With the continuing appreciation of the peso, there seems to be no need for an increase in the wages of private workers nationwide.
The National Wages and Productivity Commission (NWPC) yesterday ruled out the possibility of granting immediate wage adjustments despite recent hikes in oil prices.
“The peso is very strong and it is mitigating the impact of the oil price hike, so I don’t think there will be any immediate wage increase,” NWPC executive director Esther Guirao told The STAR.
However, Guirao said the different Regional Tripartite Wages and Productivity Boards (RTWPBs) are continuously assessing the situation to determine whether or not there is a need for wage adjustments.
Guirao said the RTWPB in the National Capital Region (NCR) has already set a public hearing on the petition of labor groups for salary increases.
She said there are pending petitions before five RTWPBs for wage hikes: “The petitions for salary hike range from P75 to P96 and they are now under review.”
If there will be any wage increase, Guirao said, it will not be granted earlier than July, or a year after the last round of wage adjustments.
The Trade Union Congress of the Philippines (TUCP) called on the government to immediately implement a low-cost housing program for minimum wage earners.
“With the country’s historic low interest rates and inflation and the strengthening peso, now is an excellent time for the government and the private sector to invest aggressively in affordable housing for workers,” TUCP spokesman Alex Aguilar said.
Aguilar said the government can allocate the P55 billion from the revenues the National Treasury expects to generate this year from the sale of sequestered shares of stock in two large publicly listed entities – San Miguel Corp. and Manila Electric Co. (Meralco) – for the housing program.
He said the housing program will not only help poor workers but also further boost the country’s economy: “Increased spending for housing would have a positive multiplier effect on the economy, including additional employment and incremental real property taxes, a huge source of local government revenue.” – Mayen Jaymalin