Total Gross Revenue Index of key industries grew by 8.0 percent in the fourth quarter of 2014, lower than the 8.3 percent growth posted a year ago. The positive growth of the index was led by Manufacturing, Private Services, and Finance.

Although the Total Revenue Index slightly slowed down during the quarter, Manufacturing and Private Services sectors managed to accelerate with a growth of 8.8 percent from 8.0 percent and 9.2 percent from 3.3 percent, respectively. On the other hand, Finance recorded a double-digit growth of 10.2 percent, albeit a slight deceleration from a growth of 10.5 percent in the same period last year. The rest of the industries weakened during the period with Trade and Transportation both having a growth of 7.7 percent (from 8.2 percent and 15.9 percent, respectively), and Real Estate by 7.5 percent (from 9.8 percent).

Total Employment Index improved this quarter with a 4.5 percent growth from last year’s 2.9 percent. Improvements can be noted in the following industries: Real Estate, with the fastest Employment index growth of 10.2 percent (from 9.0 last year); Private Services, which has been continuously growing, posted a growth of 7.7 percent (from 2.0 percent); Finance sped up to 6.8 percent (from 4.1 percent); and Manufacturing expanded to 4.9 percent (from 2.6 percent). Mining and Quarrying maintained its growth of 4.0 percent and Transportation and Communications slowed down to 2.5 percent (from 5.6 percent), although both still contributed positively to the growth of the Total employment index. Two industries, however, pulled down the index during the period: Electricity and Water, which contracted further by 1.7 percent (from negative 0.1 percent); and Trade propelled down by 0.6 percent (from a growth of 4.4 percent in the same period a year ago).

Total Compensation Index also strengthened with a growth of 8.0 percent during the fourth quarter of 2014 (from 6.1 percent). This was led by Private Services’ double-digit growth of 10.2 percent (from 7.1 percent). All other industries contributed positively to the growth of the Total compensation index except for Mining and Quarrying: Manufacturing with 9.0 percent growth (from 8.9 percent); Real Estate with 8.5 percent (a slow-down from last period’s growth of 13.8 percent); Transportation and Communication with 7.7 percent (from 2.9 percent); Finance with 4.9 percent (from 11.8 percent); and Electricity and Water with 3.5 percent (from 1.7 percent). Mining and Quarrying suffered a 9.9 percent slump from a double-digit growth of 10.8 percent from the same period last year.

Total Compensation per Employee Index registered a slightly higher growth of 3.3 percent (from 3.1 percent last year). Leading the sectors are Electricity and Water with 5.3 percent (from 1.8 percent) and Transportation and Communication with 5.1 percent, a turn-around from the 2.6 percent contraction last year. These are followed by Manufacturing with 3.9 percent (from 6.1 percent growth); Private Services with 2.3 percent (from 5.0 percent); and Trade with 1.5 percent (from a decline of 1.2 percent). The rest of the industries suffered significant setbacks during the period: Real Estate down by 1.5 percent (from 4.5 percent); Finance down by 1.7 percent (from 7.3 percent); and Mining and Quarrying contracted by 13.3 percent (from 6.6 percent).

This report is based on the April 2015 issue of the Quarterly Economic Indices (QEI) of the Philippines.

LISA GRACE S. BERSALES, Ph.D.                       
National Statistician and Civil Registrar General