A slow gross revenue growth of 3.5 percent during October to December 2019 resulted in major job loss in many major industries, including mining and quarrying, which is down at 2 percent.
This according to the Philippine Statistics Authority (PSA), adding that the gross revenue in the last three months of 2019 is lower compared to the 9.3 percent increase posted in 2018.
Other industries with job losses were the following: manufacturing, down 3.3 percent year-on-year; other services, down 0.5 percent; and construction, down 0.3 percent.
The total employment index declined 0.2 percent year-on-year during the quarter, reversing the 3.1 percent growth in jobs recorded in 2018. This despite the Christmas season.
However, there are news jobs made during the said three-month period, which are in finance, up 3.8 percent year-on-year; real estate, up 2.4 percent; trade, up 2 percent; transportation, storage and communication, up 1.7 percent; and electricity, gas and water supply, up 0.5 percent.
In addition, those who remained employed had pay hikes due to an increase in the total compensation index at 4.7 percent from October to December 2019, faster than the 4.2 percent in 2018.
