Health and wellness industry top earner in 2016—PSA

Filipinos remain conscious about their health and wellness as companies engaged in these activities earned the most among industries under the Other Service Activities Sector of the economy, according to the Philippine Statistics Authority (PSA).

Based on the preliminary results of the 2016 Annual Survey of Philippine Business and Industry (ASPBI), personal services for wellness, except sports activities, contributed the highest income of P7.9 billion, or 58.5 percent of the total income for the sector.

PSA data showed that income generated by the Other Service Activities Sector for establishments with total employment (TE) of 20 and over reached P13.6 billion in 2016.

“Income or Revenue refers to cash received and receivables for goods/products and by-products sold and services rendered. Valuation is at producer prices [ex-establishment] net of discounts and allowances, including duties and taxes but excluding subsidies,” the PSA said.

This was followed by income generated by the industry on repair of computers and communications equipment with P1.7 billion, or 12.4 percent.

However, the industry composed of firms engaged in other personal service activities generated the lowest income of P62.2 million, or 0.5 percent of the total.  PSA data also showed that the personal and wellness industry also incurred the most expense at P7 billion, or 58 percent of the total expense of the sector.

PSA data showed that the expenses of Other Service Activities Sector reached as much as P12.1 billion in 2016.

Apart from personal services, the repair of computers and communications equipment was the second-highest spender at P1.6 billion, or 12.9 percent of the total.

Other personal service activities, the PSA said, incurred the least expense at P52.2 million, or only 0.4 percent of the total.

Based on the data, there were a total of 417 establishments with TE of 20 and over in the formal sector of the economy that were engaged in Other Service Activities.

Among industries, personal services for wellness, except sports activities, recorded the highest number of establishments at 296, or 71 percent of the total.

This was followed by repair of personal and household goods and funeral and related activities with 45 establishments at 10.8 percent and 33 establishments, or 7.9 percent, respectively.

The 2016 ASPBI data was collected from the survey which provides information on the levels, structure, performance and trends of economic activities of the formal sector in the entire country for the year 2016.

The survey was conducted nationwide in 2017 with the year 2016 as the reference period, except for employment where the reference period is November 15, 2016.

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A professional journalist for over a decade, Cai U. Ordinario currently writes macroeconomic and urban development stories for BusinessMirror. She has received awards for excellence in reporting on the macroeconomy and statistics. She was also cited for her contribution to statics reporting by the National Statistical Coordination Board (now the Philippine Statistics Authority). She is a recipient of journalism fellowships including the Jefferson Fellowship from the Honolulu-based East West Center. She is currently completing her Masters degree in Communication at the University of the Philippines. She graduated with a degree of Bachelor of Arts Major in Journalism from the University of Santo Tomas.

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