ADB OKs $500-M loan to boost Philippines' labor market recovery

Lodged under the Post-COVID-19 Business and Employment Recovery Program, the loan aims to provide the government assistance in liberalizing the business and investment environment to boost employment.

"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," ADB senior public management economist Sameer Khatiwada said in a statement. This translated to an unemployment rate of 4.2%, the lowest since April 2005, indicating that the countryThe ADB, however, noted that the labor market recovery "remains uneven" as wage employment in private establishments is still lower than pre-pandemic levels, while informal employment remains higher.

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ADB OKs $500-M loan to help PH address COVID-19 impact on jobsA $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. | RonWDomingoINQ /PDI
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