ADB secretary Woochong Um
ADB secretary Woochong Um’s schedule is packed more than usual these days with the massive preparations leading to the 51st annual meeting of the Asian Development Bank (ADB) next week.
But he is not complaining. Far from it.
“These are exciting times,” Um said, for the country that has become his second home, having grown up in the Philippines following his father’s decision to set up a business here.
Thus Um fully embraced the opportunity to help showcase the massive opportunities just waiting to be tapped in his adopted country, which expects to welcome around 3,000 delegates from around the world who will take part in the annual meeting that will run from May 3-6.
The high-level delegates include finance ministers, central bank governors, bankers and fund managers as well as officials of the ADB, one of the world’s largest multilateral lending institutions established in 1966.
“This year, a lot of financial institutions will come and get a real sense of what is happening in the Philippines,” Um told the Inquirer.
On the economic front, Um believes that the Philippines has a lot to be proud of, having progressed rapidly since it last hosted the annual meeting in 2012.
The ADB notes that the Philippines has maintained its steady pace of economic growth and expects the country’s gross domestic product growth to accelerate to 6.8 percent this year on the back of increased investments.
During the recent press briefing on the Philippine hosting of the ADB meeting in Clark, Um said: “This is about projecting the work that the ADB does but also the Philippines on center stage. Through this experience, we are hoping that the entire country will benefit by highlighting a great story that is happening in the Philippines to the world.”
Finance Secretary Carlos Dominguez III, who chairs the ADB Board of Governors this year, had echoed Um’s sentiment.
“Our hosting will certainly bring the Philippines to international attention. This is an opportunity for us to showcase the very successful projects, the very robust economic growth of the Philippines,” he said. “Having over 3,000 people, very influential people, coming over is really a big opportunity for the Philippines and definitely will be a start of more tourists coming and possibly foreign investments coming to the Philippines.”
The annual meeting also comes at a critical juncture as the ADB prepares to craft its next development strategy, which will take into consideration the fact that while there are numerous upper middle income countries that are doing very well, there remain pockets of poverty across the globe.
Um also emphasized that the ADB, which has been headquartered in the Philippines since its inception, is committed to helping the Philippines unleash its full potential. It has declared its intentions to help the country improve its infrastructure and public service delivery while minimizing disaster risks and expanding financial inclusion.
“As ADB’s Board of Governors ponder, plan and discuss our vision and strategy for the coming years, our partnership with the Philippines will service as our inspiration as we forge an Asia-Pacific region that is sustainable, inclusive, resilient and prosperous,” he said.