Philippine industries growth slower at 5.7% in Q2

CEBU, Philippines - Gross revenue across key industries grew slower by 5.7 percent in the second quarter of 2015, the government reported.

Data released by the Philippine Statistics Authority (PSA) on Thursday indicated the second quarter growth was slower than the 10.8 percent growth a year ago and 7.4 percent posted in the first quarter this year.

The gross revenue was mainly driven by the Transportation and Communication, Private Services and Finance sectors.

The Transportation and Communication sector posted the fastest growth at 9.3 percent, although lower than the 21.1 percent growth last year.

Private services rose 8.8%, up from a 2.5 percent  contraction last year.

"All other industries grew slower as compared to the comparable period last year: Finance grew by 7.6 percent from 10.3 percent; Trade at 6.9 percent from 9.6 percent; Real Estate at 5.3 percent from 15.8 percent; and Manufacturing with a growth of 1.0 percent from 13.8 percent growth," the PSA said in a statement.

The revenue index was released as part of the October 2015 report on the Quarterly Economic Indices (QEI) of the Philippines.

Moreover, total employment index grew 2.8 percent , down from 4.7 percent  last year.

Real Estate topped in terms of employment with 12.9 percent growth from 10.4 percen last year. It was followed by Finance at 8 percent, down from last year's 8.7 percent while Private Services slightly expanded 5.8 percent from 5.3 percent a year ago.

In addition, total compensation index posted a 5.9 percent growth, slower than the 6.3 percent last year.

"The slowdown on compensation can be traced to the slower growth of Real Estate and Finance posing a growth of 16.6 percent and 11.1 percent from 26.9 percent and 14.4 percent, respectively," PSA said.  — Carlo S. Lorenciana (FREEMAN)