The drop of the Philippine peso to its weakest level in 12 years has triggered fears of a serious economic crisis among workers.
Associated Labor Unions (ALU) spokesman Alan Tanjusay on Thursday said there was “grave concern” among workers amid rising prices of basic commodities and costs of services.
“Now that we are approaching the lean months—June, July and August—this is bad timing because the real value of their wages will erode further down,” Tanjusay said in a statement.
“Classes in schools are already resuming, and there are lots of expenses in the face of inflation caused by TRAIN (Tax Reform for Acceleration and Inclusion) Law and profiteering,” he stressed.
Workers, Tanjusay said, are calling for President Rodrigo Duterte’s intervention before the situation gets worse.
“He should lead in front and not put this economic matters to his economic managers who might have vested interests,” the labor group spokesman said.
“If the rate of the dollar to the peso will not stop, we will fall into a serious economic crisis,” he said. /muf