Marcos signs Enterprise-Based Education and Training Framework Act
Credit to Author: Jean Mangaluz| Date: Thu, 7 Nov 2024 14:08:00 +0800
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.