Industries play Santa to workers as sales pick up
The gross revenues of the country’s major industries grew at a faster pace of 8.1 percent during the first quarter, boosted by double-digit sales increases in the finance, real estate, trade and transportation sectors.
In a report Thursday, the Philippine Statistics Authority (PSA) said the growth in the gross revenue index of industries during the January to March period improved from 7.3 percent a year ago.
The finance sector recorded the fastest growth of 14.6 percent in terms of sales, while the transportation, storage and communication industry grew sales by 14.5 percent.
The trade sector’s revenues rose 14.4 percent; real estate, 12.4 percent; other services, 6.7 percent; manufacturing, 5.3 percent; electricity, gas and water supply, 4.7 percent; and mining and quarrying, 2.6 percent.
And as sales picked up, the total employment index also inched up by 1.7 percent in the first quarter, faster than the 1.3-percent growth last year. Transportation, storage and communication boosted the workforce by 4.3 percent; trade, 2.7 percent; manufacturing, 2.5 percent; mining and quarrying, 2.3 percent; finance, 1.6 percent; real estate, 1.3 percent; electricity, gas and water supply, 1.2 percent.
The employment index for the construction sector decreased by 0.3 percent from January to March due to the ban on government-led infrastructure projects and the delayed implementation of the P3.7-trillion 2019 national budget.
Employees benefited from the growth in revenues, as the first-quarter total compensation index climbed 4.6 percent from last year’s 3.3 percent.
Per sector, the biggest salary hike was registered in the electricity, gas and water supply industry, with 9.8 percent. Compensation in the mining and quarrying sector rose 9.2 percent; construction, 8.6 percent; manufacturing, 7.7 percent; other services, 4.7 percent; finance, 2.4 percent; real estate, 1.9 percent; transportation, storage and communication, 1.8 percent; and trade, 0.3 percent.
