Philippine Industrialist Supports Proposed P125 Daily Wage Increase Amidst Rising Oil Prices

Strategic Insights -

As the price of oil continues to rise, Philippine industrialist and consumer advocate Raul Concepcion has expressed support for a proposed P125 staggered daily wage increase. The wage hike, which is expected to trigger a clamor for another transport fare hike, is set to be implemented over a three-year period starting October this year. Concepcion believes that the staggered pay rise may be a preferred option considering the last wage adjustment was granted two years ago.

The proposed wage increase is part of House Bill 345, which was passed on second reading by the House of Representatives last week. Concepcion suggests that employers who are already granting salaries higher than the new minimum wage rate to be decided by the Wage Board should be exempted from the proposed law. The NCR Regional Tripartite Wages and Productivity Board is scheduled to conduct a public hearing on July 21 to hear petitions for the pay rise of various organized labor groups.

Key Takeaways:

  • Raul Concepcion, a Philippine industrialist and consumer advocate, supports a proposed P125 staggered daily wage increase amidst rising oil prices.
  • The wage hike, implemented over a three-year period starting October this year, may be a "preferred option" considering the last wage adjustment was granted two years ago.
  • Concepcion suggests exempting employers who are already granting salaries higher than the new minimum wage rate from the proposed law.
  • The NCR Regional Tripartite Wages and Productivity Board will conduct a public hearing on July 21 to hear petitions for the pay rise of various organized labor groups.
  • Employers will also submit their position on the wage hike issue and exemptions for those falling in the distressed industries categories or establishments facing potential losses.
  • Concepcion hopes that employers and organized labor can reach a "win-win" solution.

Statistics:

  • P125: The proposed stakeholder increase in daily wage.
  • 3 years: The duration for implementing the proposed wage increase.
  • P70: The emergency allowance granted for workers in the National Capital Region (NCR) in June 2004.
  • P36 per liter: The benchmark price for diesel that may trigger a petition for an increase in transport fares.
  • July 21: The scheduled date for the public hearing of the NCR Regional Tripartite Wages and Productivity Board.

Sources:

  • (PNA), June 8, Asia Pulse (precise date and publication name)
  • Concepcion, Raul, as cited in (PNA), June 8, Asia Pulse