ADB OKs $1B loan for labor, disaster plans

The Asian Development Bank (ADB) has approved a $1 billion policy-based loan to support the Philippine government's efforts to improve the employability of the workforce and strengthen disaster resilience and response.

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In a statement, the multilateral lender said it has approved a $500-million loan for the Business and Employment Recovery Program-Subprogram 2, which will assist the Philippines in pursuing reforms and initiatives to equip the country's workforce with the necessary skills to meet the evolving requirements of the industry.

At the same time, the bank also approved a $500-million policy-based loan for the Second Disaster Resilience Improvement Program, which will provide the Philippines quick access to financing when the country is hit by disasters due to natural hazards or health-related emergencies.

ADB said the business and employment program aims to increase women's participation in the workforce through technical and vocational education and training (TVET) and improved access to livelihood and employment opportunities through government job facilitation programs.