The gross revenues of major industries grew at a faster pace of 9.5 percent in the first quarter amid strong expansion in manufacturing, real estate and trade activities.
In a report Thursday, the Philippine Statistics Authority said the growth in the total gross revenue index during the first three months exceeded the 6.9-percent expansion in the same period last year.
Revenues of the manufacturing sector jumped 13 percent, while the real estate sector posted a 12.8-percent increase.
Trade sector revenues climbed 8.6 percent; transportation and communication, up 8.1 percent; private services, up 6.7 percent; and finance, up 2.8 percent.
The total employment index, meanwhile, recorded a 1.4-percent uptick in the first quarter compared with flat growth a year ago.
Seven sectors registered increases in employment: real estate (up 9.8 percent); transportation and communication (5.5 percent); finance (2.8 percent); private services (1.5 percent); electricity and water (1.3 percent); manufacturing (1 percent); and trade (0.8 percent).
In contrast, employment in the mining sector contracted by 5.6 percent during the January to March period.
To recall, then Environment Secretary Regina Paz Lopez in February ordered the closure of 23 mining operations as well as the suspension of five others in 10 provinces.
A week later, Lopez also ordered the cancellation of 75 mineral production sharing agreements entered into by the government with mining companies.
As for the total compensation index, the 6.2-percent growth in the first quarter outpaced last year’s 4.5 percent.
Compensation levels in the real estate sector jumped 15.8 percent; in manufacturing, up 13.7 percent; private services, up 5.5 percent; trade, up 3.9 percent; transportation and communication, up 3 percent; and finance, up 1.6 percent.
However, employees’ compensation in the electricity and water, as well as mining and quarrying sectors, slid 6 percent and 0.8 percent, respectively.
Courtesy of business.inquirer and credited to Ben
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