USAID Initiative Supports 500 Filipino Youth in Gaining Financial and Entrepreneurial Skills

The United States government, in collaboration with the U.S. Agency for International Development (USAID), provided support to 500 out-of-school Filipino youth, helping them develop financial management and entrepreneurial skills through the “Saving and Internal Lending Communities” (SILC) program.

Under the Opportunity 2.0 project, USAID, in partnership with the Technical Education and Skills Development Authority (TESDA), trained out-of-school youth in technical-vocational skills and entrepreneurship.

These youth have formed saving and lending groups as part of the SILC approach, which aims to enhance their financial literacy and provide a support system as they embark on small business ventures.

USAID also partnered with Catholic Relief Services Philippines for the said program.

USAID Philippines Director for Education Thomas LeBlanc said that the program will help “provide the out-of-school youth with a solid financial foundation so that they can work toward their dreams of pursuing further education, applying for jobs, or starting their own businesses.”

The organized youth groups in five cities have collectively saved PHP620,000 since January 2021.

Moreover, they have also loaned PHP320,000 to support the various needs of their fellow members.

USAID hosted a learning event in Cebu on May 9-10, examining the implementation of the initiative in Cagayan de Oro, Cebu, Davao, Cotabato, and Quezon City to commemorate the successful pilot program.

During the event, Cebu City Mayor Michael Rama, who chairs the USAID-supported Youth Development Alliance, thanked USAID for equipping the youth with essential skills to tackle future challenges.

Rama acknowledged the longstanding partnership with USAID in promoting development and emphasized the importance of empowering the youth. (GFB)