The solution is to focus on a K-12 education coupled with vocational/technical training (which is what takes place among most ASEAN members) and not to require college or university education for jobs that don't require them (which is where the mismatch takes place).
Finally, the reason why the cost has been much lower is that the government has been passing on the cost of education to citizens for decades. That is, the government requires only ten years of pre-tertiary education with no mandatory vocational or technical training. If citizens are lucky, they can learn by themselves at little or no cost from whatever services government can provide. But because the services are lacking on several levels, people have to pay for their education.
One more point to consider: it appears that we have now been forced to require a K-12 program by APEC. If most, though, believe that PH does not need to follow international requirements, then it can drop from **th APEC and this requirement.