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MANILA, Philippines — The Financial Executives Institute of the Philippines (FINEX) welcomed the P85 daily minimum wage increase in Metro Manila but warned that higher prices, weaker hiring, lower investment and slower economic growth could erode its benefits.
“The challenge now is to ensure that the gains from higher wages are not diminished by higher prices, reduced hiring, lower investment, or slower economic activity,” FINEX said in a statement on Wednesday.
READ: Dole approves ‘historic’ P85 wage hike for NCR workers
“The discussion should therefore move beyond the wage increase itself and focus on the broader policy measures needed to sustain both higher incomes and economic growth,” it added.
