Sign in Subscribe
Youth

Asian Development Bank Approves $400 Million Loan for Philippines Youth Employment Program

Strategic Insights

— 2 min read

The Asian Development Bank (ADB) has approved a $400 million policy-based loan to support the Philippine government's efforts to expand youth employment and skills programs. The Facilitating Youth School-to-Work Transition Program, Subprogram 3, aims to help young Filipinos find quality jobs and shorten the time at-risk youth spend to find work after leaving school. The program will assist the Department of Labor and Employment (DOLE) in boosting the job facilitation capacity of Public Employment Services Offices (PESOs) nationwide and strengthening labor market programs. The pandemic has led to job losses in many sectors, especially among young people, making it urgent to help young Filipinos find work through innovative labor market programs and skills development initiatives. This new loan reflects the ADB's long-term commitment to ensuring that young people find jobs to improve their lives and create a wider employment base for post-pandemic economic growth.

Key Takeaways:

  • The ADB has approved a $400 million policy-based loan to support the Philippine government's youth employment and skills programs.
  • The loan will help the Department of Labor and Employment (DOLE) in boosting the job facilitation capacity of Public Employment Services Offices (PESOs) nationwide.
  • The program will strengthen labor market programs, improve workplace skills development, and create a healthy work environment.
  • The loan will help young job seekers, especially women, access training opportunities and enhance their skills development.
  • The program will also provide assistance to returning Filipino workers who lost jobs overseas due to the pandemic through group livelihood and entrepreneurship programs.
  • The reforms supported by the new loan include the creation of a Php1 billion ($200 million) Tulong Trabaho (Job Assistance) Scholarship Fund, unemployment insurance scheme, and the First Time Jobseekers Act.
  • The program will assist in the development of an online Life Skills Training program for JobStart covering digital literacy, mental health, reproductive health and rights, womens empowerment, and work values.

Statistics:

  • The loan amount is $400 million.
  • The program will assist the Department of Labor and Employment (DOLE) in boosting the job facilitation capacity of Public Employment Services Offices (PESOs) nationwide.
  • Over 20,000 at-risk youth have been provided with life skills training and paid internships through the JobStart Philippines program.
  • The loan will help young job seekers, especially women, access training opportunities and enhance their skills development.
  • The program will strengthen labor market policies and provide assistance to returning Filipino workers who lost jobs overseas due to the pandemic.

Sources:

  • "The Asian Development Bank (ADB) has approved a $400 million policy-based loan to support the Philippine governments efforts to expand youth employment and skills programs..." - [1]
  • "The Facilitating Youth School-to-Work Transition Program, Subprogram 3, builds on nearly a decade of ADB support to the government in shortening the time at-risk young Filipinos spend to find work after leaving school." - [1]
  • "The program will assist the Department of Labor and Employment (DOLE) in boosting the job facilitation capacity of Public Employment Services Offices (PESOs) nationwide..." - [1]
  • "The ADB is preparing more support for the labor sector in 2022, including a technical and vocational education and training (TVET) project and a post-coronavirus disease (COVID-19) employment recovery program." - [1]

Read more