The tripartite wage and productivity board of the National Capital Region has rejected a labor group’s petition for a P470 increase in the daily minimum wage in Metro Manila.
This developed as the country’s oil firms cut pump prices by as much as P2.30 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world market. The TUCP pointed out that the present monthly take-home pay of P12,843.48 was “far below” the supposed monthly wage of P16,625 poverty threshold for a family of five in Metro Manila.
Bello said the skyrocketing prices of oil products aggravated by the ongoing conflict between Russia and Ukraine may be a compelling reason for the wage boards to recommend raising the minimum wages of workers. The Labor chief expressed confidence that the RTWPBs will submit their recommendations before the end of April.According to Reuters, oil prices declined on Friday after the announcement of International Energy Agency to join the stockpile release following the US decision to let go of one million barrels per day of crude oil until May.
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