Explanation of Vote: SBN 2534
P100 Daily Minimum Wage Increase Act
Senator Joel Villanueva
19 February 2024

Mr. President, we wholeheartedly support the approval on Third Reading of Senate Bill No. 2534 or the P100 Daily Minimum Wage Increase Act. We would like to thank and congratulate the very hardworking sponsor of the measure, Sen. Jinggoy Ejercito Estrada, as well as my fellow authors, led by no other than our Senate President Juan Miguel Zubiri, for pushing for this landmark piece of legislation.

Sa gitna po ng nagtataasang presyo ng pagkain at bilihin, layon ng panukalang batas na ito na ibsan ang hirap at pagod ng higit 4.2 milyon na minimum wage earners at kanilang pamilya na pangunahing matutulungan kapag ito po ay naging ganap na batas na.

Over the years, regional minimum wages have not kept up with rising prices, and the real value of the minimum wage has fallen 28% on average across all regions nationwide. In fact, based on the 2023 poverty threshold, all the regional minimum wage rates are lower than the regional poverty thresholds. Kulang na kulang po ang kinikita ng ating mga kababayan para tustusan ang kanilang araw-araw na pangangailangan.

To alleviate concerns, it was established during the interpellations and from the various studies and evidence put on record that increasing the daily minimum wage will have very minimal impact on inflation and low probability of causing job losses. There are also enough safeguards and fiscal relief in place to ensure that MSMEs, particularly micro enterprises, will not be negatively affected by the said increase.

Bilang pagtatapos, nais po ng Representasyong ito na ipahayag muli ang ating pangarap na balang araw ay mai-aangat natin ang buwanang sweldo ng mga manggagawang Pilipino hanggang sa ito ay maging tunay na tinatawag na "living wage." Makakaasa po kayo na patuloy na magtra-trabaho ang inyong Senado hanggang sa maisakatuparan ang pangakong ito ng ating minamahal at pinoprotektahang Konstitusyon.

Again, we vote YES to this measure.

Thank you and may God bless us all.