This Policy Note examines the returns to education in the Philippines from 2005 to 2022, focusing on salaried college graduates. It reveals that returns have declined but have become more similar across various levels of educational attainment. The most significant decrease has been observed in the returns on college education, which has disproportionately affected low-wage workers, contradicting previous research. This trend may be attributed to the growth of formal employment, a transition from agriculture to services, changes in job quality, and a decline in education quality. This Note highlights concerns about the quality of education, including the alignment of educational programs with industry needs, as well as challenges such as insufficient resources and a shortage of qualified teachers. Finally, the study emphasizes the importance of targeted interventions to address the factors contributing to the declining returns to education in the Philippines. Policymakers must prioritize education quality, relevance, and accessibility while creating high-skill jobs aligned with the growing educated workforce.