DOUBLE-DIGIT DIPS IN MANUFACTURING, MINING CUT Q1 GRI

GROSS Revenue Index (GRI) contracted 49 percent in the first quarter of 2020 on the back of double-digit declines in mining and quarrying and manufacturing, according to the Philippine Statistics Authority (PSA). PSA’S Quarterly Economic Indices (QEI) showed mining and quarrying recorded the largest contraction in gross revenues at 22.7 percent, followed by manufacturing at 13.2 percent.

The data likewise showed that the GRI of transportation, storage and communication also contracted at 4.6 percent followed by other services at 3.4 percent.

“Gross revenue refers to the value of receipts from the shipment of goods produced, resale of goods and services rendered,” according to the PSA.

The data also showed the Total Employment Index (TEI) contracted by 1.7 percent in the first three months of the year.

Industries with the highest decline in employment were mining and quarrying with a contraction of 7.3 percent; manufacturing, 3.7 percent; and other services, 3.4 percent.

The PSA said the Total Compensation Index (TCI) also contracted 1.3 percent due to the decline in finance, as well as mining and quarrying.

Also contributing to the decline is transportation, storage and communication, which contracted 5.8 percent.

“Finance and insurance activities, and mining and quarrying had the biggest declines at 8.5 percent,” the PSA said.

Meanwhile, with the TEI and TCI contracting, the Compensation per Employee Index grew by 0.4 percent.

At constant prices, the Compensation per Employee Index declined by 2.2 percent during the first three months of the year.

The QEI is a compilation of indices on the volume of production, revenue, employment, compensation, and compensation per employee.

It points out the change of direction in the performance of the industries and, as such, identifies the trend of the variables in the indices across industries over time.

These indices are used in policy setting, monitoring and analysis, as well as identifying the trends in revenue, employment and compensation of the industries. Cai U. Ordinario