ADB OKs $500-M loan to help PH address COVID-19 impact on jobs

A $500-million policy-based loan to help the Philippine government address the impact of the COVID-19 pandemic on jobs, livelihoods, and the labor market has been approved, according to the Asian Development Bank (ADB).

The ADB said in a statement the loan will also help create an enabling environment for existing and emerging businesses to flourish and spur more employment.

“With the [Philippine] economy slowly moving toward 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 Sameer Khatiwada, senior public management economist at the ADB.

“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,” he said.