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    News Clippings For February 12, 2024

    Uploaded by

    Lorenze Guintu
    The Senate plenary is considering a bill, SB 2534, which proposes a PHP100 increase in the daily minimum wage for private sector workers across the country. This initiative, championed by Jinggoy Estrada, aims to alleviate financial strain for approximately 4.2 million minimum wage earners amidst escalating living costs. It is argued that the wage hike would not only bolster purchasing power but also stimulate economic activity, aligning with national development goals to reduce poverty incidence rates by 2025 and 2028.

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    News Clippings For February 12, 2024

    Uploaded by

    Lorenze Guintu
    11 views3 pages
    The Senate plenary is considering a bill, SB 2534, which proposes a PHP100 increase in the daily minimum wage for private sector workers across the country. This initiative, championed by Jinggoy Estrada, aims to alleviate financial strain for approximately 4.2 million minimum wage earners amidst escalating living costs. It is argued that the wage hike would not only bolster purchasing power but also stimulate economic activity, aligning with national development goals to reduce poverty incidence rates by 2025 and 2028.

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    News clippings for February 12, 2024

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    The Senate plenary is considering a bill, SB 2534, which proposes a PHP100 increase in the daily minimum wage for private sector workers across the country. This initiative, championed by Jinggoy Estrada, aims to alleviate financial strain for approximately 4.2 million minimum wage earners amidst escalating living costs. It is argued that the wage hike would not only bolster purchasing power but also stimulate economic activity, aligning with national development goals to reduce poverty incidence rates by 2025 and 2028.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    11 views3 pages

    News Clippings For February 12, 2024

    Uploaded by

    Lorenze Guintu
    The Senate plenary is considering a bill, SB 2534, which proposes a PHP100 increase in the daily minimum wage for private sector workers across the country. This initiative, championed by Jinggoy Estrada, aims to alleviate financial strain for approximately 4.2 million minimum wage earners amidst escalating living costs. It is argued that the wage hike would not only bolster purchasing power but also stimulate economic activity, aligning with national development goals to reduce poverty incidence rates by 2025 and 2028.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Proposed P100 pay hike for private workers reaches

    Senate plenary.
    By Wilnard Bacelonia
    February 7, 2024, 6:37 pm

    MANILA – A bill seeking a PHP100 increase in the daily minimum wage of workers in the private
    sector nationwide reached the Senate plenary with Committee on Labor, Employment and
    Human Resources Development chair Jinggoy Estrada pushing for its passage.

    Estrada said an estimated 4.2 million minimum wage earners in the private sector would
    benefit from Senate Bill (SB) 2534.

    "Under this measure, all employees in the private sector in the entire country, whether
    agricultural or non-agricultural, are entitled to (a) PHP100 minimum wage increase," Estrada
    said in his sponsorship speech.

    SB 2534, he said, augments the wage increases already issued by the regional wage boards.
    "Thus, after consideration of the existing socio-economic conditions and positions of various
    sectors, it is incumbent upon us to propose a daily pay hike to help alleviate the burden of
    Filipinos in the face of soaring prices of basic commodities and rising cost of living," he added.

    Estrada also pointed out that if passed into law, the measure would also result in increased
    purchasing power among consumers and would stimulate economic activity, thereby
    contributing to national growth.

    "This wage hike bill would also help attain our goal of reducing poverty incidence rate in the
    coming years to have a prosperous, predominantly middle-class society where no one is poor
    by 2040," he said.

    He said under the Philippine Development Plan, the government is targeting to reduce the
    poverty incidence rate to 13.2 percent by 2025 and to 9 percent by 2028.

    SB 2534 is a consolidation of SB 2002 filed by Senate President Zubiri, with Senate Pro Tempore
    Loren Legarda and Senators Nancy Binay, and Christopher Lawrence Go as co-authors, and SB
    2018 by Senator Ramon Revilla Jr. (PNA)

    REFERENCE: Wilnard Bacelonia, February 7, 2024, PHILIPPINE NEWS AGENCY

    Summary/Highlights:
    The Senate plenary is considering a bill, SB 2534, which proposes a PHP100 increase in the daily
    minimum wage for private sector workers across the country. This initiative, championed by
    Jinggoy Estrada, aims to alleviate financial strain for approximately 4.2 million minimum wage
    earners amidst escalating living costs. It is argued that the wage hike would not only bolster
    purchasing power but also stimulate economic activity, aligning with national development
    goals to reduce poverty incidence rates by 2025 and 2028.

    Implications:
    Positively, the proposed wage increase could uplift household incomes, mitigate poverty, and
    enhance living standards. By empowering workers with higher wages, there's potential to
    amplify consumer spending, thereby fortifying demand and aiding businesses, particularly
    through increased sales. Moreover, elevated wages might foster a more content and productive
    workforce, curbing turnover rates and bolstering long-term economic prosperity. However,
    there are potential negative ramifications, including possible job losses or reduced working
    hours as businesses navigate heightened labor expenses. Small and medium-sized enterprises
    (SMEs), in particular, might face challenges absorbing these costs, potentially hindering their
    competitiveness and expansion. Additionally, if businesses transfer increased labor costs to
    consumers via price hikes, it could trigger inflation, diluting the purchasing power of households
    not directly benefiting from the wage increase.

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