NextGen Day

The US Agency for International Development (USAID) has provided financial assistance to at least 500 out-of-school adolescents nationally in this city and four other communities.

Since January 2021, the young people, organized into five cities, have saved PHP620,000 while receiving training in technical-vocational and entrepreneurial skills through a savings program.

The US issued a statement. To examine how the program is being implemented in the pilot cities of Cagayan de Oro, Cebu, Davao, Cotabato, and Quezon City, the Embassy claimed it successfully hosted a learning event on May 9 and 10 in Cebu.

To provide the young with crucial financial and entrepreneurial skills, the agency collaborated with Catholic Relief Services Philippines to put the savings and lending strategy of Savings and International Lending Communities (SILC) into practice.

The statement read, “The youth collaborate with their friends to pool their resources, save money for necessities, and have a support network as they start small businesses.

The out-of-school adolescents who make up these saving and lending groups under SILC have been given training in technical-vocational and entrepreneurial skills by the Technical Education and Skills Development Authority (TESDA) and USAID’s Opportunity 2.0 program.

These organizations have given out a total of PHP320,000 in loans to help their young members with emergency expenses, livelihood needs, and other educational and training needs.

The Youth Development Alliance, which USAID finances, is run by the host city’s mayor, Cebu City, Michael Rama. Rama called USAID “a longtime development partner” and complimented the program for “equipping the youth with the skills we need to be able to take on the challenges of the future.”

A young person from a SILC group in Quezon City named Jerhom Trigosa described how the group invested their money in a small business with nearby urban farmers.

“Through entrepreneurship, we discovered how to diversify and increase our savings. We borrowed money from our collective funds to invest and make samples of pumpkin cookies. We wanted to support local farmers, boost their sales, and encourage the use of healthier foods, according to Trigosa.

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