A New Law for Economic Recovery
In a significant move to combat unemployment and underemployment, President Ferdinand R. Marcos Jr. signed into law the “Trabaho Para sa Bayan Act” on Wednesday. This legislative milestone aims to revitalize the labor market and enhance the competitiveness of Filipino workers.
Focus on Upskilling and Reskilling
The “Trabaho Para sa Bayan Act” primarily concentrates on improving the employability and competitiveness of the Filipino workforce. It introduces comprehensive upskilling and reskilling initiatives and extends vital support to micro, small, and medium-sized enterprises, as well as industry stakeholders.
The Role of TPB-IAC
Under this new law, the Trabaho Para sa Bayan Inter-Agency Council (TPB-IAC) takes center stage, led by National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan. This council is entrusted with crafting a master plan for employment generation and recovery throughout the Philippines.
The TPB-IAC, co-chaired by the secretaries of the Department of Trade and Industry (DTI) and the Department of Labor and Employment (DOLE), alongside representatives from other government agencies and diverse sectors, will conduct a comprehensive analysis of the country’s employment landscape.
Their goal is to ensure the efficient allocation of resources and to harmonize government efforts in addressing labor market challenges.
Empowering Local Governments
Furthermore, the TPB-IAC will actively assist local government units in formulating, devising, and executing employment generation and recovery plans tailored to their respective areas. These plans will closely align with the overarching Trabaho Para sa Bayan Plan.
Secretary Arsenio Balisacan of NEDA welcomed the signing of the “Trabaho Para sa Bayan Act” as a significant stride toward achieving the goals outlined in the Philippine Development Plan 2023-2028 under the Marcos administration.
“We support the Trabaho Para sa Bayan Act as it contributes to the Philippine Development Plan 2023-2028, which aims to increase employability, expand access to employment opportunities, and achieve shared labor market governance,” Balisacan remarked.
“With the passage of the TPB, this will facilitate stronger coordination and partnership among relevant agencies and stakeholders for the efficient implementation of employment programs,” he added.
Addressing the Unemployment Challenge
The Trabaho Para sa Bayan Act responds to pressing challenges in the labor market, including unemployment, underemployment, the prevalence of informal working arrangements, and the reintegration of Overseas Filipino Workers (OFWs). It aspires to create a more robust and dynamic labor market that can meet the needs of the Filipino workforce.
Latest Unemployment Statistics
The Philippine Statistics Authority’s recent data shows that approximately 2.27 million Filipinos were unemployed as of July this year, resulting in a 4.8 percent unemployment rate. The “Trabaho Para sa Bayan Act” aims to address this concerning trend by fostering a coordinated and comprehensive approach to employment generation and recovery.
President Marcos Jr.’s commitment to enhancing employment opportunities and strengthening the labor market underscores the significance of the Act as a vital component of the nation’s economic recovery strategy. With this legislation in place, Filipinos can look forward to a future with improved job prospects and a more resilient labor market.