The Asian Development Bank announced on Tuesday that it has authorized a $400 million (P20.1 billion) loan to help Filipino youth with employment and skills training.
According to the ADB, the grant will help the Facilitating Youth School-to-Work Transition Program Subprogram 3 locate jobs for “at-risk” young Filipinos faster.
The fund will also support initiatives run by the Labor Department’s Public Employment Services Offices (PESOs), such as labor market programmes, workplace skills development, and efforts to foster a healthy work environment.
The development of a P1 billion Tulong Trabaho Scholarship Fund, an unemployment insurance plan, and the First Time Jobseekers Act are among the other measures supported by the loan.
The epidemic has resulted in job losses in a variety of industries, particularly among young people. Through innovative labor market programmes and skills development initiatives, it is critical to assist young Filipinos in finding work. This new loan, according to the ADB, reflects our long-term commitment to ensuring that young people find jobs to enhance their lives and establish a larger employment base for post-pandemic economic growth.
Due to the COVID-19 outbreak, unemployment in the Philippines skyrocketed in April 2020. In addition, the epidemic has resulted in low-quality occupations. The new subprogram follows the approval of two loans in 2017 and 2019. This loan will assist young job searchers, particularly women, in gaining access to training options and improving their abilities. Through group livelihood and entrepreneurial programmes, it will tighten labor market policies and provide aid to returning Filipino employees who lost jobs overseas due to the pandemic. The ADB is planning on provide “additional help” to the labor sector in 2022.