^

Business

Marcos signs Enterprise-Based Education and Training Framework Act

Jean Mangaluz - Philstar.com
Marcos signs Enterprise-Based Education and Training Framework Act
President Ferdinand Marcos Jr. signs Enterprise-Based Education and Training Framework Act in Malacañan Palace on November 7, 2024.
RTV Malacañang / Facebook

MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday, November 7, signed a measure that creates a framework for the upskilling of Filipino workers in a bid to address the country’s underemployment. 

While the country recorded a high employment rate of 96.3%, it also has an underemployment rate of 11.9%, representing about 5.94 million Filipinos who need additional work hours or a second job to sustain themselves.

The Enterprise-Based Education and Training (EBET) Framework Act hopes to align and strengthen all the different enterprise-based training modalities under one framework. 

“By establishing a framework on career advancement and industry-relevant skills, this law directly addresses the issues on the lack of formal training and skill mismatches, ensuring that every Filipino can contribute and benefit from our nation’s growth,” Marcos said during the signing in Malacañan Palace. 

Marcos said the law will make use of  private-sector partnerships to make sure that the program remains aligned with real world industry needs. 

Under the law, enterprises can conduct EBET programs to train workers, who can then be awarded a training certificate.

EBET beneficiaries should be able to acquire foundational and mid-level skills that will make beneficiaries ready for “immediate employment”, Marcos said. 

Enterprises who will implement the EBET program will have several incentives, including a deduction from their taxable income equivalent to 50% of what they spent on actual training services. 

“Donations or financial aid for technical vocational institutions or for the conduct of an EBET program as certified by TESDA are exempted from some of these taxes and duties. A one-stop shop portal shall be established for the availment of these incentives,” Marcos said. 

The EBET law is one of the priority pieces of legislation under Marcos' administration.

Sen. Joel Villanueva lauded the signing of the measure, which he sponsored in the Senate.

“With the EBET Framework Act, we are empowering Filipinos to thrive in a rapidly changing economy. This law will bring real benefits, making skill development more accessible and targeted, and allowing our people to seize better employment opportunities, and making our workforce among the most competitive in the region," Villanueva said in a statement.

FERDINAND MARCOS JR.

Philstar
  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with