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Manila Bulletin devider Philippines devider National devider Laguesma: P100 increase in daily minimum wage has inflationary effects

Laguesma: P100 increase in daily minimum wage has inflationary effects

Published Feb 13, 2024 09:50 am

Department of Labor and Employment (DOLE) Secretary Bienvenido Laguesma said that the intended P100 minimum wage increase in the private sector might create inflationary effects.

Citing data from the National Wages and Productivity Commission (NWPC), Laguesma said the proposed pay increase will result in an additional 15 percent to 25 percent increase in each employee's income, excluding pay-related benefits.

“It’s somewhat sizable. Because out of more or less one million registered existing businesses in the country, more than 900,000 are in the category of micro, small, and medium enterprises,” Laguesma said in an interview on Dobol B TV.

However, Laguesma said it would be “contentious” to say that businesses will not be able to sustain the P100 increase.

The official further said the DOLE should consider how to protect employment while also continuing to develop new jobs in order to maintain the current employment level.

“If we see that there are more jobs than those who are looking for jobs, what we call market forces can come into play,” Laguesma added.

“If a business wants to attract workers, it has to go along with the benefits workers are looking for and will be provided for them. Those are the factors that should be considered.”

Laguesma also stated that small firms required assistance following the COVID-19 pandemic. He noted that DOLE's role was to provide technical inputs, but Congress would be responsible for enacting labor legislation.

The bill requesting an increase of P100 in the daily minimum wage for private-sector workers reached the Senate plenary earlier this week.

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Department of Labor and Employment Minimum wage
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