The current booming property market in the Philippines fueled by billions of dollars of remittances by OFWs and an influx of outsourcing companies is helping generate jobs and employment locally. Let’s hope it does not become a bubble caused by a potential overspending done by speculators wanting to get a piece of the growth.
Property sector outpaced other industries in Q1
The real estate sector registered the highest growth at 28.1 percent followed by trade at 15.9 percent andfinance 12.7 percent.
NSCB added that decent performances were observed in the private services sector, which grew 9.4 percent and transportation, communication and storage which expanded by 8.8 percent.
However, gains in the manufacturing industry slowed, growing only by 1.1 percent in the first quarter of 2012 from 12.3 percent during the same period last year.
Meanwhile, the total employment index rose 3 percent in the first quarter of 2012, down from 3.7 percent a year ago.
The real estate sector also topped the employment index growing at 8.1 percent, the fastest since the fourth quarter of 2007.
“All other sectors recorded positive growths in employment index except for trade which declined by 0.9 percent,” the NSCB said.
The total compensation index, which represents the salaries and wages paid out by industries in cash and in kind, increased by 8.8 percent in the first quarter of 2012 from 5.1 percent in the same period last year.
Under the compensation index, private services posted the highest growth with 14.8 percent followed by mining and quarrying with 11.2 percent, real estate with 10.5 percent and manufacturing with 6.8 percent.
The finance sector dipped by 15.1 percent in the compensation index, its third quarter of poor performanceaccording to NSCB.
The total compensation per employee index expanded to 5.7 percent in the first quarter of the year from 1.4 percent in the same period last year on robust performances of private services and mining and quarrying.