Good news for job seekers out there!
The Philippine Government has secured a US$400 million loan from the Asian Development Bank (ADB), which will be used to boost employment opportunities for young Filipinos looking for jobs during this pandemic.
Yesterday (July 27), the ADB announced that it approved the policy-based loan for the Facilitating Youth School-to-Work Transition Program-Subprogram 3, an initiative that aims to reduce the time that at-risk young Filipinos spend to find work after finishing school.
Apart from this, the funding will also be allocated to programs that will bolster the administration’s skills programs, ensuring that the youth will find quality jobs.
ADB director Jose Antonio Tan recognized the need to assist the Filipino youth to find work by way of innovative labor market programs and skills development initiatives.
Tan adds that this concern has been intensified under the pandemic, wherein employment opportunities are down.
“This new loan reflects our 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,” Tan explained.
The program will work in conjunction with the Department of Labor and Employment (DOLE) when it comes to improving the job facilitation capacity of the Public Employment Services Offices (PESOs) nationwide. It will also aid in strengthening labor market programs, upgrading workplace skills development, and foster a healthy work environment.
ADB Southeast Asia Principal Financial Sector specialist Stephen Schuster said the loan will also help young women by offering accessible training opportunities and skill-enhancing programs.
“It will strengthen labor market policies and provide assistance to returning Filipino workers who lost jobs overseas because of the pandemic, through group livelihood and entrepreneurship programs,” he added.
According to ADB, it’s preparing more programs to aid the country’s young talents post-COVID-19.
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Image credit: ADB’s Official Website