NCR board OKs ₧85 wage hike, labor calls it a token
A WOMAN walks past a welcoming billboard featuring Iranian President Masoud Pezeshkian along a roadside in Islamabad, Pakistan, Tuesday, June 23, 2026. AP PHOTO/
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HE approval of an P85 daily wage increase for Metro Manila failed to settle the wage debate, with labor groups immediately renewing calls for Congress to legislate the P200 nationwide pay hike they have lobbied for since 2025. The reactions came after Department of Labor and Employment Secretary Francis N. Tolentino announced on Tuesday that the minimum daily wage in NCR will be raised to P780 from P695. (See: https://businessmirror.com. ph/2026/06/30/metro-manila-workers-toget-p85-daily-wage-increase/) Malacañang said the P85 daily minimum wage hike—the highest granted by the regional wage board to date—in Metro Manila went through a comprehensive study to balance the interest of both employers and workers. Palace Press Officer Claire Castro issued the
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statement as labor groups criticized the new wage order issued by the Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) for being below the P200 legislated wage hike they are pushing in Congress. She noted the wage boards recognize the plight of workers in their struggle to cope with rising cost of living, but she said they must also consider the capability of employers to pay the said increase. “It is difficult to suddenly give a high salary that employers cannot afford since it will cause more of our countrymen to lose their jobs and there will be more unemployment,” the Presidential Communications Office (PCO) Undersecretary explained in Filipino in a press briefing. She also noted that it is up to lawmakers to pass the bill implementing P200 increase. “That is the job of Congress. The govern-
ment will only act on [the data] which is monitored and assessed by the regional tripartite productivity and wages board,” Castro said. The Trade Union Congress of the Philippines (TUCP) slammed the P85 minimum wage hike in NCR for being “grossly inadequate in the face of the collapse in workers’ purchasing power, but will be even released in tranches.” Of the said increase, the P60 will take effect on July 19, while the remaining P25 will be implemented on 1 January 2027. The timing of the announcement of the increase also drew criticism in social media for allegedly being government’s attempt to divert attention from the large demonstrations of the Iglesia Ni Cristo (INC) in Edsa, coinciding with the sect’s show of support for one of its own, Sen. Rodante Marcoleta. The senator
has been saying since last week he expects to be arrested soon, as authorities are preparing plunder charges against him. Undersecretary Castro denied the narrative that the wage story was meant to cover up the INC rally. The RTWPB-NCR has already drafted its new wage order weeks ago after conducting the necessary public consultations and going through the necessary study, she said. “They should not attribute any malice to [the announcement],” she said.
‘Tokenism’
DESPITE it being the largest wage increase granted by the regional wage board to date, the Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) called the adjustment See “Wage hike,” A2
BusinessMirror A broader look at today’s business
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BSP PROJECTS INFLATION AT 6-7% RANGE IN JUNE www.businessmirror.com.ph
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Wednesday, July 1, 2026 Vol. 21 No. 260
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Andrea E. San Juan
HE Bangko Sentral ng Pilipinas (BSP) is now looking at a widerthan-usual inflation forecast range as it gauges how the declining domestic oil prices, lower prices of rice and meat could have offset the higher electricity rates and vegetable prices in June.
In a statement on Tuesday, the central bank said it projects June 2026 inflation to settle within the range of 6 to 7 percent. “The decline of domestic oil prices and the lower prices of major food items, such as rice and meat may temper inflation for the month,” the BSP said. However, it noted that higher electricity rates and vegetable prices could “partly offset” these downward price pressures. For this year, this is the widest month-ahead inflation forecast range of the central bank, with the lower and upper bound of the range having a 1-percentagepoint difference.
