The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) warns against an abrupt nationwide daily wage increase, urging the Philippine government to conduct comprehensive studies and engage in wide-ranging consultations with all stakeholders before implementing such a policy.
The Federation of Filipino Chinese Chambers of Commerce and Industry Inc. ( FFCCCII ) has urged the Philippine government to conduct comprehensive studies and engage in wide-ranging consultations with all stakeholders before implementing a nationwide daily wage hike. While acknowledging the necessity of adjusting wages to alleviate the burden of rising living costs and global economic uncertainties on workers, FFCCCII President Cecilio K.
Pedro expressed concerns that an abrupt P200 increase could have detrimental consequences. Pedro argued that such a sudden increase could fuel inflation, elevate the prices of goods, and strain small businesses. He questioned the basis for the P200 figure and emphasized the importance of thorough analysis and consultation before making a decision. Instead of a blanket nationwide wage hike, Pedro advocated for focusing efforts on job creation, attracting investments, and bolstering social safety nets. He suggested targeted subsidies and social welfare programs to assist struggling families. Pedro further stressed the need to consider regional economic disparities when determining wages. He pointed out that the cost of living varies significantly across the Philippines, and a uniform P200 increase could disproportionately impact businesses in lower-cost regions, leading to closures and job losses. He proposed that Regional Tripartite Wages and Productivity Boards (RTWPBs), comprising representatives from labor, business, and government, be entrusted with determining fair and sustainable wage adjustments based on local realities. The FFCCCII warned that imposing a drastic wage hike amidst global economic volatility and high borrowing costs could exacerbate economic conditions. Pedro highlighted the potential risks of higher prices, job cuts, and business closures, particularly affecting the 84 percent of workers in the informal sector. He cautioned against unilateral and drastic wage increases, fearing a loss of global competitiveness for Philippine businesses, further hardship for micro, small, and medium enterprises (MSMEs), and potential job losses. He called for stakeholders to unite in conducting thorough studies, engaging in fair consultations, and formulating realistic solutions to achieve a stronger and more inclusive economy
WAGE HIKE ECONOMIC IMPACT FFCCCII PHILIPPINE ECONOMY BUSINESS SUSTAINABILITY
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