The Department of Finance (DOF) is seeking World Bank approval before the end of 2026 of $250 million (about ₱14.3 billion) in financing for technical and vocational training programs run by the Technical Education and Skills Development Authority (TESDA).
The money would fund the Boosting Employability in Strategic Technical and Vocational Education Training Sectors (BEST) project, which covers training in information and communications technology, manufacturing, construction and agri-fisheries.
The financing would come from the World Bank’s International Bank for Reconstruction and Development (IBRD). In a statement, the DOF said it has endorsed the project for approval by the World Bank Board. The World Bank’s website lists December 22 as the scheduled approval date.
Finance Secretary Frederick D. Go commented on the proposed financing in the DOF statement.
“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,” Go said.
BEST aims to raise the employability and productivity of Filipino workers. It would do this by widening access to technical and vocational education and training (TVET) programs, making them more relevant to the job market, and increasing certification rates. TESDA is the lead agency for the project.
The World Bank’s project description on its website splits the work into two parts. On the supply side, it lists the Skills Passport, foundational skills assessments, remedial learning and nationally recognized credentials. On the demand side, it lists enterprise-based training, micro-credentials, upgraded TESDA Technology Institutes and stronger engagement with employers.
The total project cost is $275 million. The IBRD financing would cover $250 million of that, leaving a $25-million gap in financing.
The DOF said the project is consistent 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 calls for inclusive and equitable quality education and lifelong learning opportunities for all.
The planned loan would be TESDA’s first World Bank-assisted project, with the DOF borrowing on behalf of the government. If the World Bank Board approves the financing on the scheduled date, the decision would come about a week before the year ends.
