MINIMUM WAGE hikes exceeding P25 per day could prompt monetary authorities to raise policy rates, a Bangko Sentral ng Pilipinas (BSP) official said on Thursday.
“A P25 [wage] increase has been factored in already in the recent rate increase. If it’s higher than that then we have to run reviews,” central bank Deputy Governor Diwa C. Guinigundo told reporters late on Thursday.
The central bank last week raised interest rates — its first adjustment since July 2009 — by 25 basis points, warning of mounting inflationary pressures.
The Trade Union Congress of the Philippines last month filed a petition for a P75 across-the-board increase in Metro Manila and earlier this week the Trade secretary said pay adjustments were necessary given rising prices.
On Thursday, President Benigno S. C. Aquino III was quoted as saying that wage hikes are allowed if inflation hits 5%. The day before, BSP Governor Amando M. Tetangco, Jr. said inflation — at 4.3% in February — could top 5% in the second and third quarters.
The view that wage have to be adjusted is “something to be clarified” Mr. Guinigundo said.
“The president noted that wage hikes will be allowed if inflation will hit 5%. But is this a moving average or just a monthly figure,” he said.
The Monetary Board, Mr. Guinigundo added, has been vigilant in keeping prices stable. “This is precisely the point why the MB raised policy rates,” he said. –Businessworld
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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