Major PH industries shedding jobs as revenues decline
Major industries shed jobs in the fourth quarter of 2019 alongside slower revenue growth, according to the Philippine Statistics Authority (PSA) on Thursday (March 19).
The PSA’s latest quarterly economic indices report showed that domestic industries’ gross revenues grew 3.5 percent during October to December 2019, slower than the 9.3-percent increase posted in 2018.
While six sectors posted higher year-on-year revenues in the fourth quarter of 2019, two sectors contracted—manufacturing revenues declined 2.2 percent, while mining and quarrying registered a 1.6-percent decline.
Revenues of the finance sector jumped 13.7 percent year-on-year; trade, up 7.6 percent; other services, up 7.3 percent; real estate, up 5.6 percent; electricity, gas and water supply, up 5.2 percent; and transportation, storage and communication, up 3.9 percent.
Despite the Christmas season, the total employment index declined 0.2 percent year-on-year during the quarter, reversing the 3.1-percent growth in jobs recorded in 2018.
Four industries posted job losses: manufacturing, down 3.3 percent year-on-year; mining and quarrying, down 2 percent; other services, down 0.5 percent; and construction, down 0.3 percent.
Five sectors saw new jobs created during the three-month period: finance, up 3.8 percent year-on-year; real estate, up 2.4 percent; trade, up 2 percent; transportation, storage and communication, up 1.7 percent; and electricity, gas and water supply, up 0.5 percent.
Despite the job losses, those who remained employed enjoyed pay hikes as the total compensation index rose 4.7 percent from October to December 2019, faster than 4.2 percent in 2018.
