CONGRESS adjourned session on Wednesday without giving the final approval for the proposal to hike the minimum daily wage by P100-P200, after economic managers warned of its “dangerous repercussions” on the Philippine economy.
“We express our strong reservations on the proposed legislated wage hikes as these may undermine our recent gains and result in adverse economic and social impact,” economic managers said in a letter addressed to Senate President Francis G. Escudero and House Speaker Ferdinand Martin G. Romualdez.
The joint position paper was signed by Special Assistant to the President for Investment and Economic Affairs Frederick D. Go, Finance Secretary Ralph G. Recto, Economic Planning Secretary Arsenio M. Balisacan, Budget Secretary Amenah F. Pangandaman, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. and Trade Secretary Ma. Cristina A. Roque.
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