Total Gross Revenue Index of key industries grew by 9.7 percent in the third quarter of 2014, slightly higher than the 9.4 percent growth recorded a year ago. 

Four of the six industries have a growth of more than 10 percent in the Gross revenue index led by Transportation and Communications which accelerated to a 10.9 percent growth during the period, from a growth of 9.8 percent in the same period of 2013. Manufacturing, Finance, and Real Estate sectors posted a growth of 10.8 percent (from 7.9 percent), 10.2 percent (from 17.1 percent), and 10.1 percent (from 10.8 percent), respectively. Trade also expanded with a 9.4 percent growth, albeit a slowdown from its growth of 9.9 percent in 2013. Private Services, on the other hand, decelerated to 5.9 percent from 8.8 percent in the same period last year.

Total Employment Index sped up by 4.2 percent this year from last year’s growth of 1.9 percent. Real estate as well as Finance sectors recorded the fastest Employment Index growth of 11.6 percent in 2014 (from 9.9 percent in the previous year) and 10.2 percent (from 2.5 percent). This was followed by Private Services, Manufacturing, and Transport and Communications which expanded by 5.8 percent (from 3.7 percent), 4.6 percent (from 1.0 percent), and 3.7 percent (from 3.3 percent), respectively. Also contributing positively to the index growth, Mining and Quarrying rebounded in Q3 2014 with a growth of 3.2 percent from a 2.1 percent decline in 2013. On the other hand, Electricity and Water declined further by 2.2 percent (from negative 1.1 percent) while Trade plummeted to 0.6 percent from 3.8 percent growth. 

Total Compensation Index posted a growth of 7.8 percent during the third quarter of 2014 (from 5.2 percent). Leading the sectors compensation growth are Finance, which expanded by 23.1 percent (from 4.0 percent last year) and Real Estate, which grew by 21.4 percent (from 1.0 percent). This was followed by Manufacturing which also posted a double digit growth of 10.8 percent (from 6.4 percent); Private Services with 9.2 percent (from 5.0 percent); Transport and Communications with 5.4 percent growth (from 4.2 percent). Meanwhile, Mining and Quarrying (2.1 percent from 6.1 percent), Electricity and Water (2.1 percent from 2.5 percent) and Trade (1.3 percent from 5.5 percent) slowed down this quarter but still managed to contribute positively to the growth of the Total Compensation Index.

Total Compensation per Employee Index accelerated slightly to 3.4 percent from 3.3 percent registered last year. This was attributed to the growths in the index of sectors led by Finance (11.7 percent from 1.5 percent), Real Estate (8.8 percent from -8.1 percent), and Manufacturing (6.0 percent from 5.3 percent). Other industries, namely: Electricity and Water, Private Services, Transport and Communication, and Trade recorded accelerated growths in this quarter. Only Mining and Quarrying posted a decline with negative 1.1 percent as compared to 8.4 percent growth registered in the same period in 2013.

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

FOR THE NATIONAL STATISTICIAN:

ROMEO S. RECIDE
(Interim Deputy National Statistician)
Officer-in-Charge