ADB lends PH $500 million to upskill Filipino workers | ABS-CBN

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ADB lends PH $500 million to upskill Filipino workers

ADB lends PH $500 million to upskill Filipino workers

Benise Balaoing,

ABS-CBN News

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MANILA -- The Asian Development Bank (ADB) is lending the Philippines $500 million to upskill Filipino workers. 

In a statement, the ADB said the Business and Employment Recovery Program-Subprogram 2 will prepare Filipino employees, including the youth, for higher-skilled jobs in fields like analytics and artificial intelligence, software development and security, and business process management. 

The program hopes to increase the formal employment in the private sector by about 600,000 to 700,000 jobs yearly, with the share of private sector jobs to total employment rising to 51 percent.

The share of private sector jobs to total employment was at 49 percent in 2019, the year before the COVID-19 pandemic.

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The government also wants the number of jobs offered through public employment service offices in local governments grown by 120,000 yearly.

The loan also wants to encourage more women to work by giving them technical and vocational education and training.

“While job recovery in the Philippines has been encouraging in the post-COVID-19 period, the quality of jobs remains a critical concern, with many workers still facing challenges such as underemployment, informality, and limited access to decent work opportunities,” said ADB Country Director for the Philippines Pavit Ramachandran.

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More Filipino workers found jobs in November as the country's unemployment and underemployment rates fell. The unemployment rate then was recorded at 3.2 percent, from the 3.9 percent in October.
More Filipino workers found jobs in November as the country's unemployment and underemployment rates fell. The unemployment rate then was recorded at 3.2 percent, from the 3.9 percent in October.

Meanwhile, the underemployment rate--usually seen as an indicator that the jobs available are of low quality--fell to 10.8 percent of the labor force from 12.6 percent.

National Statistician Claire Dennis Mapa said there seemed to be more quality jobs in November 2024, noting an increase in the number of workers classified as wage and salary workers.

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