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Youth

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

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 loan will help young Filipinos find quality jobs, particularly in the wake of the COVID-19 pandemic, which has led to job losses in many sectors, especially among young people. 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. The program will assist the Department of Labor and Employment (DOLE) in strengthening labor market programs, improving workplace skills development, and creating a healthy work environment.

Key Takeaways:

  • The ADB has approved a $400 million policy-based loan to support the Philippine government's efforts to expand youth employment and skills programs.
  • The loan will help young Filipinos find quality jobs, particularly in the wake of the COVID-19 pandemic.
  • The program will assist the Department of Labor and Employment (DOLE) in strengthening labor market programs, improving workplace skills development, and creating a healthy work environment.
  • The program will also benefit returning Filipino workers who lost jobs overseas because of the pandemic through group livelihood and entrepreneurship programs.
  • 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.
  • The loan reflects 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.
  • The loan will help young job seekers, especially women, access training opportunities and enhance their skills development.
  • The program will establish a Php1 billion ($200 million) Tulong Trabaho (Job Assistance) Scholarship Fund, unemployment insurance scheme, and the First Time Jobseekers Act.

Statistics:

  • $400 million: the amount of the policy-based loan approved by the ADB.
  • 2017 and 2019: the years in which the ADB approved the two previous loans that helped fund reforms that led to the full operationalization of PESOs and established DOLE's flagship JobStart Philippines program.
  • 20,000: the number of at-risk youth who received life skills training and paid internships through the JobStart Philippines program.
  • Php1 billion ($200 million): the amount of the Tulong Trabaho (Job Assistance) Scholarship Fund established through the loan.

Sources:

  • Asian Development Bank (ADB) [no specific date mentioned]
  • Al Bawaba (Albawaba.com) [2021]
  • SyndiGate Media Inc. (Syndigate.info) [2021]

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