ADB OKs $350M loan to boost Phl youth employment

MANILA, Philippines- The Asian Development Bank (ADB) approved on Tuesday a $350-million loan to help the Philippines in policy reforms aimed at developing skills among out-of-school youth.

ADB said the “Increasing Competitiveness for Inclusive Growth Program” aims to help the youth better integrate in the labor market and develop workplace skills. The multilateral financial institution is working with the Labor Department in designing a program that will provide 1,600 youth with career counseling services, grants for vocational training and internships with employers.

The project, called MyFirstJob, is one of several programs that will be used to make the labor market more inclusive in the country. Others include the tourism industry-led skills development program and a new tourism quality assurance and accreditation system that will improve competitiveness in the tourism industry.

“There has been marked improvement in the Philippines’s global competitiveness, but regulation, lack of domestic competition in key sectors, underinvestment in infrastructure and a mismatch of skills in the labor market are keeping the country from realizing its full potential,” Kunio Senga, director general of Southeast Asia Department said. –Jovan Cerda (philstar.com)