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MANILA, Philippines With Metro Manila’s historic P85 daily wage increase set to take effect this week, a group of financial executives said the government’s next challenge is pursuing reforms that would prevent higher labor costs from weakening job creation and spilling over into inflation.
In a statement, the Financial Executives Institute of the Philippines (Finex) said that while the wage hike is a welcome move, it should be accompanied by measures that would help businesses—particularly micro, small and medium enterprises (MSMEs)—cope with higher labor costs.
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,” Finex said.
