PH industries’ Q3 revenues still down but better than Q2 level

The country’s major industries continued to post decline in revenues in the third quarter although at a slower pace of 13.1 percent amid the gradual easing of the COVID-19 quarantine.

Philippine Statistics Authority (PSA) data showed the dip in the gross revenue index of industries reversed the 7.8-percent growth a year ago. It was, however, smaller than the second quarter contraction of 26.8 percent when 75 percent of the economy stopped due to the imposition of the lockdown starting mid-March.

The sector that suffered the biggest revenue decline from July to September was real estate, with a 39.2-percent reduction.

Revenues of the services sector fell 32.9 percent; transportation, storage and communication, 27.7 percent, and mining and quarrying, 13.6 percent.

The lower year-on-year sales of these sectors resulted in fewer jobs. The total employment index fell by 10.7 percent from a 1.6-percent increase a year ago.

The jobs index in the period was also an improvement compared to the 15.1-percent drop in the second quarter.

The industries which shed the most number of workers in the third quarter included were services (down 18.8 percent); transportation, storage and communication (17.8 percent); manufacturing (6 percent), and trade (5.3 percent).

But many of the employees who kept their jobs also suffered from pay cuts, as the total compensation index across industries declined by 10.1 percent, reversing a 6.7-percent hike last year. ­—Ben O. de Vera