Youth Employment to be Boosted as Gov’t Secures ₱20.13 Billion Loan from ADB

Youth employment and skills programs are expected to improve as the government was able to secure around ₱20.13 billion in funding from the Asian Development Bank (ADB) to bolster this effort.

The recently acquired policy-based loan will support the Department of Labor and Employment in helping the youth get into quality jobs. Among the targeted plans are strengthening the job facilitation capacity of Public Employment Services Offices (PESO) and labor market programs, improving the development of workplace skills, and fostering a healthy work environment.

“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,” expressed ADB director for public management, financial sector, and trade for Southeast Asia Jose Antonio Tan III.

Part of the funds will also be allocated to create the ₱10.06 billion Tulong Trabaho Scholarship Fund, as well as for the unemployment insurance scheme, and the First Time Jobseekers Act.

Two loans geared at financing reforms leading to the operationalization of PESOs and the establishment of DOLE’s flagship program JobStart Philippines were also earlier approved in 2017 and 2019.

“The third subprogram will also strengthen government measures to address the impact of the pandemic on youth employment,” explained ADB.

Data from the Philippine Statistics Authority reported that unemployed youth in the country reached 1.11 million as of May. On the other hand, 6.6 million youth are employed while approximately 659,000 are underemployed. In total, some 7.72 million accounts for the youth labor force in the country.

Source: CNN PH