Employers in the Philippines are pushing back against a Senate bill proposing a nationwide P100 increase in the daily minimum wage for private sector workers.
The Employers Confederation of the Philippines (ECOP) argues that such a hike would disproportionately impact micro and small businesses, potentially fuel inflation, and deter foreign investors.
ECOP President Sergio Ortiz-Luis Jr. emphasized that micro-enterprises, constituting 90 percent of Philippine businesses, would struggle to meet higher wage demands.
He also highlighted concerns for workers in the informal sector and warned that the proposal could deter foreign investment. Ortiz-Luis advocated for the regional tripartite wages and productivity boards to handle wage setting, arguing they offer a more balanced approach.
Meanwhile, Senate Bill 2534, championed by Senator Jinggoy Estrada, continues to progress through the legislative process, aiming to alleviate financial strain on Filipino workers amidst rising living costs.
Source: PhilNews24 | February 12, 2024
