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NEWS UPDATES Asean Affairs        3  May 2011

Real estate drives Philippines industry

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Sales of Philippine industries rose by double digits in the fourth quarter of 2010 mostly because of the real estate sector, the National Statistical Coordination Board (NSCB) said.

In a statement, the NSCB said the total gross revenue index of industries in the fourth quarter grew by 12.7 percent from the 8-percent growth in the previous year.

The NSCB said real estate posted the highest growth at 24.1 percent because of increased revenues from real estate projects, renting and leasing operations.

This was followed by trade, which grew by 13.9 percent and finance, up by 12.7 percent. With the increase in revenues of Philippine industries, the total employment index recovered to a positive growth of 2.3 percent from a decline of 3.2 percent a year ago.

Real estate recorded the highest growth at 5.3 percent.

The NSCB said all other sectors recorded positive growth except for mining and quarrying. The total compensation index expanded 5 percent from last year’s 2.1 percent.

Real estate posted a double-digit growth of 26.2 percent, followed by electricity and water with 8.5 percent, and manufacturing with 7.6 percent.

All other sectors registered positive growth except for transportation and communications, which declined by 3.7 percent during the quarter.

The total compensation per employee index decelerated to 2.6 percent in the fourth quarter from 5.4 percent in the same three-month period in 2009.

Real estate registered the highest growth at 19.9 percent, followed by private services at 8.8 percent, and mining and quarrying at 8.7 percent.

Except for transportation and communications, which declined by 3.2 percent, all other sectors posted positive growth for the fourth quarter of 2010.

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