Local firms’ sales up 6.8% in 3 qtrs 2016

Gross revenues of companies in the first nine months of last year grew by 6.8 percent, consistent with the growth in the economy of almost the same rate, a Philippine Statistics Authority (PSA) report showed.

The revenue index of industries grew 4.2 percent in the third quarter of last year, which was faster than the same period in 2015.

PSA said the strong expansion in revenue index of industries in the said period was driven by robust growth of the real estate sector, up by 21 percent; financial sector including banks, up by 11.7 percent; private services, up by 8.6 percent; transportation and communication, up by 7.2 percent; trade, up by 6.8 percent; and manufacturing, up by 6.1 percent.

Total employment index of industries during the period, however, expanded by a slower pace.

Employment index growth of industries inched up by 1.1 percent from 2.8 percent expansion in the same period the previous year.

Transportation and communication sector’s employment index has buoyed industries’ total employment index. The sector’s employment index recorded a 6.5-percent growth in the third quarter of last year.

This is followed by trade, which increased by 1.8 percent, while real estate and finance both expanded by 1.4 percent.

Sectors in manufacturing, electricity and water, and private services increased their employment index below one percent.

The compensation index also maintained its growth at 5.9 percent in the period compared with a year ago.

Real estate and private services led the growth of compensation index of industries in Q3 2016 at 15.4 percent and 12.9 percent, respectively. RIZA LOZADA