The Asian Development Bank (ADB) on Thursday said it approved a $500-million policy-based loan to assist the Philippines in addressing the impact of the COVID-19 pandemic on the labor market.
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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