Marcos to look into economic implications of wage hike — Palace

President Ferdinand ''Bongbong'' Marcos Jr. will look into the economic implications of the proposed increase in the minimum wage for workers, Malacañang said Thursday.

According to Palace Press Officer Undersecretary Atty. Claire Castro, Marcos wants to provide what's best for the Filipino workers. 

''Ito lamang po ang mensahe ng Pangulo (This is the message of the President), 'We will look at the economic implications of this and how to resolve this with the opinion of the wage boards since the wage boards are also the creations of the Congress,''' Castro said. 

''Nais po ng Pangulo na maibigay kung ano po ang makakabuti sa manggagawang Pilipino,'' Castro said during a briefing. 

(The President wants to give the best for the Filipino workers.)

Every aspect and concern of stakeholders will be looked into, according to the Palace official. 

Last month, Marcos said the government heard the call of workers for better wages but its impact on the country's economy should be studied. 

Recently, Marcos met with labor leaders and made the commitment that his administration would ensure the rights and welfare of laborers.

With 171 yes votes, zero no votes, and one abstention, the House of Representatives approved on third and final reading the proposed measure granting a P200 increase in the daily minimum wage for workers in the private sector.

The House version of the legislated wage hike offers a higher increase than the P100 approved by the Senate.

The House and the Senate will have to reconcile the differences at the bicameral conference committee before transmitting the enrolled bill to Malacañang.

Congress has until June 13 or the last session day to reconcile their differing versions of the wage hike measure and ratify the reconciled version for the bill to be ready for the President’s signature. 

Otherwise, the measure has to be refiled in the next Congress.

Department of Labor and Employment Secretary Bienvenido Laguesma said the bicameral meeting on the proposed measure would be held next week. 

''Only then will we understand the specific role of the DOLE and the RTWPBs and how minimum wage adjustments will be handled going forward,'' Laguesma told GMA News Online. 

Laguesma said that at first glance, a significant increase in the minimum wage could lead to several issues, such as non-compliance with labor standards, increased informality in employment, its impact on collective bargaining, and the potential negative effects on economic growth and employment level as indicated by the Department of Economy, Planning, and Development's macroeconomic analysis.

Also, prospective investors may be discouraged from establishing businesses and existing businesses may hesitate to expand, Laguesma said.

''This is because the wage-setting authority could be exercised by two bodies: Congress and the RTWPBs,'' the DOLE chief said. — RSJ/VBL, GMA Integrated News