The Asian Development Bank announced on Tuesday it has approved a $100-million loan to modernize and upgrade the Philippines’ technical and vocational education training system.
The multilateral lender said that through the Supporting Innovation in the Philippine Technical and Vocational Education and Training System Project, it will help in improving training facilities and equipment in 17 selected technology institutions across the country to transform them into industry-responsive innovation centers.
“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. The ADB economist said TVET reform has become 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.”
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