Gerardo P Sicat UP Professor Emeritus on Economics
Professor Gerardo P. Sicat, Professor Emeritus on Economics at UP, was the guest of Coco Alcuaz at Business Inside at ANC channel last night October 23 where he introduced his latest book: Weighing In: On Philippine and Economic and Social Progress. Professor Sicat was the first head of NEDA during the Marcos regime and he has a wide and remarkable knowledge on economics. He is from San Fernando Pampanga and a graduate of MIT in US. He is now 78.
He writes a column at Philstar: Crossroads (cross roads is an ideal business location)
One of his insights last night was on minimum wage. He said that minimum wage should be set in such a manner so as to provide jobs to many and not to protect the wage and employment of those with jobs. It is noted that our minimum wage settings, while coping up with the consumer prices, tended to make many people out of jobs or under employed. This has been due to political pressure from labor groups, unions and politicians, rather than making social or economic sense.
In reality, for small entrepreneurs, or other informal businesses, wages are just a fraction of the minimum wage and many accept them just to have a job.
Do you agree with Prof Sicat? Was he a good economic planner during Marcos era? Could he have done better?
