The preliminary results of the 2022 Annual Survey of Philippine Business and Industry (ASPBI) in the Ilocos Region showed that there were 13,893 employees and 2,414 establishments engaged in financial and insurance activities. An average of at least six employees were recorded for each establishment.

The number of employees posted a growth of 20.8 percent from the 11,499 in 2021. Additionally, total number of establishments increased by 3.6 percent from the 2,329 establishments in 2021.

In the Ilocos Region, there were 13,886 employees who were compensated under the financial and insurance activities section in 2022. This is equivalent to 99.9 percent of the 13,893 total employment. Compared to 11,360 recorded in 2021, total paid employees in 2022 grew by 22.2 percent.

The total expense incurred in the financial and insurance activities section amounted to PhP 16.81 billion. This was 38.8 percent higher than the recorded PhP 12.10 billion total expense in 2021.

On the contrary, the 2022 total revenue generated by the section was valued at PhP 22.95 billion, indicating an increase of 31.0 percent from the PhP 17.52 billion in 2021.

Of the total expense in 2022, total compensation distributed to employees reached PhP 4.97 billion. This expanded to 66.9 percent from the PhP 2.98 billion recorded compensation in 2021.

Furthermore, the 2022 average annual compensation per paid employee was recorded at PhP 357,709, a growth of 36.5 percent from the 2021 average annual compensation of PhP 261,986. This translated to a revenue per peso expense ratio of 1.37, a decline of 5.5 percent from the posted 1.45 revenue per peso expense ratio in 2021. The ratio indicates that for every peso spent in 2022, the section generated a revenue of PhP 1.37.

SGD. ATTY. SHEILA O. DE GUZMAN
Regional Director, RSSO I