The Regional Tripartite Wages and Productivity Board in Central Visayas (RTWPB-7) announced on 16 September 2024 an increase in the minimum wage ranging from P33 to P43 daily.

In response, the Mandaue Chamber of Commerce and Industry (MCCI) expressed concerns about the wage hike.

"The P33 minimum wage increase will result to businesses increasing prices, this fueling inflation," said MCCI President Mark Anthony Ynoc in an interview with DAILY TRIBUNE.

Ynoc explained, "There might also be potential job losses since this is the major cost in most industries. Companies especially the SMEs are forced to cut jobs to maintain profitability and competitiveness."

He further emphasized that the government should focus on managing inflation to reduce the cost of basic necessities, thereby avoiding the need for frequent wage hikes.

The wage increase will take effect on 2 October 2024, setting the new minimum wage in the region between P453 and P501.

The RTWPB-7 cited the rising cost of goods and the weakening purchasing power of the Philippine peso as reasons for the adjustment.