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Manila Bulletin devider Business devider Industry revenue declines amid COVID pandemic

Industry revenue declines amid COVID pandemic

Published Jun 18, 2020 12:00 am
By CHINO S. LEYCO The gross revenue of the country’s key industries decreased in the first-quarter, reflecting the grim economic conditions due to coronavirus, data from the Philippine Statistics Authority (PSA) showed. The latest PSA data released yesterday showed that the gross revenue index declined by 4.9 percent in January to March this year, or reversal of the 8.3 percent growth registered in the same period last year. Among the industries, mining and quarrying recorded the largest decline of 22.7 percent, followed by manufacturing’s -13.2 percent; transportation, storage and communication’s -4.6 percent; and other Services’ -3.4 percent. At end-March, total employment index also registered a decline of 1.7 percent year-on-year. Industries that contributed to the lower in employment were mining and quarrying, (-7.3 percent); manufacturing, (-3.7 percent); other services, (-3.4 percent); construction (-2.8 percent); and finance (-0.2 percent). Other industries contributing to the decline were transportation, storage and communication with -5.8 percent; trade with -2.8 percent; manufacturing with -2.6 percent; and construction with -2.2 percent. Another contributor to lower employment was transportation, storage and communication (-0.04 percent). On the other hand, employment index in real estate; electricity, gas and water supply; and trade grew by 8.0 percent, 3.4 percent and 2.2 percent, respectively. Likewise, total compensation index decreased by 1.3 percent in the first-quarter with finance as well as mining and quarrying had the biggest declines with both -8.5 percent. Other industries contributing to the decline were transportation, storage and communication with -5.8 percent; trade with 2.8 percent; manufacturing with 2.6 percent; and construction with -2.2 percent. Meanwhile, electricity, gas and water supply; real estate; and other services grew by 9.1 percent, 9.0 percent and 1.8 percent, respectively. Compensation per employee index also grew by 0.4 percent. But at constant prices, this index declined by 2.2 percent during the quarter.
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