Workers see slight dip in 2nd-quarter pay
MANILA, Philippines—The rate of growth of workers’ average pay waned to 5.1 percent in the second quarter, reflecting a slowdown in total gross revenues and employment as well as compensation.
The National Statistical Coordination Board said in a report that from April to June, the increase in average pay was weaker than the 6.6 percent growth observed in the same period of 2010.
The second-quarter growth in per capita compensation, however, was faster than the 1.4 percent recorded in the first quarter this year.
Based on the NSCB’s latest Quarterly Economic Indices (QEI) report, workers at the real estate sector registered the highest growth in terms of average compensation at 25.5 percent year on year.
Other top performers were mining and quarrying, which grew by 20.9 percent, as well as private services, which rose 6.6 percent.
The NSCB’s QEIs are used as bases for deciding on how much wages should be, as well as forecasting and projections.
Aside from real estate, the QEI covers the sectors of manufacturing, mining and quarrying, electricity and water, trade, transportation and communication, finance, and private services.
Growth in the total compensation employee index eased as the total gross revenue index grew by 6.7 percent in the second quarter from 14 percent in the same quarter of 2010.
Real estate also registered the highest growth in terms of revenue. Still, it was slower year on year at 16.8 percent. Also, property companies reported steady revenue from projects, including renting and leasing operations.
The finance sector followed with 10.9 percent while transportation and communications registered 9.2 percent.
The total employment index grew by 1.8 percent, slowing from 2.8 percent in the year-ago quarter.
The finance sector recorded the highest growth with 2.2 percent.
The total compensation index grew by 3.2 percent from the previous year’s 9.6 percent.
Real estate showed a double-digit growth of 24.6 percent, while private services posted 8 percent and electricity and water had 7.5 percent.
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