By PNA and U.S. News Agency / Asian
Total gross revenue of Philippine industries accelerated by 10.1 percent in the second quarter from the previous year’s growth of 6.7 percent, according to the National Statistical Coordination Board.
In a report, the NSCB said real estate continued to post the fastest growth at 22.5 percent, followed by trade and transport and communication which expanded by 12.9 percent and 10.8 percent, respectively.
On the other hand, finance, private services and manufacturing slowed down to 9.5, 6.6 and 3.3 percent, respectively, in the second quarter from 10.9, 8.5 and 7.2 percent, respectively, last year.
The NSCB also said that total employment index went up by 3.3 percent in April to June period from a 1.8 percent drop in the same period last year.
Employment in mining and quarrying turned around from 18.7 percent decline last year to 8.4 percent growth in the second quarter of the year.
The NSCB added that all other sectors recorded positive growths in employment index except for trade and electricity, gas and water which declined by 1.2 and 0.1 percent, respectively.
Total compensation Index, which represents the salaries and wages paid out by industries in cash and in kind, rose by 9.4 percent from 3.2 percent last year.
Mining and quarrying expanded to 16 percent from a decline of 1.6 percent the previous year.
Except for finance and real estate which declined by 17.1 and 0.1 percent, respectively, the rest of the sectors showed favorable performances in total compensation index in the second quarter of the year.
Total Compensation per employee index expanded from 5.1 percent last year to 5.9 percent in the second quarter. The growth was brought by the robust performance of Private Services, which grew by 11.4 percent, and the favorable performances of the other sectors.
Finance, on the other hand, continued to post double-digit decline with 18.5 percent, together with real estate, which also declined by 6.2 percent.