Among industries, Finance posted the fastest growth at 17.1 percent from 11.8 percent in the same period in 2012. It was followed by Real Estate and Trade which both exhibited decelerated growth of 10.8 percent and 9.9 percent from 20.1 percent and 10.2 percent, respectively. On the other hand, Transportation and Communication as well as Private Services accelerated to 9.8 percent from 5.2 percent and 8.8 percent from 6.3 percent, respectively. Manufacturing continued to contribute positively to growth with 7.9 percent, the fastest growth since Q1 2011.

 

Total Employment Index slowed down with 1.9 percent growth from 2.0 percent in Q3 2012. Manufacturing, despite impressive gross revenue index, contributed to the slowdown in employment index with 1.0 percent growth from 1.9 percent. This however signals improved productivity by the manufacturing industry. The deceleration was further compounded by the declines in Mining and Quarrying and Electricity and Water at 2.1 percent and 1.1 percent, respectively. On the other hand, Real Estate continued to pace up growth with 9.9 percent from 5.0 percent. The remaining industries namely: Trade, Private Services, Transportation and Communication, and Finance all contributed to positive growth in Q3 2013 with 3.8 percent,3.7 percent,3.3 percent, and 2.5 percent, respectively.

 

Similarly, Total Compensation Index decelerated to 5.2 percent in Q3 2013 from the previous year’s growth of 7.1 percent. The slowdown was contributed by the decelerated growth of Private Services, Transportation and Communication, Electricity and Water, Real Estate, and Trade. Meanwhile, Mining and Quarrying grew faster in Q3 2013 with 6.1 percent from 5.7 percent while Manufacturing and Finance rebounded to 6.4 percent and 4.0 percent from a decline of 0.4 percent and 8.8 percent in 2012.

 

With the deceleration of both Employment and Compensation Indices, Total Compensation per Employee Index also decelerated to 3.3 percent from 4.9 percent in the previous year. The decelerated growth was due to the further decline in Real Estate by 8.1 percent from 1.7 percent and the dismal growths in Trade, Transportation and Communication and Private Services. Mining and Quarrying which turned around from an 8.2 percent decline, posted the highest growth of 8.4 percent. Manufacturing and Finance likewise registered positive growths from declines a year ago.

 

This report is based on the February 2014 issue of the Quarterly Economic Indices (QEI) of the Philippines.  

 

 

 

OIC Deputy National Statistician