Metro Manila (CNN Philippines, January 26) — The Asian Development Bank (ADB) on Thursday said it has approved a fresh, policy-based loan for the Philippines worth $500 million, or around ₱27.2 billion, to help boost the country’s labor market amid the impact of the COVID-19 pandemic.
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Classified under its Post-COVID-19 Business and Employment Recovery Program, the loan will assist the government in “creating a more liberalized business and investment environment to encourage the private sector to grow and create more jobs,” the ADB said in a statement.
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“This program is expected to help create jobs, get businesses back into action, and pave the way for displaced workers, youth, and women to return to the labor market by enhancing their skills through training and linking them to good quality jobs,” said ADB Senior Public Management Economist Sameer Khatiwada.
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According to the regional lender, the program will aid the government in expanding the labor market – through initiatives that would address skills mismatch and promote training for workers.
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While the ADB acknowledged the decline in the country’s unemployment numbers, it stressed that the sector’s recovery “remains uneven.”
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“Similarly, informal employment remains higher, even though it has declined in recent months,” the ADB added.
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