The FINANCIAL — The Government of the Philippines’ Finance Secretary and Asian Development Bank (ADB) Governor Carlos G. Dominguez III met ADB President Takehiko Nakao at ADB headquarters on 10 January and exchanged views on enhanced cooperation between ADB and the Philippines, recent positive economic developments and structural reforms in the country, and the upcoming 51st Annual Meeting of ADB’s Board of Governors in Manila.
Secretary Dominguez and Mr. Nakao also attended a signing ceremony for two loan agreements, which will support the government’s flagship “Build, Build, Build” infrastructure development program. Before an audience comprised of capital market participants, government representatives, and ADB staff, Secretary Dominguez and Mr. Nakao signed the $380 million loan for the Improving Growth Corridors in Mindanao Road Sector Project and exchanged loan documents for the $300 million Encouraging Investment through Capital Market Reforms Program (Subprogram 2).
“ADB is committed to supporting the Philippines in delivering its infrastructure development goals. I hope that these two projects formalized today will help bring about a closer ADB–Philippines partnership towards this goal in 2018 and in the years to come,” Mr. Nakao said.
Secretary Dominguez, who has been holding regular meetings with Mr. Nakao ahead of the Annual Meeting in May 2018, visited venues in ADB headquarters that will be used for the event, as well as the ADB Philippines Country Office. Staff from the Department of Finance and ADB are coordinating closely to ensure a successful meeting for the expected 3,000 participants.
Secretary Dominguez and Mr. Nakao also discussed Strategy 2030, ADB’s new long-term strategy that will map the best ways ADB can support Asia’s growth and address development challenges including poverty, climate change, urbanization, aging, and widening inequalities, according to ADB.
The Philippines is a founding ADB member and is host to ADB’s headquarters since it was set up in 1966. ADB has provided $18.3 billion in total loan assistance to the Philippines, comprising $17.2 billion for the public sector and $1.1 billion for the private sector. ADB has also been supporting the country through knowledge work, with $357.1 million in total approved technical assistance and grants.
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