Origin of the pinoy wage

[circa]

My mom told me that back in 1974, the wage of a teacher was Php125 & a new vw beetle was Php1000. cheap & not fit for the basic needs in life? & is too capitalist in nature. if you look at the P&L of a company wages would be only 10-15%. Whay are we sold cheap? If the people are paid well it would simply make the consumers "handy" to buy & have more money for businesses in general.

[leporidae]

An economics textbook may answer your questions. If a high minimum wage is placed, there would be much more jobless people because the same salary budget of a company would have to be distributed to fewer higher paid workers.