spot_img
25.5 C
Philippines
Friday, January 17, 2025
25.5 C
Philippines
Friday, January 17, 2025

PH business establishments sustain growth

Estimated reading time: 1 minute and 38 seconds
16px

Business establishments increased and became bigger in terms of employees in 2022, according to the Philippine Statistics Authority (PSA).

Results of the 2022 Annual Survey of Philippine Business and Industry (ASPBI) conducted by the PSA showed that the Philippines recorded 281,825 establishments in the formal sector of the economy.

- Advertisement -

This indicates an increase of 0.2 percent from the 281,153 establishments reported in 2021.

The ASPBI generates essential statistics for economic planning and analysis and is designed to collect and generate information on the levels, structure, performance and trends of economic activities of the formal sector.

Among sections, wholesale and retail trade; repair of motor vehicles and motorcycles recorded the highest number of 125,257 establishments or 44.4 percent share to the total number of establishments in 2022.

This was followed by financial and insurance activities with 42,887 establishments (15.2 percent) and accommodation and food service activities with 30,861 establishments (11 percent). Mining and quarrying reported the least number of 303 establishments (0.1 percent).

Across regions, the National Capital Region (NCR) reported the highest number of 67,176 establishments or 23.8 percent of the total. CALABARZON and Central Luzon ranked second and third with 40,103 establishments (14.2 percent) and 29,798 establishments (10.6 percent), respectively.

The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded the lowest number of 2,091 establishments (0.7 percent).

The total employment was recorded at 6,361,802 workers in 2022, which indicated an increase of 3.3 percent from the 6,155,893 workers reported in 2021. Of the total employment, 6,314,920 workers or 99.3 percent were paid employees, while the remaining were working owners and unpaid workers.

The economy recorded an average number of 23 workers per establishment in 2022, up by 4.5 percent from 22 workers per establishment in 2021.

Among sectors information and communication paid the highest average annual compensation of P974,310 per paid employee in 2022. This was followed by electricity, gas, steam and air conditioning supply with an average annual compensation of P972,810 per paid employee.

LATEST NEWS

Popular Articles