KMU to ECOP: Stop blackmailing workers and people to accept meager wages

Kilusang Mayo Uno criticized the Employers Confederation of the Philippines (ECOP) for threatening helpless workers and the people by creating a scenario that there would be retrenchment, closure or bankruptcy once a substantial wage hike was approved.

“Stop blackmailing us just to make extremely low wages acceptable and to protect your huge profits! We reiterate that a significant wage hike, once approved, must take toll on capitalists’ huge profits. Statistics have already shown that they can afford to grant a substantial wage hike,” said Elmer “Bong” Labog, KMU chairperson.

According to Albay Gov. Joey Salceda, profits of the country’s top 1,000 corporations jumped by 21% and their investments by 15% a year throughout former Pres. Arroyos’ term. Their total earnings amounted to P3.1 trillion. P2.1 trillion of which was pocketed while only P1 trillion was reinvested.

Further, according to the National Statistics Office (NSO), establishments with a total employment of 20 and over had combined profits of P895.2 billion. Computations of research group IBON Foundation revealed that granting a legislated P125 across-the-board wage hike would only cut their total profits by 15.1%.

“Since the global financial crisis in 2008, hundreds of thousands workers have already been layed-off even without a substantial wage increase. Massive retrenchments are just ways of these greedy companies to cut costs on wage and maximize profits,” Labog added.

“While capitalists raked in huge profits, workers’ wage, which is way too far from a families’ average daily cost of living, was even reduced due to soaring prices of basic commodities and services,” Labog said.

According to IBON Foundation, the P79 wage hike over the period 2001-2009 was offset by the 56% increase in prices. The real value of workers’ wage even dropped by P28.

“Workers have long been suffering from the rising prices of basic commodities and services, we deserve a fair share from the fruits our labor. Our sweat and blood brings billions a month to these companies while we get leftovers in return!” Labog said.

“We demand a nationwide P125 across-the-board wage hike as an immediate economic relief to our suffering. We are not asking for heaven, we just want what we deserve and what is just! The workers and the people will not stop clamoring for our right to survive and for social justice,” Labog said.