As-delivered Welcome Remarks for the Ceremonial Signing of the Trabaho Para sa Bayan Act – Implementing Rules and Regulations
Arsenio M. Balisacan
Secretary
National Economic and Development Authority
NEDA Collaboration Area, Mandaluyong City
March 12, 2024
Senator Joel Villanueva,
DOLE Secretary Benny Laguesma,
DTI OIC Ceferino Rodolfo (who is here representing Secretary Fred Pascual),
Distinguished guests, colleagues,
Fellow public servants,
Good afternoon.
Last September 2023, President Ferdinand R. Marcos, Jr. signed into law the Trabaho Para sa Bayan or the TPB Act, a critical piece of legislation that aims to increase the income-earning ability of our fellow Filipinos by boosting employability, improving the quality of employment, and establishing shared labor market governance.
High-quality job creation is one of the foremost priorities of the Marcos Administration. We have always said that accelerating poverty reduction and bringing down poverty incidence to a single-digit level by 2028 require rapid, sustained, and inclusive growth. In other words, growth must sustainably produce better jobs and socioeconomic opportunities for the Filipino people. The strategies contained in the Philippine Development Plan or PDP 2023-2028, which various government agencies are implementing, are fundamentally aimed at achieving these desired outcomes. We strive to develop and protect the capabilities of individuals and families, transform the production sectors, and foster an enabling environment for growth and inclusion.
We are pleased to see that the Philippine labor market exhibits signs of steady progress amid identified risks on the domestic and external fronts. Recent data show that the unemployment rate continues to improve. Using comparable data, the December 2023 figure of 3.1 percent is a historic low, while the recently reported January 2024 figure of 4.5 percent is an improvement from the 4.8 percent estimate in January 2023. These numbers are already comparable to those in developed economies. While we welcome such news, we want to see continued improvements in other statistics, particularly the underemployment rate and the share of wage and salaried workers. These indicators are barometers of the quality of jobs, which we commit to enhance further.
Through various reforms, the government has made significant strides toward creating a more enabling policy and regulatory environment conducive to investments that will generate more jobs for our people. We are implementing programs, activities, and projects to improve access to employment opportunities. However, we recognize that we have much to do in our efforts if we wish to further equip our workers with emerging and in-demand skills that are adaptive to the fast-paced and ever-changing domestic and global economy.
With the proper implementation of this landmark Act, we will facilitate stronger coordination and partnerships among relevant agencies and stakeholders to help implement programs to raise productivity. We will also strengthen the linkages between industry, the academe, and the government to address skills mismatches and enhance the competitiveness of Filipino workers.
As we gather today to sign the Implementing Rules and Regulations or IRR, I want to acknowledge everyone who has worked hard to ensure this legislation would become a reality. On behalf of NEDA, we express our gratitude to our esteemed partners in Congress for passing this vital measure that will benefit every Filipino worker. Our thanks also extend to our colleagues from the Department of Labor and Employment and the Department of Trade and Industry.
With the passage of the TPB Act, our next step is to develop the Trabaho Para sa Bayan Plan, which shall serve as the country’s master plan for generating employment and creating high-quality jobs. We encourage our government partners, the private sector, employees’ and employers’ organizations, informal sector workers, and other vulnerable groups to actively participate in the upcoming consultations to develop this master plan.
Once more, thank you to everyone who has made this possible. Let us continue our journey toward achieving a matatag, maginhawa, at panatag na buhay for all Filipinos, and toward ensuring our path to a Bagong Pilipinas.
Good afternoon to all.
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