With the current inflation rate of Western Visayas, A business group in Bacolod City reiterated its opposition to a P100 across-the-board wage increase proposal, saying it will cause a disaster amid the current inflation rate in Western Visayas.
Frank Carbon, Metro Bacolod Chamber of Commerce and Industry’s chief executive officer, in a statement on Thursday, June 6, said the soaring inflation in Western Visayas was partly pushed by the “sky-high wage increase” last year by 35 percent for small non-agricultural businesses and 30 percent for agricultural businesses.
“We have already advanced the wage increases to cover inflation and increases in the cost of living for the next 9 years,” Carbon said.
The current inflation rate of Western Visayas declined to 6.8 percent but is 1.4 percent higher than the national average of 5.4 percent, the Philippine Statistics Authority reported.
The region had the second highest inflation rate in June next to MIMAROPA Region at 7.2 percent.
Carbon said that the P100 across-the-board increase being proposed will increase wages by another 25 percent, bringing the total increase to 60 percent.
“The small businesses cannot carry this additional cost – it will mean disaster for us – closure of business and loss of jobs and livelihood,” he said.
Carbon noted that the lingering Russia-Ukraine conflict, El Niño, and African Swine Flu are also affecting the soaring inflation in the region.*