THE Asian Development Bank (ADB) is considering to confront global and regional challenges wrought by rapid technological progress, climate change, aging populations, urbanization and infrastructure gaps.
During the ADB board of governors meeting at the Clark Freeport Zone, the institution signaled its interest in tackling these urgent issues to fulfill the bank’s vision of a “resilient, inclusive, sustainable, and prosperous” Asia-Pacific region.
Finance Secretary Carlos Dominguez 3rd, chairman of the ADB board of governors, said the will focus on how to make progress more evenly felt throughout the entire membership of the bank.
“There is that old phrase ‘no one left behind’ so this is one of the key topics that we will be looking at,” Dominguez said, referring to the upcoming 51st annual ADB meeting next month.
ADB Secretary Woochong Um said the impact of globalization, creation of jobs in Asia and extension of opportunities for women entrepreneurs in the context of forging a vision and strategy for the region’s future will also be tackled in the May meeting.
Um added that the ADB sees “an increasing complex development landscape emerging” for the region where it continues to play a critical role in helping member countries adapt to challenges of modernization.
He cited the national government’s “Build Build Build” program and the comprehensive tax reform programs that may serve as vehicles to face “these exciting times driven by increased investments.”
Loans the ADB has provided to the Philippines reached a record-high $1.08 billion last year, majority of which went 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 government and all Filipinos the goal of creating a prosperous, competitive and inclusive society,” Um said.