ADB OKs $300M loan to improve PHL secondary education

The Asian Development Bank (ADB) on Monday said it has approved a $300-million loan to improve the access to high-quality secondary education in the Philippines.

In a statement, the Japan-led lender said the loan was approved for the Secondary Education Support Program of the country, which will benefit some 10.6 million students currently enrolled in high school.

This will also cover the additional 2 million Grade 7 entrants yearly from 2019 until the year 2023.

"Sustaining the Philippines’ strong growth momentum will require a workforce equipped with the appropriate set of advanced skills and knowledge to allow them to keep in step with the rapid technological changes in the global economy," said Lynette Perez, ADB senior education specialist for Southeast Asia.

"Continued investments in high-quality education are crucial to attaining the government’s vision of lowering unemployment and poverty rates," added Perez.

Just last week, ADB approved the financing of up to $2.75 billion for the construction of the North-South Commuter Railway (NSCR), said to be the multilateral lender's largest infrastructure project financing to date.

The ADB last year said it is looking at doubling its annual lending to the Philippines to average $2.5 billion in the next three years.

Last month, however, ADB slashed its economic growth outlook on the Philippines for this year, as it flagged downside risks such as the El Niño dry spell and the delay in the approval of the 2019 budget. —Jon Viktor D. Cabuenas/KBK, GMA News