"The Philippines is making real progress towards achieving sustainable economic growth and our Government remains committed to helping them reach this goal," said Prime Minister Harper. "The initiative being announced today will help facilitate private investment in the country's infrastructure and promote economic opportunities for young people in the Philippines - especially in the tourism sector."
The Fostering Inclusive Growth initiative will be managed by the Asian Development Bank and will help national and local government agencies in the Philippines improve tourism and labour regulations. It will also promote public-private partnerships in infrastructure development, and assist youth in gaining employable skills that meet industry requirements.
The Fostering Inclusive Growth initiative complements previous Canadian initiatives in the Philippines, such as the Canadian International Development Agency's Local Governance Support Program for Local Economic Development, which addresses the tourism sector, as well as the Improving Business Climate project, which is improving business registration at the national and local levels.