MANILA, Philippines—The annual growth of workers’ average pay in major industries eased to 2.6 percent in the fourth quarter of 2010 as employment turned around, according to the National Statistical Coordination Board.
NSCB data showed that the October-December increase in current prices of average pay slowed down from the 5.4 percent year-on-year growth observed in the same period in 2009.
Also, fourth-quarter growth in per-capita compensation was much slower than the 13.6 percent recorded in the July-September quarter of last year.
Based on the NSCB’s latest Quarterly Economic Indices report, the real estate sector registered the highest growth in average pay at 19.9 percent.
The NSCB’s QEI are used as bases for deciding on how much wages should be, as well as for economic forecasting and projections.
Aside from real estate, the QEI covers the sectors of mining and quarrying, electricity and water, trade, transportation and communications, finance, manufacturing, and private services.
The growth in the total compensation per employee index weakened despite the total gross revenue index growing by 12.7 percent in the fourth quarter of 2010, revving up from 8 percent in the same quarter of 2009.
The real estate sector also registered the highest growth in gross revenue at 21.6 percent, attributed to increased earnings from new projects as well as from renting and leasing operations.
Also registering double-digit growth rates were the trade sector with13.9 percent and finance with 12.7 percent.
In the fourth quarter of 2010, the total employment index grew by 2.3 percent, recovering from a decline of 3.2 percent in 2009.
The real estate sector performed best with a growth rate of 5.3 percent while mining and quarrying, private services, and transportation and communications reported declines.
Further, the total compensation index rebounded to a growth of 5 percent, improving from the previous year’s 2.1 percent.
Real estate posted a double-digit growth of 26.2 percent while the transportation and communications sector posted a decline of 3.7 percent.