Industry revenues down 4.9% in Q1

MANILA, Philippines — Industry revenues contracted by 4.9 percent in the first quarter as steep declines in earnings were seen in mining and manufacturing, the Philippine Statistics Authority (PSA) reported yesterday.

The 4.9 percent decline in the Gross Revenue Index was a reversal of the 8.3 percent growth in the same quarter last year.

Among industries, mining and quarrying recorded the largest decline of 22.7 percent. This was followed by declines in revenues in manufacturing, 13 percent; transportation, storage and communication, 4.6 percent; and other services, 3.4 percent.

Employment across industries likewise declined by 1.7 percent in the first three months of the year, reversing the 1.4 percent expansion in jobs in the same period last year.

Industries that contributed to the decline in employment were: mining and quarrying, manufacturing, other services, construction, finance, and transportation, storage and communication.

Alongside this, the Total Compensation Index likewise declined by 1.3 percent, a reversal of the 3.5 percent growth in compensation for employees last year.

Compensation fell in finance; mining and quarrying; transportation, storage and communication; trade, manufacturing, and construction.