MANILA, Philippines – In a time when the prices of goods are almost soaring, it is expected that the minimum wage of Filipino workers will also increase to address the daily needs of life. This is necessary for a citizen to be productive, which is one of the factors in a more progressive society and economy.
For the sixth year in a row, the analyst team at Picodi.com has created the Minimum Wage report. The analyst team at Picodi Philippines examined alterations in the minimum wage across 67 countries, observed the rise in prices for essential groceries, and assessed how the cost of a "survival basket" aligns with the minimum wage.
“In the report, we use net wages, which employees take home. We find such a comparison more fair, as the difference between gross and net pay, depending on the country, can be as high as 30%,” they said.
Filipino employees on minimum wage earn ₱8,725 net monthly (compared to ₱8,066 in January 2023). This positions the Philippines at the 33rd spot in the ranking, reflecting an 8.2% increase.
Here’s how the minimum wage in the Philippines has grown in recent years (the percentages represent the year-on-year increase in the net amount):
Meanwhile, a basket of basic food products necessary to live costs ₱5,776 which is 66.2% of the minimum wage.
Compared to the previous year, this year the minimum wage grew slower than the prices of products.
Citizens of the United Kingdom can enjoy the best minimum wage to food price ratio (7.2%), whereas the Nigerian minimum wage does not cover even the most basic food basket cost (116.5%).
— Noel Ed Richards, The Summit Express
For the sixth year in a row, the analyst team at Picodi.com has created the Minimum Wage report. The analyst team at Picodi Philippines examined alterations in the minimum wage across 67 countries, observed the rise in prices for essential groceries, and assessed how the cost of a "survival basket" aligns with the minimum wage.
“In the report, we use net wages, which employees take home. We find such a comparison more fair, as the difference between gross and net pay, depending on the country, can be as high as 30%,” they said.
Filipino employees on minimum wage earn ₱8,725 net monthly (compared to ₱8,066 in January 2023). This positions the Philippines at the 33rd spot in the ranking, reflecting an 8.2% increase.
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| Infographic courtesy: Picodi PH |
Here’s how the minimum wage in the Philippines has grown in recent years (the percentages represent the year-on-year increase in the net amount):
- 2019: ₱6,920
- 2020: ₱7,139 (↑ 3.2%)
- 2021: ₱7,385 (↑ 3.4%)
- 2022: ₱7,385 (↑ 0%)
- 2023: ₱8,066 (↑ 9.2%)
- 2024: ₱8,725 (↑ 8.2%)
Meanwhile, a basket of basic food products necessary to live costs ₱5,776 which is 66.2% of the minimum wage.
 |
| Infographic courtesy: Picodi PH |
Compared to the previous year, this year the minimum wage grew slower than the prices of products.
Citizens of the United Kingdom can enjoy the best minimum wage to food price ratio (7.2%), whereas the Nigerian minimum wage does not cover even the most basic food basket cost (116.5%).
— Noel Ed Richards, The Summit Express
