The Philippine Statistics Authority (PSA) revealed that the monetary intermediation industry, which includes banks, credit unions as well as other financial institutions, had the highest number of employees in 2022 compared to its other industry groups.
The preliminary results of the 2022 Annual Survey of Philippine Business and Industry (ASPBI) showed that monetary intermediation employed the largest number of people, with 166,642 workers. This contributed to a total employment of 373,866 in that sector for the year, according to the PSA.
This number had increased by 4.9 percent from its previous year with 356,474 workers.
Other financial service activities, excluding insurance and pension funds, employed the second-highest number of workers, totaling 159,055 in 2022. In comparison, the insurance industry came in third, employing over 24,383 workers.
Regarding compensation, holding firms had the highest average salary among industry groups, with employee pay averaging P2.02 million. This was followed by auxiliary financial services at P1.04 million.
Meanwhile, workers in the financial service activities group earned the lowest average salary, at P274,620 thousand annually.
The PSA added that total compensation for the entire financial services sector jumped by four percent year-on-year with P245.46 billion and an average annual salary of P660.98 thousand per worker.
Revenues and expenses
In terms of earnings among industry groups, the PSA said that monetary intermediation had the largest share in total revenues, with 48.9 percent or P1 trillion.
Insurance followed with 22.8 percent at P466.82 billion, while activities of holding firms had a 14.1 percent share in total revenues within the entire industry at P289.75 billion.
Subsequently, monetary intermediation had the highest total expense share among other industries at P676.09 billion or 48.2 percent. Insurance followed with P379 billion or 27 percent, and financial service activities with P127 billion or 9 percent.
E-commerce transactions
The PSA also recorded monetary intermediation topping the field of digital sales compared to other groups, earning P5.07 billion or 51.4 percent of the total e-commerce sales in 2022.
Trusts, funds, and other financial vehicles had a total earning of P2.87 billion or 29.1 percent share while other financial services had P1.74 billion or 17.6 percent.