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Using a unique survey on employees at manufacturing firms in Thailand and the Philippines, we develop and estimate a canonical model of training investment and returns to training in earnings. Our estimated model disentangles complex and strong mutual interactions among training incidence, impact on the earnings, and the cost of training. Major findings are summarised as follows: (1) both on-the-job (OJT) and off-the-job (OFFJT) trainings significantly increase future earnings in Thailand. Our estimate suggests that an increase of OJT by one standard deviation from the population mean will permanently raise earnings by 1-5% whereas the corresponding impact by OFFJT is roughly 1.5%. Our provisional estimate for the Philippines is much higher for total training hours, in the order of 6 to 7%, suggesting the hidden inefficiency or hindrance to the training investment; (2) in Thailand, [the] marginal cost of OJT training is significantly higher for the highly educated as the primary cost of training is the opportunity cost, whereas the better educated are equally more productive in learning (from training) as in production; (3) employment stability significantly increases both marginal benefit and investment in training in Thailand; (4) in Thailand, the estimated impact of education on training [is] positive. The impact is larger for OFFJT than OJT; [and] (5) the survey data in the Philippines indicate anomalous characteristics in many dimensions of the earnings and trainings.