Since the onset of the pandemic, the ADB has loaned the Philippines $9.9 billion.
MANILA, Philippines– The Asian Development Bank approved a $500-million loan for the Philippines’ programs to boost job creation in pandemic-hit sectors, and another $500 million worth of sovereign loans for agriculture reform.
While the unemployment rate declined to 4.2% in November 2022 from 6.5% a year earlier, recovery remains uneven. The ADB noted that wage employment in private establishments remains lower than pre-pandemic levels. Similarly,“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 new loan aims to support the Philippines’ efforts to attain food security by building a competitive and inclusive agriculture sector that is characterized by improved efficiency, enhanced diversity, strengthened climate resilience, and higher farm incomes,” said ADB principal natural resources and agriculture economist for Southeast Asia Takeshi Ueda.
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