The Transportation and Communication sector posted the fastest growth at 9.3 percent, albeit lower than last year’s 21.1 percent growth. It was followed by Private Services exhibiting a growth of 8.8 percent, an upturn from last year’s contraction by 2.5 percent. All other industries grew slower as compared to the comparable period last year: Finance grew by 7.6 percent from 10.3 percent; Trade at 6.9 percent from 9.6 percent; Real Estate at 5.3 percent from 15.8 percent; and Manufacturing with a growth of 1.0 percent from 13.8 percent growth.

 

Total Employment Index registered a 2.8 percent growth, a slowdown from the 4.7 percent growth of the same quarter in 2014. Real Estate continues to be the top gainer in employment, with an index growth of 12.9 percent from 10.4 percent last year. Finance grew by 8.0 percent, slower than last year growth of 8.7 percent while Private Services slightly accelerated with a 5.8 percent growth from 5.3 percent on the same quarter last year. Mining and Quarrying and Manufacturing slowed down at 3.8 percent (from 7.8 percent) and at 2.9 percent (from 5.2 percent), respectively. Electricity and Water on the other hand picked up a growth of 1.0 percent from a contraction of 0.3 percent. The rest of the industries marked a downturn: Transportation and Communications contracted by 1.5 percent (from 5.9 percent growth) and Trade declined by 2.0 percent (from 0.1 percent growth).

 

Total Compensation likewise decelerated with 5.9 percent growth as compared to the 6.3 percent growth rate from the same quarter last year. The slowdown on compensation can be traced to the slower growth of Real Estate and Finance posing a growth of 16.6 percent and 11.1 percent from 26.9 percent and 14.4 percent, respectively. Private Services, and Electricity and Water on the other hand accelerated by 9.9 percent and 2.4 percent (from 8.3 percent and 0.6 percent). Other industries posted growths but at a slower pace: Manufacturing at 6.0 percent (from 6.1 percent), Trade at 1.0 percent (from1.9 percent), and Transportation and Communication at 0.9 percent (from 7.3 percent). On the other hand, Mining & Quarrying declined by 4.5 percent from a growth of 2.0 percent in Q2 2014.

 

With the compensation growing faster than employment, Total Compensation per Employee Index sped up by 3.0 percent (from 1.5 percent last year). The acceleration was attributed to the upswing of Private Services (3.9 percent from a growth of 2.8 percent), Real Estate (3.3 percent from 3.2 percent) and Trade (3.1 percent from 1.8 percent). Only Mining & Quarrying suffered a setback by 8.0 percent from an already declining rate of 5.4 percent last year.

 

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

 

 

National Statistician and Civil Registrar General