Real estate buoys PHL gross revenue index

The country’s total gross revenue index of industries went up in the fourth quarter of last year, buoyed mainly by the real estate industry, latest data from the National Statistical Coordination Board (NSCB) showed. In that period, the total gross revenue index of industries rose by 12.7 percent, up from 8 percent the previous year, the NSCB said. The real estate sector registered the highest growth among all industries at 24.1 percent, due mainly to increased revenues from real estate projects, renting and leasing operations. This was followed by trade (13.9 percent) and finance (12.7 percent), data also showed. The total employment index, meanwhile, recovered to a positive 2.3 percent growth from a 3.2 percent fall in 2009, bolstered again by the real estate industry whose employment rose by 5.3 percent. All other sectors registered growth in this area except for mining and quarrying, private services and transportation and communication, which declined by 7.6 percent, 1.2 percent and 0.6 percent, respectively. The country's total compensation index, which rose by 5.0 percent, also benefited from real estate's growth of 26.2 percent in this area, followed by water (8.5 percent), and manufacturing (7.6 percent). Transportation and communication was the lone sector which declined in this area, falling by 3.7 percent during the fourth quarter, data showed. The total compensation per employee index, meanwhile, decelerated to 2.6 percent, compared to last year's 5.4 percent. The latest results are part of the April 2011 issue of the Quarterly Economic Indices (QEI) of the Philippines. The QEI intends to provide measures of growth in production, gross revenue, employment and compensation in the various sectors of the economy. — JMT/VS