MANILA - The Asian Development Bank said on Thursday it approved a $500 million (P27.2 billion) policy-based loan to help the government address the impact of the pandemic on jobs, livelihood and the labor market.
In a statement, the Manila-based multilateral lender said it was assisting the government in creating more jobs under its post-COVID-19 Business and Employment Recovery Program.
It said the program also boosts initiatives to expand labor market programs that address skills mismatches, reskilling and retooling workers to meet the demand in the new normal.
“With the economy slowly moving towards a sustainable growth path, it is important to ensure private enterprises are supported with policies that make it easier for them to do business and generate employment,” said ADB Senior Public Management Economist Sameer Khatiwada.
“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," Khatiwada said.
The government launched National Employment Recovery Strategy (NERS) 2021–2022 to improve jobs. The ADB said the new loan program would help the government implement NERS and achieve its targets by 2025.
The Philippines was among those who suffered from employment decline during the pandemic.
Although unemployment eased to 4.2 percent in November, the underemployment rate rose to 14.4 percent or 7.16 million.