The number of establishments in the Bicol region increased by a modest 2.4 percent to 9,372 in 2022 compared to the previous year, the Philippine Statistics Authority said in its presentation of the preliminary results of the Annual Survey of Philippine Business and Industry (ASPBI).
In the Regional Data Dissemination Forum held last Dec, 3, 2024 at The Concourse Convention Center in Legazpi City, PSA RSSO V Regional Director Cynthia L. Perdiz disclosed that majority of the establishments in the region in 2022 are from the Services sector with 8,355 or 89.1% while the rest are from the Industry sector with 919 (9.8%) and Agriculture sector with 97 (1.1%).
On the other hand, the Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles accounted for nearly half of the establishments with 4,213 or 45%.
The other sectors in the top two are Financial and Insurance Activities, 1,742 (18.6%), and Accommodation and Food Service Activities, 802 (8.6%).
RD Perdiz noted that among the three sectors, Services establishments grew by 336 or 4.2% while Agriculture companies increased by 17 or 21.3%, with the number of Industry firms declining by 130 or 12.4%.
Out of the 132,297 workers in Bicol, 98 percent were considered paid employees while 2,617 were unpaid workers.
The Services sector employed a total of 105,707 or 79.9%, with Industry accounting for 23,962 or 18.1% and the Agriculture sector having the smallest share at 2% or 2,629 workers.
Establishments engaged in Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles employed a total of 36,054, nearly a third of the total, with Financial and Insurance firms and Administrative and Support Services having almost identical shares of 12%.
However, employment in the largest group of establishments grew by only 2.0% while Industry and Agriculture tallied at a healthier 18.5% and 15%, respectively.
As for Average Annual Compensation, these establishments paid a total of P30.2 billion in compensation to their workers at an average P232,734.
The highest average yearly pay, however, belonged to those in Industry with P278,621 while Services employees took home P225,772 while Agriculture workers had to make do with just a third with P96,195 yearly pay.
Employees with the highest average compensation belonged to the Electricity, Gas, Steam and Air Conditioning Supply section with P572,015, while those in Mining and Quarrying took in a little less with P531,948 per year.
On an annual basis, the compensation of Services workers increased by a high 19.7%, those of Industry workers rose by 12.6% while Agriculture workers’ pay inched up by only 5.7%.
The report stated that employees of Medium and Large establishments had considerably higher pay than that of Micro and Small companies.
As far as revenue is concerned, all establishments in the Bicol region earned a total of P397.65 billion in 2022, higher by 29.1% compared to the 2021 figure.
The highest share at 58.9% or P234.37 billion was recorded by the Services sector followed by Industry’s P160.13 billion (40.3%), with Agriculture having the smallest slice of the revenue pie at a measly P3.16 billion or 0.8%.
The Wholesale and Retail Trade and Repair of Motor Vehicles and Motorcycles took in most of the earnings at P169.17 billion, followed by Manufacturing at P69.43 billion and the Electricity sector at P48.59 billion.
On the basis of annual increase, Industry’s revenue grew by a robust 57.9% to P58.75 billion, higher than Services’ 15.2% (P30.72 billion) and eclipsing Agriculture’s 4.3% (P0.13 billion).
(to be continued)