News and Events

Does Minimum Wage Hinder Job Growth and Poverty Reduction

Posted: 2014-06-11
Category: Events
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Dean Juan Miguel Luz of the AIM Stephen Zuellig Graduate School of Development Management giving the opening remarks of the forum, with Dr. Vicente Paqueo, Dr. Leonardo Lanzona, Dr. Aniceto Orbeta, and Dr. Gerardo Sicat.

 

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On June 6, 2014, the Asian Institute of Management (AIM) Policy Center, in partnership with Philippine Economic Society, Management Association of the Philippines, Foundation for Economic Freedom, and Philippine Institute for Development Studies hosted a forum entitled "Does Minimum Wage Hinder Job Growth and Poverty Reduction?" at the First Philippine Holdings Caseroom, Asian Institute of Management.

The forum centered on the findings of Dr. Vicente Paqueo and Dr. Aniceto Orbeta of the Philippine Institute for Development Studies, Dr. Leonardo Lanzona of the Ateneo Center for Economic Research and Development, and Dean Dulay of the Philippine Institute for Development Studies. Their study showed that our country's minimum wage policies currently have a negative impact on the job opportunities available to low skilled workers, and are therefore detrimental to the income and poverty status of these households. In line with this, it also called for major minimum wage reforms. The speakers then proposed a 12-point agenda that focuses on two main goals, namely job expansion and human capital development in order to increase productivity. These are to be achieved through the acceleration of labor-intensive production, and further investments in education and other forms of human capital development.

Following the speakers was a reaction from Dr. Gerardo Sicat, formerly from the National Economic and Development Authority, who is supportive of the study. The event closed with an open forum, which opened up different views and contentions to the issue.

Despite the current policies' intentions to provide Filipinos with secure jobs and decent wages, there is evidence that they may in fact be detrimental to the very people they are meant to advocate. The challenge now is to implement labor regulations that will solve these market failures and improve the welfare and productivity of our workers.

 

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