THE central bank on Tuesday warned an increase in the minimum wage beyond P25 a day would result in higher commodity prices.
“In our [inflation] forecast, we used an assumption of P25, which is a 6.2-percent increase,” Bangko Sentral Governor Amando Tetangco Jr. said.
“If the actual wage hike is bigger than that, that will have additional inflation implications.”
Government forecasts the inflation rate to settle at 3 to 5 percent this year.
The wage board in Metro Manila will meet on May 9 to hear petitions for a wage increase from labor groups, which have been saying workers need it to cope with rising prices.
Labor groups are calling for a wage increase of more than P25, with the moderate Trade Union Congress of the Philippines pushing for a legislated wage hike of P75. The left-wing groups want P125 a day.
The central bank raised its overnight borrowing rate by 25 basis points, to 4.25 percent, in March in a bid to avert the second-round effects of rising petroleum and food prices.
The three big oil companies on Tuesday raised pump prices again, citing an increase in world oil prices.
Shell, Petron and Chevron raised the prices of unleaded gasoline, regular gasoline and kerosene by P1.40, P1 and P0.30 a liter, respectively. The other distributors followed suit.
On Monday, Shell announced a three-peso-per-kilogram increase in the price of its cooking gas.
Also on Tuesday, private hospitals said they opposed any increase in the minimum wage in their industry, saying they were already suffering the Cheaper Medicines
Law, the Illegal Detention Law, and the discounts mandated for senior citizens.
“A wage hike at this time … may bring this industry to the intensive-care unit,” the Philippine Hospital Association said in a statement. –Roderick T. dela Cruz with Jeremiah F. de Guzman, Manila Standard Today
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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