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April 19, 2024

ADB OKs fresh loan for jobs creation

The Asian Development Bank (ADB) has approved a $500-million loan for job creation, sustaining the demands of a recovering economy, after the pandemic.

On Thursday, Jan. 26, the ADB said it will release the policy-based loan to help the government address “the impact of the COVID-19 pandemic on jobs, livelihoods, and the labor market.” The loan is part of its Business and Employment Recovery Program following Covid-19.

In a statement, ADB Senior Public Management Economist Sameer Khatiwada said that it is critical to assist local businesses in creating jobs and filling up the workspace.

“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 Khatiwada.

The ADB said also said that the new loan will aid the government in creating a “more liberalized business and investment climate to encourage the private sector to thrive and create more jobs,” and will help establish an enabling environment for existing and growing firms to flourish and promote more employment.

In 2021, the ADB released about $2.2 billion for the Philippines’ anti-pandemic response. Total loans for last year were close to this amount.