The Filipino-Chinese business community has called for stable government policies in light of moves by legislators to increase the daily minimum wage rate and to amend the economic provisions of the Constitution.

Cecilio K. Pedro, president of the Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), told reporters at a press luncheon that “stability” in policies is the most important in the decision-making process among businessmen and investors.

On wage increase, he said that a legislated minimum wage hike is the “worst” kind.

“Not now, we need stability,” said the leader of the country’s largest Filipino-Chinese business group with 176 business organizations nationwide. 

Pedro explained that a legislated wage hike will only benefit the formal workforce but disadvantage the huge informal workers or the self-employed such as market vendors and jeepney and tricycle drivers.

“What is most important is to uplift the majority,” he said. Instead of a mandated minimum wage increase, “We should focus on jobs creation because if there are more jobs, higher salary will follow as there is not enough workers. That is the law on supply and demand. Look at China, the reason they are running out of workers is because they have lots of jobs." 

The Senate is pushing for the passage of a  bill which provides for a P100 increase in the current daily wage rate to help workers amid higher cost of basic necessities and prime commodities. He pointed out that a P100 wage hike in minimum daily salary is a 15-percent increase from the current over P600 daily salary rate in Metro Manila. 

“That is big, we don’t want that,” he said. 

Pedro suggested that the legislative branch should leave the wage setting to the Regional Tripartite Wage and Productivity Boards (RTWPB) as they have the mandate to review and set wage adjustments, not the legislature. 

He cited the RTWPB as the most reasonable in assessing regional wage adjustments. 

With high interest rate, he emphasized that businesses are also in a very difficult financial situation.  He expressed hope for better times when the interest rate starts going down. 

According to Pedro, the only way  to fight the high cost of goods is to produce more. 

FFCCCII has been spearheading the “Buy Philippine Made” movement. 

Likewise, the FFCCCII top official urged for stability amid moves in both the Senate and the Lower House to amend the economic provisions of the Constitution. 

“There should be stability,” he reiterated or businesses will “hold back.”
He pointed out that if the country will go through the motion of amending the organic law of the land,  it would take some time to implement the changes. 

“We don’t know when will the changes be implemented,” he said. Meanwhile, he cautioned, investors will be on a wait and see mode.