The Department of Finance (DOF) has endorsed a proposed USD250-million, or about P14.3-billion, World Bank loan to expand technical and vocational training and improve Filipino workers’ employability in four strategic sectors.
The financing will support the Boosting Employability in Strategic Technical and Vocational Education Training Sectors (BEST) project, which will be led by the Technical Education and Skills Development Authority (TESDA).
The World Bank’s Board of Executive Directors is expected to consider the financing from the International Bank for Reconstruction and Development within the year.
BEST aims to widen access to training, increase certification rates, and align courses more closely with labor market needs in information and communications technology, manufacturing, construction, and agri-fisheries.
The project is also designed to raise workforce productivity and give more Filipinos access to skills development linked to actual employment opportunities.
Finance Secretary Frederick D. Go said the proposed financing would support reforms to broaden career prospects through improved education and skills development.
“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,” Go said.
He thanked the World Bank and its International Bank for Reconstruction and Development for their continued partnership with the Philippines in advancing the reforms.
The project is aligned with the Philippine Development Plan 2023–2028, the National Technical Education and Skills Development Plan 2023–2028, and the Trabaho Para sa Bayan Plan 2025–2034.
It also supports Sustainable Development Goal 4, which promotes inclusive and equitable access to quality education and lifelong learning.
TESDA will oversee implementation, with improved employability and workforce productivity at the center of the project.
