DAVAO CITY—The Philippines is “suitably positioned” to host this year’s Annual Meeting of the Asian Development Bank (ADB) as its agenda of greater financial inclusion in the Asia-Pacific region dovetails with the Duterte administration’s vision of high–and–inclusive growth, according to Finance Secretary Carlos Dominguez III.
Dominguez, who chairs the ADB Board of Governors this year, said Mindanao will be among the primary beneficiaries of this shared goal of inclusive growth as the government and the ADB have long established a strong partnership to bring peace and prosperity to the island.
Mindanao, which the Duterte administration wants to transform into a premier investment site, will be at the “front and center” of the “Build, Build, Build” infrastructure program that the government is aggressively implementing to further stimulate the economy and link isolated communities to the mainstream of growth, Dominguez said during the regional press launch of the Philippines’ hosting this May of the 51st Annual Meeting of the ADB Board of Governors.
Also at the press launch held at the SMX Convention Center here were ADB officials Woochong Um, the Bank’s board secretary; Ramesh Subramaniam, director general; Kelly Bird, country director; and Joven Balbosa, principal country specialist.
Dominguez pointed out that five of the Duterte administration’s flagship infrastructure projects already approved by the National Economic and Development Authority (NEDA) Board, which is chaired by President Duterte, are in Mindanao.
These are the: 1) P5.4-billion Malitubog-Maridagao Irrigation Project Phase 2 in North Cotabato and Maguindanao, which is expected to service almost 10,000 hectares of land in 56 conflict-affected areas; 2) P4.86-billion Panguil Bay Bridge project that will connect Tangub City in Misamis Occidental and Tubod, Lanao del Norte, for completion in 2021; 3) expansion and improvement projects in Davao International Airport and 4) Laguindingan Airport worth P40.57-billion and P14.6-billion, respectively, for completion in 2025; and 5) 102-kilometer Mindanao Railway Project Phase 1, Segment 1 worth 35.26 billion pesos that will connect Tagum, Davao City and Digos.
“These projects demonstrate this administration’s commitment to move Mindanao from the margins, to make it a center for agriculture and industry,” Dominguez said.
Besides the slew of infra projects that the government has rolled out in Mindanao, Dominguez said the ADB has also long been playing a key role in supporting these projects as well as other initiatives that aim to improve the quality of life in the South, Dominguez said.
The ADB, just two months ago signed a $380-million loan agreement with the government to help improve about 280 kilometers of national roads and bridges in the Zamboanga Peninsula and Tawi-Tawi.
This project aims to expand economic opportunities in areas such as agribusiness, ecotourism, and logistics, as well as improve access to markets, jobs, education, and health facilities, Dominguez said.
The finance chief said the ADB is also set to provide funding for the $70-million Davao Public Transport Modernization Project, which is designed to improve public transport infrastructure and services in Davao City.
Dominguez said the ADB has also been supporting the implementation of the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) agenda, which aims to accelerate economic development and connectivity in the four countries’ underdeveloped and geographically remote areas that include Mindanao and the province of Palawan.
Alongside these projects, Dominguez said the ADB has also extended its assistance to ongoing socioeconomic and community development initiatives with the overall goal of improving the quality of life of the people of Mindanao.
“We know that we are going to see great progress, in Mindanao in particular, with the help of ADB,” Dominguez said.
He said it is only fitting that discussions in this year’s annual meeting of the Bank, which will revolve on the theme “Linking People and Economies for Inclusive Development,” will be held here in the Philippines.
“The Philippines is suitably positioned to lead these discussions on greater economic inclusion. The country has posted one of the highest growth rates in the region,” Dominguez said. “Because of the reforms we have put in place, the investment community in a recent survey identified the country as the best place to invest in. We are proud of that achievement.”
Dominguez was referring to the global survey naming the Philippines as the world’s “best country to invest in.” The survey, conducted by the US News and World Report in partnership with the Wharton School of Business and Y&R’s BAV Group, covered 6,000 business decision makers and used statistics from the World Bank.
“The tax reform program, the expenditure plan and all the activities of the government are aimed to promote economic inclusion. Our government financial institutions are primed to expand microfinance activities,” Dominguez said.
“We are seeking to deepen our capital markets and make investing accessible to ordinary Filipinos. An aggressive infrastructure program aims to link isolated communities with the mainstream of growth,” he added.
Some 3,000 delegates are expected to troop to Manila for the 51st ADB Annual Meeting scheduled on May 3-6 this year.
They include the finance ministers and central bank governors of the ADB member-countries, bankers, representatives from the private sector, civil society, academe, multilateral institutions and the media.
Among the issues to be discussed during the 51st meeting are globalization, jobs in Asia, financial technology, private sector mobilization in terms of funding infrastructure, building resilience to climate change, expanding opportunities for women entrepreneurs, and tapping technology to maximize the skills of aging populations and utilizing it as an effective tool to make development inclusive.
Dominguez said the institution will focus on how to “make progress more evenly felt throughout the entire membership of the ADB.”
Influential thinkers in the fields of international economics, history and digital technology are also set to speak on global economic trends that will shape the world’s future during a forum to be hosted by the Philippines on May 4 as part of the series of events leading up to the 51st Annual Meeting.
ADB, which has been based in Manila since its inception in 1966, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
This multilateral lending institution, which has 67 members, is celebrating 50 years of development partnership in the region.
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.
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