Gov’t rejects PHP 125 daily minimum increase

Article from www.filamstar.com
By William Casis | FilAm Star Correspondent

Economic Planning Secretary Ernesto Pernia said the government rejected the proposed PHP 125 increase in the daily minimum wage, saying this could displace workers, increase inflation and affect the economy.

He said NEDA conducted an impact analysis and found that the proposed wage hike would affect employment because many small companies would not be able to afford to keep their workers or hire more.

“Especially micro, small and medium enterprises will be hard up with that kind of an increase,” Pernia said.

Continue reading Gov’t rejects PHP 125 daily minimum increase

Peso at its lowest in 7 years as foreign investors continue to pull out; gov’t denies it’s due to Duterte’s controversial statements

Article from www.filamstar.com
By Corina Oliquino | FilAm Star Correspondent

MANILA — The peso closes on its 7-year low with P48.25 to the U.S. dollar on September 26 due to foreign fund exit and political and security concerns.

The peso sank by P0.26 centavos from the closing rate of P47.99 last September 23, 2016 to Monday’s downgrade of P48.25. This tallied the weakest showingl of the Philippine peso against the dollar since September 16, 2009 when it sank P48.356 to $1.

Continue reading Peso at its lowest in 7 years as foreign investors continue to pull out; gov’t denies it’s due to Duterte’s controversial statements