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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
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
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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