewise fell by 2.2 percent and 0.1 percent respectively. Private services slipped by 0.4 percent. Higher growths in employment, however, were posted in the following sectors: Finance up by 6.6 percent; Transportation and Communication by 3.6 percent; Real estate by 1.4 percent; and Trade by 1.1 percent.

Total Index on Compensation, which represents the salaries and wages paid out by industries in cash and in kind, rose by 6.9 percent. Real Estate grew by 20.9 percent, the highest growth recorded by the sector since Q1 1998; followed by Finance at 11.6 percent. The rest of the sectors posted positive growths, except for Mining and Quarrying, which declined by 15.7 percent.

With the expanded growth of compensation and the continued decline in employment, total compensation per employee accelerated to 8.3 percent from a growth of 3.3 percent in the previous year. Highest growth came from Real Estate at 19.2 percent, followed by Manufacturing with 9.4 percent and Private Services with 7.0 percent.

This report is based on the October 2008 issue of the Quarterly Economic Indices (QEI) of the Philippines.

ROMULO A. VIROLA
Secretary General

Contact Persons:

Ms. Maria Fe M. Talento/ Ms. Mai Lin C. Villaruel
Telefax No.: (632) 896-5372
E-mail: mfm.talento@nscb.gov.ph; mlc.villaruel@nscb.gov.ph

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