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MANILA, PHILIPPINES - Philippines President Gloria Macapagal-Arroyo visited ADB's Manila Headquarters today to participate in the celebration of the 40th anniversary of ADB.

ADB President Haruhiko Kuroda hailed the anniversary as a milestone and paid tribute to those who had worked to make a difference in the Asia and Pacific region over the years.

“With your contributions, the Asia and Pacific region has made tremendous progress in the past four decades,” he said in his welcome address at the ceremony.

“But with two thirds of the world's poor living in Asia, we know much work still needs to be done. And as we have done throughout our history, ADB will continue to be a strong and dedicated partner, helping our developing member countries through good times and bad.”

Mr. Kuroda also expressed appreciation for the role of the Philippines as ADB's host nation.

“Because this is our home, we at ADB have a special bond with the Filipino people,” Mr. Kuroda said.

“President Arroyo, we are truly grateful to the Philippines for not only being one of ADB’s founding members but also graciously hosting ADB over the past 40 years. This special partnership of the Philippines and ADB has been sustained and has grown from strength to strength.”

In her speech, President Macapagal-Arroyo said that the Philippines was proud to host "Asia's premier development institution" and thanked ADB for its untiring effort working for poverty alleviation in the country.

“ADB plays a key role in the growth of the Asian region and also in boosting the quality of Filipino lives,” she said.

She thanked ADB for its recent assistance, including the US$450 million Power Sector Development Program, the $200 million Financial Market Regulation and Intermediation Program, a grant for Southern Leyte Landslide Disaster Assistance, and support for government reforms.

“We have miles to go before we can achieve our goal and vision of being first world in 20 years,” she said. “And just as ADB has been with us in the last 40 years of our journey, we hope that as we go on our journey in the next 20 years, ADB will stay with us in the Philippines in our quest. And beyond that, ADB will stay with us as the headquarters for making life better in the entire great continent of Asia.”

Mr. Kuroda handed over to the Philippines President signed documents for the two recently approved loans.

The Power Sector Development Program will assist the Philippines in providing stable electricity for years to come, and the Financial Market Regulation and Intermediation Program which will expand and deepen the country’s financial sector.

ADB’s Country Strategy and Program for the Philippines for 2005-2007 is focused on fiscal consolidation, improving the investment climate, and accelerating attainment of the Millennium Development Goals. Future operations will contribute to an acceleration of poverty reduction through support for deeper structural reforms, private investments, and subregional development.

The Philippines joined ADB in 1966 as a founding member and began receiving loans in 1969. ADB’s cumulative lending to the Philippines now stands at $9.45 billion. To the Asia and Pacific region as a whole, lending amounts to more than $116 billion since ADB was founded.

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