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New minimum wage starts implementation this month
T
By MARK FRANCISCO, Staff Writer
HE new minimum wage of P318 will start implementation this month. This, after the implementing rules and regulations of Wage Order No. RX-18 was published in
a local newspaper last August 19. It was learned that a new wage order can only be implemented once its IRR has been published. The P318 new minimum wage covers the cities
of Cagayan de Oro and Iligan and the adjacent municipalities of Tagoloan and Villanueva. Wage Category II of P313 covers the cities of El Salvador, Gingoog, Malaybalay, Ozamiz and Valencia and the municipalities of Maramag, Manolo Fortich and Que-
zon in Bukidnon. Rates in Wage Category III are P308 for non-agricultural workers and P296 for agricultural workers in the cities of Oroquieta and Tangub and the municipalities of Lugait and Opol in Misamis Oriental; and Mambajao in Camiguin.
Workers in the rest of the region will receive P303 for non-agricultural sector and P291 for the agricultural sector. An increase from Wage Order No. RX-17 that was implemented last June 2013, the new wage order was issued last May.
This, as RTWPB 10 issued an advisory stating that distressed and new businesses may apply for exemptions on or before November this year at any of the Department of Labor and Employment (D OLE) offices in the region.
Barclays eyes cut in PHL banks’ RR rates MANILA -- London-based Barclays raised the possibility of cut in Philippine banks' reserve requirements (RR) after the Bangko Sentral ng Pilipinas (BSP) said it it monitoring domestic liquidity conditions as inflation
continue to go down. On Friday, the Philippine Statistics Authority (PSA) reported that rate of price increases further slowed to 0.6 percent in August 2015 from month-ago's 0.8 percent bringing the year-to-date
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average to 1.7 percent. Average inflation rate to date stood at 1.7 percent, way below the government's target band of two to four percent for 2015-18. Last August's inflation level is the fourth consecutive
month of below-target rate of price increases. Year-ago level is 4.9 percent. BSP Governor Amando Tetangco Jr. said they will continue to monitor global oil prices and the El Nino phenomenon to check its impact on domestic liquidity. "We will make adjustments to policy if needed to ensure just enough liquidity in the market so the favorable inflation path is sustained,” he added. With this statement, investment bank Barclays, in a research note, said Tetangco's statement "is consistent with the central bank's stance that while activity levels remain healthy, its main concerns centre around volatility and market liquidity." "We think the BSP is comfortable with the policy stance, but we acknowledge outside risks of easing in the reserve requirement ratio for banks if liquidity conditions deteriorate due to capital outflows," it said. The last time the BSP adjusted banks' RR is in 2014 when it was hiked by a total of 50 basis points, 25 basis points each in March and May, as growth of domestic liquidity grew stronger than in the past years at a level of more than 20 percent. To date, universal and commercial banks' (U/KBs) have 20 percent RR rate, one of the highest in the world, which is the reason why some analysts consider a possible cut as domestic inflation continues its deceleration. (PNA) LGI/JSV/RSM)
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