Wider forecast range, greater uncertainty
SOUGHT for comment, Philip-
pine Institute for Development Studies (PIDS) Senior Research Fellow John Paolo R. Rivera explained to the BusinessMirror that a wider forecast range “suggests greater uncertainty around the inflation outlook.” “At present, offsetting forces such as easing fuel and some food prices on one hand, and higher electricity rates, vegetable prices, and geopolitical risks among others make it more difficult to estimate the exact inflation outcome,” Rivera told this newspaper. For this year, these were the BSP’s month-ahead inflation forecasts: January, 1.4 to 2.2 percent; February, 2.3 to 3.1 percent; March, 3.1 to 3.9 percent; April, 5.6 to 6.4 percent; May, 7.1 to 7.9 See “Inflation,” A2
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BM Graphics: Ed Davad / Source: Remitly
DIGITAL JOBS GAIN GROUND; PINOYS’ TOP PICK: VIRTUAL AIDE By Mary Jade Jadormio
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ILIPINOS are increasingly looking beyond traditional professions, with virtual assistant emerging as the country’s most searched career, overtaking doctor as interest in digital and remote work continues to grow, according to an international study by financial technology firm Remitly. The study, which analyzed
Google searches across 145 countries, found that online career interest in the Philippines has shifted toward digital occupations, with vlogger, content creator and social media manager also making the country’s top 10 list. The findings marked a departure from Remitly’s 2024 report, when doctor ranked as the country’s most searched career. See “Jobs,” A2
GRIDLOCK FOR MARCOLETA Members of the Iglesia ni Cristo occupy the northbound lanes of EDSA during a surprise protest that snarled traffic across major Metro Manila thoroughfares during Tuesday morning’s rush hour on June 30, 2026. The religious group said the demonstration was in support of Sen. Rodante Marcoleta, after the Office of the Ombudsman announced it would file plunder charges against him over alleged irregularities involving undisclosed 2025 campaign donations. Marcoleta has claimed the case is politically motivated and linked to the upcoming impeachment trial of Vice President Sara Duterte, while the Ombudsman has maintained the charges stem from its investigation into the campaign finance allegations. NONOY LACZA
S&P Global Ratings flags rising geopolitical risks
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&P GLOBAL Ratings has warned that the escalation of geopolitical risks could “ultimately tilt” its ratings view on banks in Asia-Pacific from stable to negative. S&P Global said a downward scenario of a longer or worse conflict in the Middle East would hit AsiaPacific banks “much harder” than under its base case. The debt watcher estimates that cumulative credit losses for 2026 and 2027 would rise 25 percent over its base case as downside hits to household, corporate, and government sectors take their toll on banks’ credit quality. “If oil prices keep climbing and supply chains deteriorate, cumulative credit losses could total $910 billion over 2026 and 2027, compared with $730 billion under our base case,” the credit rating agency said.
In its downside scenario, the debt watcher expects Brent crude to peak at $200 per barrel, before cooling toward $100 per barrel by 2027. “That compares with our base case of Brent averaging $110 per barrel for the rest of this year, and then $80 per barrel in 2027,” the credit rating agency said. In assessing the risks associated with Asia-Pacific banking systems, S&P Global Ratings flagged escalation of geopolitical risks as posing a “high” risk on Asia-Pacific banks. Meanwhile, it said that there would be limited risk on these banks should there be a pivot from risk-on to risk-off sentiment. The debt watcher added that risks from nonbank and fund finance are “manageable and of limited risk” to financial stability. It flagged as a “medium” risk on banks’ operations the impact of
rapid technological changes. “Technological advancements, particularly in generative AI, offer significant benefits but enable significant risks,” the credit rating agency said. Still, S&P Global pointed out that the “adverse impact” of geopolitical developments is “dragging on AsiaPacific households and corporate borrowers, increasing the risk of higher nonperforming assets and credit losses for banks.” Two other credit rating agencies have already revised downwards their outlooks for the Philippines’s banking system amid recent economic challenges. For one, Fitch Ratings revised the Philippine banking sector’s 2026 outlook to “deteriorating” from “neutral.” “This takes into consideration our projections of higher credit impairments associated with a
significant slowdown in economic growth, as well as the impact of higher inflation on household finances and debt-servicing capacity,” the debt watcher said in a nonrating action commentary on June 25. (See: https://businessmirror. com.ph/2026/06/27/bsp-saysready-to-take-appropriate-action-on-fitch-deteriorating-outlook-on-banks/) Another credit rating agency, Moody’s Ratings, has revised its outlook for the Philippines’s banking system from stable to negative as it expects elevated inflation, combined with “markedly slower” public investment disbursement amid the ongoing flood-control probe, to further dampen credit demand and business sentiment. (See: https://businessmirror. com.ph/2026/06/22/outlookfor-banking-system-revised-toAndrea E. San Juan negative/)
PESO EXCHANGE RATES n US 61.2290 n JAPAN 0.3782 n UK 81.1897 n HK 7.8091 n CHINA 9.0095 n SINGAPORE 47.3725 n AUSTRALIA 42.1807 n EU 69.9603 n KOREA 0.0397 n SAUDI ARABIA 16.3055 Source: BSP (June 30, 2026)