P750 minimum wage to cause just a small dent on profits —Ibon

Research group IBON Foundation on Wednesday said the petition for a P750 national minimum wage will only deduct less than 10% to the profits of business establishments.

"Sa aming computation para maiangat lang ang sahod na P750 ay kinakailangan lamang ng P115 billion," IBON Foundation executive director Sonny Africa said in an interview on GMA News' "Balitanghali."

Citing a 2016 survey of the Philippine Statistics Authority, Africa said establishments in Metro Manila earn P1.2 trillion.

"Base sa huling datos nila may P1.2 trillion ang tubo ng mga negosyo dito sa Metro Manila," he said.

"So kung aawasin yung P115 billion sa P1.2 trillion na tubo hindi pa nga aabot sa 10 pursyento ang mababawas sa tubo nila. Maliit lamang ito na bawas sa kanilang tubo," he added.

Bayan Muna party-list Representative Carlos Zarate has a pending bill pushing for a P750 national minimum wage for Filipino families keep up with the surging prices of commodities. Labor group Trade Union Congress of the Philippines' has filed a petition for a P710-increase in minium wage for Metro Manila workers.

The Employers Confederation of the Philippines (ECOP) has since rejected the idea as it it was only in November 2018 when a P25-hike in the daily minimum wage of workers in the National Capital Region was approved. —NB, GMA News