NextGen Day

Inflation would rise by around 1.4 percentage points this year due to the proposed PHP 150 minimum wage increase, according to Finance Secretary Benjamin Diokno.

“The implications of the PHP150 increase…it will increase inflation by 1.4 percent,” Diokno said in a briefing to media late Friday.

“So who stands to gain from that? Who will be harmed? The predicted inflation rate for this year is 5.5 percent + 1.4 percentage points or 6.9 percent, he continued.

Due to the high cost of food, the Development Budget Coordination Committee increased the inflation prediction for this year to 5 to 7 percent.

Headline inflation has already slowed from 7.6 percent in March to 6.6 percent in April.

The most recent result, however, is still significantly higher than the Bangko Sentral ng Pilipinas’ projected range of 2 to 4 percent.

The Across-the-Board Salary Increase Act of 2023, introduced earlier by Senator Ramon Revilla Jr., aims to raise the minimum salary by PHP150.

Policymakers need to be informed about the effects of a higher-than-expected wage increase, according to Diokno.

Diokno pointed out that it would be preferable “to just continue the current system, which works.”

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