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Business leaders cite inflationary risk in proposed legislated wage hike

By: BusinessMirror (February 16, 2024)

Sergio R. Ortiz-Luis Jr.

Key business figures led by Employers Confederation of the Philippines (ECOP) President Sergio Ortiz-Luis Jr., who is also newly-reelected Philippine Exporters Confederation, Inc. (Philexport) President, expressed opposition to the reported plan by some senators to legislate a P100 across-the-board increase in the minimum wage.

ECOP Director and Philippine Chamber of Commerce and Industry (PCCI) Labor and Employment Committee chairman Arturo “Butch” Guerrero, along with Los Angeles-based CSI Professionals, Inc. CEO Atty. Marge Ordiales-Martinez, pressed for multi-sectoral consultations for this labor wage issue.

Ortiz and Guerrero highlighted the potential inflationary risks associated with this proposed legislated wage hike. They stressed that such a move could also adversely affect businesses still now recovering from the recent pandemic crisis and other challenges, especially the vulnerable micro, small, and medium-scale enterprises, which constitute the majority of over 90 percent of the country’s workforce. Ortiz and Guerrero cautioned against bypassing Regional Rage Boards (RWB), urging lawmakers to let the RWBs properly analyze and determine appropriate wage adjustments like in the past.

They emphasized the need to prevent the wage increase issue from becoming politicized in order to safeguard the stability of the Philippine economy.

Atty. Marge Ordiales-Martinez of CSI-MHO Foundation and CSI Professionals Inc. shared plans for civic projects aimed at contributing to her home country, the Philippines, and improving the local employment landscape. She announced that there is a longstanding special partnership between her foundation and company with St. Dominic College of Asia in Bacoor, Cavite. Source:


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