ADB to scale up support for Philippines job recovery in 2021-2023
Manila Standard, The Philippines (21 December, 2020) - The Asian Development Bank’s sovereign lending to the Philippines is expected to reach $9.4 billion between 2021 and 2023, with at least two-thirds going into infrastructure, health, and employment recovery to help the government revitalize the economy following the coronavirus disease (COVID-19) pandemic.
The Philippines’ Country Operations Business Plan 2021–2023 will support government programs and policies designed to repair damage to the business sector and labor market, accelerate economic recovery, and expand access to public health services.
ADB Vice-President Ahmed M. Saeed had disclosed that the Business Plan is designed to help Philippines overcome the socioeconomic impact of the pandemic. It primarily focuses on infrastructure projects that have large employment multipliers and support long-term economic growth through improved connectivity.
“Our Country Operations Business Plan is taking an integrated approach to business and employment recovery over the next three years through a combination of programs and projects supporting structural reforms to the business sector, facilitating youth employment, and upgrading skills development in the workplace,” said ADB Country Director for the Philippines Kelly Bird.
As part of the operations, support will be provided to infrastructures including transportation projects, the public health system through the implementation of the Universal Health Care Act; environmentally sustainable urban development projects to; expand social protection as well as financing for the Malolos-Clark Railway Project.
In relation to helping the government create more jobs and improving workers' job skills in the coming years, ADB is preparing a policy-based Facilitating Youth School-to-Work Transition Program, as well as a technical and vocational education and training project for skills development. ADB will also work with the government on a business and employment recovery program loan in 2022.