The Asian Development Bank (ADB) has approved 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. It will also help create an enabling environment for existing and emerging businesses to flourish and spur more employment.

Under the Post-COVID-19 Business and Employment Recovery Program, ADB is assisting the government in creating a more liberalized business and investment environment to encourage the private sector to grow and create more jobs.

The program also supports government initiatives to expand labor market programs that address skills mismatches and promote training to reskill and retool workers to meet new demands in the post-pandemic jobs market.

“With the economy slowly moving towards 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 ADB Senior Public Management Economist Sameer Khatiwada.

“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,” said Khatiwada. ADB