'Up to 140,000 may lose jobs after wage hike'

Up to 140,000 workers may be displaced due to the P35 wage increase in the National Capital Region, but new jobs are expected to be created with the growth of the economy, according to Socioeconomic Planning Secretary Arsenio Balisacan.

- HELEN FLORES

At a press briefing at Malacañang yesterday, Balisacan said the pay hike for minimum wage earners in the private sector could worsen the unemployment rate.

“It could increase the unemployment rate, but again, it’s a very negligible number and it could impact something like 40,000 to 140,000 workers,” he said.

Balisacan, who heads the National Economic and Development Authority, said the number of workers who may be affected by the wage increase is not as big as one would expect if the rate adjustment had been much higher.