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New Delhi: The Asian Development Bank (ADB) approved a $500 million loan to help the Philippines improve the productivity and employability of its workers. The loan will also support reforms to create a more conducive environment for job creation, a press release stated.
The Business and Employment Recovery Program-Subprogram 2 will help the government implement reforms and initiatives to achieve inclusive economic growth. It will equip the country’s labor force, including vulnerable youth, with the skills needed by various industries. The program will also increase women’s participation in the workforce through technical and vocational education and training (TVET). It will provide better access to livelihood and employment opportunities through government job facilitation programs.
The program builds on the Asian Development Bank-financed Facilitating Youth School-to-Work Transition Program, which supported earlier labour market reforms and initiatives, including JobStart Philippines and the PESO institutionalization. It complements the Supporting Innovation in the Philippine TVET System, which upgrades and modernizes TVET training institutes managed by the Technical Education and Skills Development Authority.
ADB Country Director for the Philippines Pavit Ramachandran said, “While job recovery in the Philippines has been encouraging in the post-COVID-19 period, the quality of jobs remains a critical concern, with many workers still facing challenges such as underemployment, informality, and limited access to decent work opportunities.”
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