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ADB OKs $100M loan to help PH modernize technical, vocational education

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Students pasteurize bottles of mango jam for longer shelf life during their class on Food Processing at the Pasay Makati District Training and Assessment Center (PMDTAC) inside the Technical Education and Skills Development Authority (TESDA) complex in Taguig City on March 10, 2022. George Calvelo, ABS-CBN News/File" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/12/06/20220310-tesda-face-to-face-classes-gc-vu2a7632.jpg"/><figcaption>Students pasteurize bottles of mango jam for longer shelf life during their class on Food Processing at the Pasay Makati District Training and Assessment Center (PMDTAC) inside the Technical Education and Skills Development Authority (TESDA) complex in Taguig City on March 10, 2022. <em>George Calvelo, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - The Asian Development Bank said on Tuesday it has approved a $100 million (P5.6 billion) loan to help modernize the Philippines&#x27; technical and vocational education training (TVET) ecosystem to prepare for new labor demands.</p><p>In a statement, the ADB said it would help improve training facilities and equipment in 17 selected technology institutions across the country and transform them into &quot;industry-responsive innovation centers.&quot;</p><p>ADB will also assist in designing new training courses, reskilling and upskilling of trainers and in strengthening the institutional capacity of Technical Education and Skills Development Authority (TESDA), it said. </p><p>“Industries have become increasingly globalized and are now driven by technological innovations and the rising knowledge economy amid the Fourth Industrial Revolution, which in turn is creating a skills mismatch in the Philippines,” said ADB Senior Public Management Economist Sameer Khatiwada. </p><p>“TVET reform has become even more urgent to raise the skills and employability of Filipino youth and returning migrant workers so they can compete for highly skilled jobs in the post-COVID-19 economy...This new project addresses that need,&quot; he added.</p><p>The COVID-19 pandemic has accelerated digitalization and increased demand for new expertise such as digital and cognitive skills, Khatiwada said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/07/09/22/tesda-wants-to-offer-more-foreign-language-courses">Korean, Mandarin and more: TESDA wants to offer more foreign-language courses</a></li>	<li><a href="https://news.abs-cbn.com/business/05/31/22/adb-approves-400-million-loan-for-philippines">ADB approves $400-million loan for Philippines</a></li>	<li><a href="https://news.abs-cbn.com/business/09/29/22/marcos-vows-wise-use-of-adb-loans">Marcos vows efficient and effective use of ADB’s financial assistance</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2262637" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Asian Development Bank said on Tuesday it has approved a $100 million loan to help modernize the Philippines' technical and vocational education training (TVET) ecosystem to prepare for new labor demands.