Strong workforce will propel Phl economy

Strong workforce will propel Phl economy | Daily Tribune

With the VP out of the country, and with the Senators and Congressmen in recess, only President Bongbong Marcos, among the top officials of government, is left working, attending to the affairs of State.

He is building a strong and resilient Filipino workforce and overseeing high impact infrastructure flagship projects (IFP) throughout the Philippines worth P8.8 trillion.

A strong and resilient workforce is the greatest asset of the Filipino people.

President Ferdinand “Bongbong” Marcos Jr. is determined to provide high-quality and well-paying jobs for the Filipino workforce and has his “Build Better More” program to produce new global wonders.

Under the Marcos administration, the labor market saw significant progress with underemployment dropping from 5.3 percent in August 2022 to 4.4 percent in August 2023.

Underemployment improved from 15.9 percent in August 2022 to 11.7 percent in the same month in 2023.

To enhance employability, President Marcos signed the Trabaho Para sa Bayan Act (Republic Act 11692). The Senate, meanwhile, has approved the Public Private Partnership Act with the launch of the National Innovation Agenda and Strategy Document, or NIASD, for 2023-2032 to propel the nation toward a more resilient and prosperous future, ensuring that the Filipino workforce will not only survive but thrive in an evolving job market.

On 11 November 2024, President Marcos signed into law Republic Act 12066, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

The new law builds on the economic reforms introduced by Republic Act 11534 or the CREATE law which was passed in 2021. The original law aimed to help businesses recover losses incurred during the Covid-19 pandemic by lowering corporate income tax rates and streamlining fiscal incentives.

In his speech, Marcos described the CREATE MORE Act as a testament to the Philippines’ efforts to become an investment destination.

“This law stands as a symbol of the invaluable insights shared by our international partners gathered during my trips abroad,” he said.

“Their feedback has enriched this legislation, a reflection of our resolve to foster a climate where business will flourish and continue to meaningfully contribute to the Philippine economy,” he added.

Under the new law, the Philippines’ tax regime and incentive framework has been enhanced to encourage businesses — both local and international — to make investments.

The new law is expected to generate up to 140,000 high-quality jobs, directly create 142,000 more, and indirectly induce the creation of 860,000 more.

Build Better More (BBM) infrastructure for 2023 to 2028 worth P8.8 trillion will transform the country into an economic power.

The BBM program throughout the Philippines includes 198 high impact IFPs. Of these, 124 are entirely new projects while the other 74 projects are taken from the previous program.

The bulk of the BBM program intended to promote physical connectivity involves IFPs with an investment of P7.053 trillion. Of the 123 IFPs also on physical connectivity, 24 are rail infrastructure projects (P3.2 trillion), 52 are roads and bridges (P1.9 trillion), 16 are air transport projects (P1.1 trillion), 25 are urban transportation projects (P582.3 billion), and five are maritime projects (P209.4 billion).

Email: artbesana@gmail.com.