PCCI, MBC concerned over legislated wage hike

THE Philippine Chamber of Commerce and Industry (PCCI) and Makati Business Club (MBC) on Thursday expressed concern over a legislated wage hike, saying this could further stoke inflation, hurt small businesses and reduce the country's overall competitiveness.

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At the same time, President Ferdinand R. Marcos, Jr. is looking into the “economic implications” of a legislated wage hike, the Palace said on Thursday.

“We will look at the economic implications of these and how to resolve these with the opinion of the wage boards since the wage boards are also the creations of the Congress,” Palace Press Officer Clarissa A. Castro told a news briefing on Thursday, quoting Mr. Marcos.

She said the President is considering all aspects and concerns of stakeholders on the legislated wage hike.

“That issue has not yet been finalized in the Senate. As our President said, we will look at any economic implications regarding this, but the President wants to provide what is right and what is better for the Filipino workers,” she added.

Congressmen voted 171-1-0 to approve House Bill No. 11376 which would raise daily minimum wages by P200 for workers in the private sector. This could be the first legislated wage hike since the late 1980s, when a law created regional wage boards to dictate pay rates. The Senate greenlit a counterpart bill seeking a P100 wage increase last year.

However, the House’s approval of the wage hike comes just a few days before Congress adjourns for the final time on June 13.