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PH hosts 51st ADB meet

/ 05:12 AM February 21, 2018

The government has allocated P90 million for the Philippines’ hosting of the 51st Asian Development Bank annual meeting in May, less than half of the P200 million spent in 2012 meet.

“The Philippines is quite frugal about it, and I’m sure the ADB is also being frugal,” Finance Secretary Carlos G. Dominguez said in a press conference yesterday.

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About 3,000 delegates—including representatives from the government, private sector and civil society—are expected to attend the 51st meeting with the theme “Linking People and Economies for Inclusive Development,” Dominguez said.

“Over the past five decades, the ADB poured over $250 billion dollars 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.

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Notwithstanding, the Asia-Pacific continues to be home to some of the poorest communities. There is a challenge for inclusiveness here,” Dominguez, who chairs the ADB board of governors this year, said in a speech.

“We hope to craft modes of development interventions that will be more inclusive during the meeting,” he said.

“We have seen Asia and the Pacific region’s significant development progress, and it is on a tremendous growth trajectory.

The world’s economic center of gravity is shifting to our region, becoming the key engine of growth for the world economy.

We also see a dynamic and increasingly complex development landscape emerging—rapid technological progress offering opportunities and challenges, climate change and environmental pressures, aging populations, urbanization and infrastructure gaps,” ADB board secretary Woochong Um noted in a separate speech.

“The ADB will continue to play a critical role in helping our region adapt to these challenges. Our agenda for the upcoming annual meeting is to forge a vision and strategy for the future of the region.

We envision a region that goes beyond poverty toward prosperity and growth that is resilient, inclusive and sustainable,” Um added.—BEN O. DE VERA

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TAGS: 51st Asian Development Bank, Finance Secretary Carlos G. Dominguez
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