Is it now time for WAGE HIKE for minimum wage workers?

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The economy today is noticeably progressing (in the Philippines) Having a new set of government officials and the rigid work in eradicating corruption in every agencies is really happening. a lot of foreign investors are now investing to our country. More jobs are also available for the Filipinos. Is it now the time for the minimum wage to increase now? This is to add more budget to spend for the Filipinos on their daily needs. It will have a domino effect though for other companies who are not yet ready for the wage hike or the price of products of some companies would also increase. But then a lot of Filipinos would benefit from this wage hike. is it really timely now?