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Manila Bulletin devider Business devider Gov't gets $500-million loan from ADB to tackle unemployment, enhance workforce skills

Gov't gets $500-million loan from ADB to tackle unemployment, enhance workforce skills

Published Jan 30, 2025 12:54 am

The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support the Philippine government's efforts in enhancing labor market programs and promoting job creation.

In a statement on Thursday, Jan. 30, ADB said the program aims to improve the productivity and employability of Filipino workers while fostering a favorable investment environment for businesses.

“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,” said ADB Country Director for the Philippines Pavit Ramachandran.

“This new program addresses that need and will help in preparing Filipino workers for higher-skilled jobs such as in analytics and artificial intelligence, software development and security, and business process management—industries where Filipinos have a proven potential to excel,” he added.

The Business and Employment Recovery Program-Subprogram 2 focuses on equipping the workforce with essential skills, including vulnerable youth, to meet industry demands.

It also seeks to increase women’s participation in the workforce through technical and vocational education and training (TVET) and provide better access to livelihood and employment opportunities.

The government aims to increase formal employment in the private sector by an average of 600,000 to 700,000 jobs per year, with the share of private sector jobs to total employment rising to 51 percent, compared to 49 percent in 2019.

Other objectives include skills training for 5,000 workers, including those displaced during the Covid-19 pandemic, through private sector-led programs.

The program also aims to raise the number of job placements through public employment service offices (PESOs) in local government units (LGUs) across the country by 120,000 annually and expand the number of LGUs implementing the JobStart Philippines skills training program for the youth not in education, employment, or training.

This initiative builds on previous ADB-financed programs, such as the Facilitating Youth School-to-Work Transition Program and the Supporting Innovation in the Philippine TVET System, which supported labor market reforms and initiatives, including JobStart Philippines and the institutionalization of PESOs.

Related Tags

jobless Filipinos Asian Development Bank (ADB) Unemployment rate
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