The country’s labor market is exhibiting signs of steady progress amid domestic and external risks, boosted by a historic low 3.1-percent unemployment rate in December 2023.

On Tuesday, the National Economic and Development Authority (NEDA) led the signing of the implementing rules and regulations (IRR) of the Trabaho Para sa Bayan (TPB) Act, which aims to further improve labor conditions.

Following the IRR signing is the drafting of the TPB Plan which is targeted to be completed by the fourth quarter of the year.

“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,” NEDA Secretary Arsenio Balisacan said during the signing ceremony in Mandaluyong City.

“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,” Balisacan added.

The NEDA chief noted that the landmark legislation will facilitate stronger coordination and partnerships between public and private sectors to roll out programs that will raise the country’s productivity.

The TPB Law will also cement linkages among industry, the academe, and the government to address skills mismatch and improve the competitiveness of the domestic workforce.

“(W)e 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,” Balisacan said.

Coupled with the lower year-on-year joblessness rate in January 2024 versus January 2023, Balisacan said the Philippines’ unemployment rate is comparable to the numbers of developed countries.

“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,” Balisacan said. “These indicators are barometers of the quality of jobs, which we commit to enhance further.”

President Ferdinand R. Marcos Jr. enacted the TPB Act into law in September last year. (PNA)