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First Quarter 2010
Gross National Product &
Gross Domestic Product by Industrial Origin

Gross Value Added in Services

Services maintains growth

In the Services sector, Private Services recorded the fastest growth of 9.5% followed by: Trade, 8.5 percent; Finance, 6.3 percent; ODRE 5.0 percent; Government Services, 4.1 percent; and, Transport, Communication and Storage which slowed down to 0.7 percent.

Transport and Storage sustains growth of TCS

Transport and Storage impeded the downswing of Transportation, Communication and Storage (TCS) by posting a modest growth of 3.6 percent from 0.8 percent last year.  TCS recorded a measly growth of 0.7 percent from 5.6 percent.

The deceleration of can be attributed to the reversal in growth of Communication subsector which declined by 1.3 percent from a growth of 9.2 percent and Water Transport subsector which further declined by negative 16.5 percent from negative 9.5 percent.

Meanwhile, the following subsectors contributed positively to the sector:  Land Transport, 3.7 percent from 2.9 percent; Air Transport 12.5 percent from 2.5 percent; and, Storage, 12.3 percent from negative 2.4 percent

Trade rebounds

Trade rebounded to 8.5 percent from negative 1.0 percent recorded last year with the robust growth of 11.0 percent from 1.2 percent of Retail Trade.  Likewise, the 0.4 percent turnaround growth from negative 7.4 percent of Wholesale Trade contributed to the rebound of the sector. The growth of Wholesale trade can be attributed to the significant increase in petrochemical sales with the increased economic activities of the industrial sector.

Finance posts gains

With the global financial crisis seemingly over, Financial Services grew by 6.3 percent from 1.2 percent with all its subsectors posting positive growths.  Banks expanded by 7.1 percent from 3.8 percent; Non-Banks rebounded to 9.7 percent from negative 11.5 percent; and, Insurance was up by 1.2 percent from negative 4.9 percent.

Ownership of Dwellings continue to expand

Ownership of Dwellings and Real Estate (ODRE) continued to grow by 5.0 percent from 0.8 percent in the previous year.  Ownership of Dwellings, which accounts for about 73 percent of ODRE, grew by 3.0 percent from 2.8 percent in 2009.  On the other hand, Real Estate rebounded to 10.9 percent from negative 4.6 percent with the higher sales in residential projects and higher income from of business office spaces.

Recreational Services tops Private Services

With the heat generated by the May elections, Private Services posted a growth of 9.5 percent from 4.0 percent posted last year.  The highest contributor to the growth of the sector was Recreational Services, which include the broadcasting media, with 31.4 percent from 1.3 percent.

The other contributors to the growth of the sector were:  Business Services subsector, which includes the Business Process Outsourcing (BPO), 11.1 percent from 12.0 percent; Personal Services, which include laundry services, spas, beauty parlors and other related services, 6.0 percent from 3.2 percent; Hotel and Restaurants, 4.8 percent from 3.4 percent; Medical & Health, with a rebound of 2.7 percent from negative 1.4 percent; Other Services, which include waste collection/disposal and other sanitary and similar services, 9.5 percent from 1.9 percent; and, Educational Services 1.2 percent from negative 0.3 percent.

Government Services accelerates

Government Services accelerated to 4.1 percent from 2.0 percent posted the previous year due to the implementation of the first tranche of Salary Standardization Law III (SSL 3), payment of deficiency in additional incentives for teachers and the higher claims for retirement gratuity and terminal leave benefits of retired government employees.  

 

GROSS VALUE ADDED in SERVICES
1st Quarter 2009 and 1st Quarter 2010
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

At Current Prices

INDUSTRY/INDUSTRY GROUP 1st Qtr 2009 1st Qtr 2010 Growth Rate
(%)
SERVICE SECTOR 956,355 1,056,410 10.5
   a. Transport., Comm., Stor. 128,435 132,218 2.9
   b. Trade 226,024 252,923 11.9
   c. Finance  112,629 124,799 10.8
   d. O. Dwellings & R. Estate 104,680 112,064 7.1
   e. Private Services 267,671 297,316 11.1
   f. Government Services 116,915 137,090 17.3

At Constant 1985 Prices

INDUSTRY/INDUSTRY GROUP 1st Qtr 2009 1st Qtr 2010 Growth Rate
(%)
SERVICE SECTOR 167,168 177,394 6.1
   a. Transport., Comm., Stor. 32,311 32,542 0.7
   b. Trade 50,048 54,283 8.5
   c. Finance  22,812 24,244 6.3
   d. O. Dwellings & R. Estate 16,464 17,287 5.0
   e. Private Services 30,418 33,301 9.5
   f. Government Services 15,114 15,737 4.1

 

 

GROSS VALUE ADDED in SERVICES
Annual 2008 and 2009
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

INDUSTRY/ INDUSTRY GROUP AT CURRENT PRICES AT CONSTANT PRICES
2008 2009 Growth Rate
(%)
2008 2009 Growth Rate
(%)
SERVICE SECTOR 3,959,102 4,221,702 6.6 693,176 712,486 2.8
   a. Transport., Comm., Stor. 508,828 514,266 1.1 125,814 126,530 0.6
   b. Trade 1,088,198 1,115,432 2.5 236,705 239,119 1.0
   c. Finance  404,860 443,521 9.5 83,356 88,305 5.9
   d. O. Dwellings & R. Estate 413,108 426,150 3.2 66,922 66,746 -0.3
   e. Private Services 1,036,916 1,147,890 10.7 122,024 129,860 6.4
   f. Government Services 507,191 574,442 13.3 58,355 61,926 6.1

Source: National Statistical Coordination Board (NSCB)

 

Posted 27 May 2010.

 

 

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