DOF eyes $250-M World Bank loan to boost employability of skilled workers

The Department of Finance (DOF)is eyeing to secure a $250-million (about P14.3 billion) loan financing from the World Bank – International Bank for Reconstruction and Development (WB-IBRD) to bankroll a project aimed at boosting the employability of skilled Filipino workers.

In a statement release on Wednesday, the DOF said it has endorsed to the WB-IBRD a $250-million financing for the Boosting Employability in Strategic Technical and Vocational Education Training Sectors (BEST) of the Technical Education and Skills Development Authority (TESDA).

BEST aims to help improve the country’s technical and vocational programs and bolster employability for Filipinos.

The Finance Department said that the proposed financing is targeted to be approved by the WB Board within the year.

“The financing comes at an opportune time. This will provide a significant boost that will strengthen our efforts to provide equitable access to quality education and training. We thank the World Bank-IBRD for their continued partnership with the country as we pursue reforms to secure more career opportunities for our people,” said Finance Secretary Frederick Go.

The project, in particular, aims to enhance the employability and productivity of the Filipino workforce by improving equitable access, certification rates, and market relevance of Technical and Vocational Education Training (TVET) programs in the information and communications technology, manufacturing, construction, and agri-fisheries sectors, according to the DOF.

The agency added that the BEST aligns with the Philippine Development Plan 2023-2028, National Technical Education and Skills Development Plan 2023-2028, and Trabaho Para sa Bayan Plan 2025-2034.

The Finance Department added that the project also supports Sustainable Development Goal 4 which aims to ensure access to inclusive and equitable quality education and promote lifelong learning for all.

TESDA is the lead agency of the project, the DOF said.

The agency said the initiative reflects the Marcos administration's commitment to strengthen capacity building and mobilizing international financing for projects that deliver concrete services to Filipinos. —VAL, GMA News