The Financial and Insurance Activities (FIA) section employed 11,499 workers in 2,329 registered firms, according to the final result of the 2021 Annual Survey of Philippine Business and Industry (ASPBI). This translated to at least four employees per establishment.

In 2021, the number of registered establishments increased by 15.8 percent from 2,012 in 2020. Conversely, the workforce in FIA dropped by 15.2 percent from 13,560 employees in 2020. (Figure 1)
 

Of the 11,499 employees in Financial and Insurance Activities section in the Ilocos Region in 2021, 11,360 were considered paid employees. This was 14.3 percent lower than the 2020 paid employees of 13,248.

In 2021, FIA in the Ilocos Region incurred a total expense of PhP 12.1 billion pesos and distributed compensation of about PhP 3.0 billion. Both the total expense and overall compensation decrease from the 2020 record of PhP 15.0 billion (19.3 percent) and PhP 3.5 billion (14.6 percent), respectively.

The total revenue generated by the FIA went down by 6.3 percent, from PhP 18.7 billion in 2020 to PhP 17.5 billion in 2021.

In 2021, FIA in the Ilocos Region incurred a total expense of PhP 12.1 billion pesos and distributed compensation

of about PhP 3.0 billion. Both the total expense and overall compensation decrease from the 2020 record of PhP 15.0 billion (19.3 percent) and PhP 3.5 billion (14.6 percent), respectively.

The total revenue generated by the FIA went down by 6.3 percent, from PhP 18.7 billion in 2020 to PhP 17.5 billion in 2021

The FIA reported an average annual compensation per paid employee of PhP 262.0 thousand. The revenue-to-expense ratio of 1.45, signifying a surplus of 0.45 for every peso spent.
The PhP 262.0 thousand average annual compensation represented a 0.5 percent decrease compared to the 2020 average of PhP 263.2 thousand. The 2020 data showed that the revenue per peso expense was 1.25.

SDG. ATTY. SHEILA O. DE GUZMAN, CPA
Regional Director, RSSO I