(UPDATE) PRESIDENT Ferdinand Marcos Jr. on Wednesday signed the "Trabaho Para sa Bayan Act," which will serve as the country's long-term employment generation and recovery master plan.

In a speech, Marcos called the new law "a significant milestone toward the sustainable and inclusive development of our country."

He thanked both the Senate and the House of Representatives for the passage of the bill, one of his administration's priority legislative measures.

"The law will help us solve the various challenges plaguing our labor sector, such as low quality jobs, skills mismatch and underemployment, among others," Marcos claimed.

"It likewise addresses the need to update the skills of our workers and promote the use of digital technologies, particularly for our micro-, small- and medium-sized enterprises, or MSMEs."

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Under the new law, a Trabaho Para sa Bayan Inter-Agency Council will be formed to develop success measures, key performance indicators and action components.

The council's responsibilities will include providing support for MSMEs, enhancing the skills of the workforce, incentivizing employers and private sector organizations, and ensuring a favorable business environment.

It will be chaired by the National Economic and Development Authority (NEDA) secretary and...

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