ADB urged to push new dev’t programs

Finance Secretary Carlos G. Dominguez III has underscored the need for the Asian Development Bank (ADB) to "reinvent" itself by pursuing new development programs to spell wider economic inclusion across the Asia-Pacific.

Dominguez, who chairs the ADB Board of Governors this year, said that between now and its 51st Annual Meeting in May, they will be holding a series of forums and conferences meant to examine the changing global and regional realities and challenges.

He said the upcoming discussions on inclusive growth are in sync with the Duterte administration’s strategy on how to hurdle the challenges.

Among the strategies of the Philippines, Dominguez said is the government’s massive investments in infrastructure projects that will link communities to the mainstream of wealth creation, and higher spending on social services.

“Over the past five decades, the ADB poured over $250 billion into the Asia-Pacific region. The programs of the Bank no doubt helped transform this region into one of the most progressive and dynamic regions of the world,” Dominguez said.

“Notwithstanding, the Asia-Pacific continues to be home to some of the poorest communities. There is a challenge for inclusiveness here,” Dominguez said in a briefing launching the Philippines’ hosting of the 2018 ADB Annual Meeting.

Dominguez said the Philippines’ hosting of the ADB annual event is “fortuitous” for the country as it will provide the government the opportunity to set the spotlight on the domestic economy’s strong growth and its reform agenda.

“With solid fiscal management, a slew of reforms affecting the ease of doing business and administrative innovation to make government truly work for the people, we are proud to showcase the gains we have achieved,” Dominguez said.

He said the Philippines itself has benefited immensely from its strong partnership with ADB, which has been one of the country’s biggest sources of official development assistance (ODA) over the past five decades.

“The regional bank financed some of our most important infrastructure projects and

given us grants to study many facets of our development,” Dominguez said.

According to Dominguez, as this year’s host, the Philippines will lead the discussions around the 2018 theme “Linking People and Economies for Inclusive Development,” and will invite “some of the world’s best and most influential minds to enrich our deliberations.”

Dominguez expressed confidence that these preliminary discussions to be held before the annual meeting of the ADB Board of Governors on May 3-6 will help enlighten the agenda of this year’s conference.

“After five decades, this is a good time to explore possibilities for reinventing the Bank and inaugurating new programs to enable the Bank to play an even more effective role in Asia’s unfolding,” he said.

Dominguez said the Board is intent on crafting more inclusive modes of development in the course of its deliberations in response to several global trends, among them the Asia-Pacific’s rise as the “center of gravity of the global economy and its most important growth driver.”

“We look forward to working closely with all the delegations from the member-countries and observers from all over the world to ensure the successful conduct of the 51st Annual Meeting,” Dominguez said.

“We warmly welcome all the delegates to the country and offer the best we have to ensure this meeting will be both productive and enjoyable,” he added.

Besides this year’s event, 15 previous Annual Meetings were also held in Manila, with the most recent one in 2012 and an earlier small-scale meeting in 2003. The event will be attended by the finance and development ministers and central bank governors of the Bank’s 67 members, of which 48 are from the Asia-Pacific region.

Representatives from the Bank’s development partners, private sector and civil society organizations, media, and the academe will also troop to Manila to take part in the four-day event.