Duterte visits wake of Henry Sy Sr.
President Rodrigo Duterte visited the wake of business tycoon Henry Sy Sr. on Sunday night at the Heritage Park in Taguig City.
Presidential Spokesperson Salvador Panelo said Duterte was at the wake at about past 10pm and stayed there for two hours.
"He paid his last respects to the late tycoon and talked with the siblings headed by Mrs. Tessie Sy-Coson," he said in a press briefing.
Sy, founder of SM Group, passed away last Saturday. He was 94.
In 2018, Forbes had listed Sy as the 52nd richest man in the world and top one in the Philippines with an estimated worth of $20 billion. Celerina Monte/DMS
Services sector main driver of economy: PSA
The Philippine Statistics Authority (PSA) on Monday said the services sector “predominantly” led the economy in terms of number of establishment, employment, compensation, income, expense incurred, value added in 2016.
“It also had the highest average annual compensation and the highest e-commerce sales,” Rosalinda Bautista, deputy national statistician said in a forum in Ortigas City.
The services sector recorded a total of 26,736 establishments and 3,070,885 of workers
This includes wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage accommodation and food service activities; information and communication; financial and insurance activities; real estate activities; professional, scientific and technical activities; administrative and support activities; education; human health and social work activities; arts; entertainment and recreation; and other service activities.
A total of P963.8 billion or about two thirds of the total compensation paid worth were reported and highest average annual compensation of P315 thousand was received by employees under the services group.
Services also reported an income of 7.5 trillion or more than half of the total P13.5 trillion earned by all establishments. Expense wise, it spent a total of P6.3 trillion from the total of P 11.4 trillion.
It generated the highest value added of P2.6 trillion and the next most labor productive with P861.6 thousand.“The Industry sectors had the highest average number of workers and the most labor productive,” Bautista said.
Workers in the industry sector comprised a total of 1,463,834 or 31.3 percent with 7,970 establishments.
It was the most labor productive with P1,247.3 thousand value added per worker.
Included in this group are mining and quarrying; manufacturing , electricity, gas, steam and air conditioning supply; water supply; wewerage, waste management and remediation activities; and construction .
The second highest compensation was spent by the industry group at P441.1 billion or 30.9 total compensation paid with an average annual compensation of P301,870.
It generated a total income of P5.9 trillion or 43.5 percent with total expenses worth P5.9 trillion or 43. percent of the total.
The agriculture sector comprised only of 1,129 establishments with 128 workers per establishment.
Those hired in the agriculture sector reached a total of 144,087 workers with an income contribution of total P131.6 billion and it also incurred a total expense of P131.6 billion.
Employees in agriculture sector were the least earner, receiving an average pay of P174,546 per annum.
In terms of compensation, the least was reported by the Agriculture group at P25 billion or 1.7 percent.
The agriculture group generated value added of P40 million. It was also the least labor productive at P964.3 thousand.
The industry group has a value added share of P1.8 trillion or 40 percent of the total P4.5 trillion.
Of the 18 sectors, the manufacturing sector was the leader in terms of: employment, compensation, income, expense incurred and value added in 2016.
Electricity, gas, steam and air conditioning supply had the highest average annual compensation were the most labor productive.
Wholesale and retail trade; repair of motor vehicles and motorcycles had the most number of establishments while transportation and storage generated the highest e-commerce sales.
The sector which was reported as the least labor productive and lowest paid was the agriculture, forestry and fishery.
“Region-wise, the National Capital Region dominated the economy in terms of: number of establishment, employment, compensation, income, expense incurred, value added in 2016. It had also the highest average annual compensation and the highest e-commerce sales,” said Bautista.
“The Cordillera Administrative Region was the most labor productive in 2016,” she added. Ella Dionisio/DMS