MANILA 2018 ADB SUMMIT MEETING 3–6 May 2018: Linking People and Economies for Inclusive Growth."

Speech by ADB Secretary Woochong Um at the launch of the Philippines’ hosting of the 51st ADB Annual Meeting in Manila 20 February 2018, Bureau of Treasury, Intramuros, Manila, Philippines

https://www.adb.org/news/speeches/adb-and-philippines-solid-partnership-...

Honorable Secretary Carlos Dominguez III, officials and representatives of the Government,  members of the ADB Board of Directors, dear friends, good morning.

As our home for the past 50 years, the Philippines has always been our special partner. Since ADB was established in 1966, we have been deeply involved in the economic and social development of the country. Over the decades, thousands of ADB staffers like myself, have built strong and enduring ties here, and the world-famous Filipino hospitality and generosity permeates ADB’s corporate culture. This culture, and our philosophy, as “a family doctor for Asian countries and an institution that learns before teaching,” has always guided our mission.

The Philippines’ launch of the 51^st Annual Meeting of the Board of Governors of ADB, marks an important milestone. Fifty years ago in 1968, Manila hosted the first ADB Annual Meeting. This event jumpstarted our work in Asia and the Pacific for the next half century. It was held just a few minutes from here, right at the old Manila Hilton Hotel.  As we embark on our work for the next half century, it is fitting that we hold our Annual Meeting back here in Manila.

Exciting things are happening in our region.  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 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 towards prosperity and growth that is resilient, inclusive and sustainable.

The Philippines can rest assured that we will be with you through all these changes. For 50 years, we have listened to you, your people, your needs and we have responded by delivering solutions to help you adapt, grow and prosper. We have stood by your side and provided financial resources and technical support to help meet the challenges of development – from building basic infrastructure in the 60s and 70s, to coping with the debt crisis in the 80s, the Asian Financial Crisis in the 90s, to relief and rehabilitation after earthquakes, volcanic eruptions and typhoons, like Yolanda. Last year, loans provided by ADB to the government reached $1.08 billion, a record high, with majority of the assistance going to infrastructure-related activities especially in Mindanao. We hope to sustain and even surpass this level of assistance to the Philippines. We share with the Philippines government and all Filipinos the goal of creating a prosperous, competitive and inclusive society.

These are also exciting times for the Philippines. I can see and feel things are really happening here. The country is at a steady pace of economic growth. And based on our current projections, 2018 GDP growth will accelerate to 6.8 % driven by increased investment. Build Build Build and the comprehensive tax reforms are excellent initiatives  in continuing the country’s strong economic performance. The government’s commitment to sustainable and inclusive growth is underway and ADB is contributing to this by helping improve infrastructure, regional development, public service delivery, youth employment and education, and also minimizing disaster risks, and expanding financial inclusion. Indeed, our special relationship with the Philippines is also a solid partnership for growth and development in the country.

Come May, as ADB’s Board of Governors ponder, plan and discuss our vision and strategy for the coming years, our partnership with the Philippines will serve as our inspiration as we forge an Asia-Pacific region that is sustainable, inclusive, resilient and prosperous. 

Thank you.