Among industries, Trade posted the fastest growth at 12.6 percent from 12.9 percent. It was closely followed by Finance which exhibited accelerated growth of 12.0 percent from 9.5 percent. Real Estate and Private Services likewise, recorded a double-digit growth of 11.9 percent and 11.6 percent, respectively. Meanwhile, Manufacturing and Transport and Communication also contributed positively to the growth with 3.0 percent and 2.0 percent.

Total Employment Index slowed down to 1.1 percent from a growth of 3.3 percent a year ago. This was due to the sluggish growths recorded in Manufacturing, Transportation and Communication, and Finance. The deceleration was further compounded by the decline in Mining and Quarrying at 1.7 percent. On the other hand, Real Estate, Private Services, Electricity and Water, and Trade paced up to a growth of 11.2 percent,5.8 percent,3.8 percent, and 3.1 percent, respectively in Q2 2013.

Total Compensation Index decelerated to 4.5 percent in Q3 2013 from previous year’s record of 9.4 percent. The following sectors recorded slow-paced growths: Mining and Quarrying, Transportation and Communication, Private Services Electricity and Water, and Manufacturing. Meanwhile, Finance and Real Estate rebounded to 17.2 percent and 3.3 percent from a decline of 17.1 percent and 0.1 percent in 2012, respectively.

With the deceleration of both Employment and Compensation Indices, Total Compensation per Employee Index also decelerated to 3.3 percent from 5.9 percent in the previous year. The decelerated growth was due to the reduced growths in Manufacturing, Private Services and Electricity and Water. Finance posted the fastest growth at 15.8 percent from a decline of 18.5 in 2012. All other sectors also registered positive growths during the period.

This report is based on the October 2013 issue of the Quarterly Economic Indices (QEI) of the Philippines. 

 

 

 

 

 

Secretary General