IMAGE: Daniella Marie Agacer
The matter of inflation returned over the weekend and snapped at no less than President Marcos as labor groups scored the government for the widening gap in purchasing power and the quickly rising cost of living.
Jerome Adonis, secretary general of Kilusang Mayo Uno, criticized the President for 鈥渞unning away from wage workers鈥� and opting to spend Labor Day with US President Joe Biden rather than hearing workers鈥� concerns.
Mr. Marcos is set to leave for the United States on Sunday for an official visit.
Adonis also blasted Socioeconomic Planning Secretary Arsenio Balisacan for advising House representatives last February that a legislated wage hike would 鈥渄o more harm to the economy.鈥�
鈥淜eeping the minimum wage low is what鈥檚 harming the economy. Why? Because we can鈥檛 buy the basic necessities in the market 鈥� A wage increase would therefore enhance the economy,鈥� Adonis argued.
But Balisacan only reiterated an accepted economic truism that too much cash in any economy could lead to hyperinflation, like in Argentina, Venezuela and Lebanon.
The National and Economic Development Authority chief also said the government鈥檚 priority was to increase the quality of jobs in the country and this was best accomplished by more investments.