ADB approves USD500M loan for Philippines labor market programs

The Asian Development Bank (ADB) has approved a USD500 million policy-based loan to support the Philippine government's efforts in expanding labor market programs.

The Business and Employment Recovery Program-Subprogram 2 aims to equip Filipino workers, including youth, with skills needed for higher-skilled jobs in fields such as analytics, artificial intelligence, software development, security, and business process management.

Under this program, the government targets an average of 600,000 to 700,000 new private sector jobs annually, raising the share of private employment from 49 percent in 2019 to 51 percent.

The initiative also aims to raise women's participation in the workforce through technical and vocational education and training, provide skills training for 5,000 workers annually, and increase job placements through public employment service offices by 120,000 annually.

ADB Country Director Pavit Ramachandran noted that while job recovery post-COVID-19 has been positive, there remains a critical need for better quality jobs with fewer challenges such as underemployment and limited access to decent work opportunities.