The Mandaue Chamber of Commerce and Industry (MCCI) on Saturday, 1 February 2025, expressed concerns over a potential economic disaster if a P200 minimum wage increase is legislated.
In an exclusive interview with the DAILY TRIBUNE, MCCI President Mark Anthony Ynoc said the wage hike could lead to economic instability, resulting in company closures and bankruptcies.
"The passage of the P200 across-the-board daily wage increase would lead to high inflation, make companies and businesses less competitive, and result in job losses," he emphasized.
"Instead, the government should shift its focus to strengthening the country's economy through ease of doing business, establishing globally competitive training and education, infrastructure development, and attracting foreign direct investments, while encouraging existing businesses to implement incentive programs. This way, we may boost the country's GDP growth," Ynoc proposed.
House Deputy Speaker and TUCP Partylist Representative Democrito Raymond Mendoza, author of the original bill proposing a P150 wage hike, expressed satisfaction with the development.
According to Mendoza, the P200 wage hike could lift around 5 million minimum wage workers out of poverty.
"Tama na, sobra na (Enough is enough). Let's end poverty wages," Mendoza declared.
The House Committee on Labor and Employment approved the P200 across-the-board daily wage increase for private sector workers on 30 January 2025.
In March 2024, the Senate first passed a P100 legislated daily minimum wage hike for private sector workers.
"Let us make history together and pass this law after 36 years," Mendoza urged.
"Why P200? I say, bakit hindi P200? Ano ba yan? The higher, the better. P645 a day (minimum wage in Metro Manila), kaya pa ba? (You buy food, deductions for SSS, PhilHealth, Pag-Ibig. Then there's the pain of junior, the kids. What if they need to be hospitalized? How will you handle other expenses if you don’t raise it by P200)?" Mendoza elaborated.