TUGUEGARAO CITY, Philippines- Business establishments in Cagayan Valley earned a total income of P71 billion in 2015, data from the Philippine Statistics Authority shows.
PSA disseminated the results of the 2015 Annual Survey of Philippine Business and Industry (ASPBI) to the media, business sector, and government agencies on Thursday, May 18.
The ASPBI shows that Manufacturing sector yielded the highest income in the country with P4.3 trillion. This is followed by the Wholesale and Retail Trade, Repair of Vehicles and Motorcycles with P2.6 trillion, and Financial and Insurance Activities with P1.14 trillion.
In total, business sectors across the country earned an income of P12.7 trillion in 2015.
PSA said income refers to businesses’ received cash and receivables for goods or products, by-products, and sold and rendered services.
The National Capital Region (NCR) earned the highest income in 2015 with P6.3 trillion, followed by Region 4-A with P2.5 trillion, and Region 3 with P1.1 trillion.
Establishments under the Manufacturing sector also had the highest total expenses in 2015 with P3.8 trillion.
The agriculture sector only earned a total of P129 billion but has total expenses of P127 billion.
In total, Philippine businesses spent P11 trillion in 2015. PSA terms expenses as all expenses incurred during the year whether paid or payable.
Meanwhile, workers in the region get an average annual compensation of P133,000. The minimum daily wage of the region back then was P280.
The average annual compensation per employee in the Philippines is P352,000.
The highest average annual compensation per employee comes from the Electricity, Gas, Steam and Air Conditioning Supply sector with P743,000 per employee.
This is followed by the Information and Communication sector with an average annual compensation per employee of P628,000; and the Arts, Entertainment and Recreation with P528,000.
Workers from the agriculture sector earn an average yearly compensation of P165,000.
Based in the ASPBI, the Philippines has a total of 4,507,301 workers in 2015 – 2 million are in Metro Manila. Region 02 employed 31,000 workers according to PSA data as of November 15, 2015.
“The 2015 ASPBI is done in order to gather information on the levels, the structure, the performance, and trends of the economic activities of the formal sector,” PSA 02 Regional Director Marilyn Estrada said.
Estrada also said the results of the ASPBI will be used to construct national and regional income accounts of Philippine Economy, to formulate plans or policies in the attainment of national and regional economic goals, and to determine and compare regional economic structures and performances.
She noted that from the 7.2% economic growth of the region, 5.1% came from the business sector.
The 2016 ASPBI is still being processed while the 2017 ASPBI has begun its data gathering stage, PSA said.
The ASPBI is one of three enterprise-based surveys of the PSA. Northernforum.net