3Q 2010 industry income grew by double digits

TOTAL earnings of Philippine industries grew by double digits in the third quarter of 2010 mostly because of higher growth in banks and non-bank sectors, the National Statistical Coordination Board (NSCB) said.

In a statement, NSCB said the total gross revenue index of industries went up by 14.8 percent in the third quarter last year compared with the 0.7-percent growth in the same quarter in 2009.

The financial sector registered the highest growth at 21.6 percent, as banks, non-banks and insurance companies performed vigorously during the quarter.

This was followed by trade, which grew by 16.5 percent, and manufacturing, which rebounded to 12.8 percent from a decline of 12.4 percent in 2009.

The NSCB said the total employment index for 2010 posted a growth of 1.9 percent, reversing a decline of 5.2 percent the year before.

Real estate and finance both recorded the highest growth with 4.7 percent.

While all other sectors recorded positive growth in employment, the NSCB said mining and quarrying, transportation and communication, and private services, registered declines of 12.5 percent, 1.5 percent and 1.2 percent.

The NSCB said the total compensation index rebounded to a growth of 15.7 percent from the previous year’s decline of 1.7 percent.

Total compensation per employee index also grew by 13.6 percent in the third quarter of 2010 from a 3.7-percent growth the same quarter the previous year.

Manufacturing registered the highest growth at 28 percent, followed by real estate at 19.3 percent, and mining and quarrying at 11.9 percent. –Darwin G. Amojelar, Manila Times