The average monthly wage rate in the country posted double-digit growth in 2022 amid the reopening of the economy and high inflation.
Results of the Occupational Wages Survey (OWS) released by the Philippine Statistics Authority (PSA) showed the overall average monthly wage rate of time-rated workers on full-time basis across 193 monitored occupations in 72 selected industries amounted to P18,423 last year, 11.7 percent higher than the P16,486 average monthly wage rate in 2020.
Last year's average monthly wage rate is also 1.7 percent higher than the P18,108 in 2018.
The median monthly basic pay of time-rated workers across all industries also increased by 6.9 percent to P14,588 last year from P13,646 in 2020.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the increase in wages may be consistent with the minimum wage hikes seen last year.
He said the average monthly wage rate grew in 2022 'in view of the need to adjust wages vis-a-vis inflation rate and also as a function of competition among businesses or industries for workers or talent.'
Minimum wage hikes were approved last year to restore the purchasing power of minimum wage earners given escalating prices of basic goods and petroleum products.
Inflation averaged 5.8 percent last year, higher than the 3.9 percent average in 2021.
Ricafort also said the further reopening of the economy with no more lockdowns imposed since last year led to higher sales or revenues, more jobs, and more business or economic opportunities that fundamentally supported the upward adjustment in wages.
The OWS covered 16,057 formal establishments with at least 20 workers nationwide to monitor wage rates of selected industries.
The PSA said aircraft pilots and related associate professionals had the highest average monthly wage of P135,363 last year.
This was followed by software developers with an average wage of P70,595 per month, while mathematicians and actuaries placed third with P69,654 per month.
Completing the top 10 highest paying occupations in 2022 are production supervisors and general foremen (P63,017), applications programmers (P58,643), specialist medical practitioners (P57,476), statisticians (P51,607), medical doctor or generalist practitioners (P51,251), geologists (P49,059), and accountants including auditors (P48,982).
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