MANILA - A significant proposal to boost the daily minimum wage of private sector workers by PHP100 has reached the plenary stage in the Senate. This development was led by the Committee on Labor, Employment, and Human Resources Development, with Senator Jinggoy Estrada championing the cause.
According to Philippines News Agency, Senate Bill (SB) 2534 aims to uplift approximately 4.2 million minimum wage earners across the nation. "This measure will ensure a PHP100 minimum wage increase for all private sector employees, regardless of their industry," Estrada articulated during his sponsorship speech. He emphasized that the bill would supplement wage increments previously implemented by regional wage boards.
Estrada further elaborated on the bill's potential to alleviate the financial strain on Filipinos, exacerbated by the rising costs of living and escalating prices of basic goods. He argued that the proposed wage hike would not only enhance the purchasing power of consumers but also invigorate economic activity and contribute to the country's prosperity.
"This wage hike bill is also a step towards achieving our ambition of drastically reducing the poverty incidence rate, aspiring for a predominantly middle-class society by 2040," Estrada added. The bill, consolidating efforts from multiple senators, aims to meet the Philippine Development Plan's targets of decreasing the poverty rate to 13.2 percent by 2025 and to 9 percent by 2028.