Philippines Firms’ Revenue Down 6.9 Percent

Gross revenues of local industries slowed to 6.9% in the first quarter of 2018, according to the Philippine Statistics Authority, PNA reported. Based on the Quarterly Economic Indices, this was slower than the 9.5% growth posted in the first quarter of 2017. PSA data showed industries that saw the highest growth were finance, real estate and private services. “Gross revenue refers to the value of receipts from the shipment of goods produced, resale of goods and services rendered,” the PSA said. Data showed that finance posted the fastest growth in gross revenues with 11.7%. This sector covers banks, nonbanks and insurance companies. Banks include commercial and savings banks, as well as specialized government banks, while nonbanks include investment houses, security brokers and pawnshops, among others. Insurance companies, the PSA said, include companies providing life, accident, sickness, fire, casualty or other forms of insurance. QEI data showed that the real-estate industry grew 8.9% and private services grew 7.7%. Meanwhile, the total employment index grew by 1.5% which was a faster growth compared to the 1.4% in the first quarter of 2017.