Competency-based training is a foundational element of Technical and Vocational Education and Training (TVET), providing learners with industry-relevant knowledge and practical skills. Although prior research has primarily assessed competency-based programs through employment outcomes and technical skill acquisition, there is limited understanding of trainees lived experiences within these. This study investigated the lived experiences of trainees who completed the Technical Education and Skills Development Authority (TESDA) Bread and Pastry Production National Certificate II (BPP NC II) training, aiming to clarify the essence of competency-based learning as reflected in their shared experiences. Kolb’s Experiential Learning Theory provided the conceptual framework, and Moustakas’ transcendental phenomenological approach guided the methodology. The study purposively selected six Bachelor of Technology and Livelihood Education (BTLEd) students majoring in Home Economics from the Polytechnic University of the Philippines–Quezon City Campus who completed BPP NC II training at TESDA-accredited centers between 2023 and 2025. Data collection involved in-depth, semi-structured interviews, and analysis followed transcendental phenomenological procedures to extract shared meanings from participants’ accounts. The results indicated that trainees encountered competency-based learning challenges in developing technical skills, limited training duration and resources, increased competence and self-confidence, and the emergence of practical and economic opportunities. Overall, competency-based learning was identified as a transformative process in which authentic hands-on engagement fostered technical competence, enhanced confidence, and aspirations for employment and entrepreneurship. The extent of this development was influenced by the availability of time, resources, practice opportunities, and support within the training environment. These findings broaden the understanding of competency-based TVET by emphasizing the interplay between experiential learning, learner development, and the contextual factors that facilitate or hinder mastery