MANILA, PHILIPPINES - The Government of the Philippines has laid out directions for tapping the country's development potential and the Asian Development Bank (ADB) will support it, ADB President Haruhiko Kuroda said today.
Mr. Kuroda was speaking at a reception to pay tribute to the Philippines as ADB's host country. President Benigno S. Aquino III was guest of honor. Other guests included ADB Governor and Philippines Finance Secretary Cesar Purisima, Alternate Governor and Bangko Sentral ng Pilipinas Governor Amando Tetangco, Jr., ambassadors from ADB member countries, legislators and senior officials of the Philippine central and local governments, business and civil society leaders, members of the diplomatic community and academe, and development partners.
"We support your focus on infrastructure development using public private partnerships, social sector development, fiscal consolidation and governance reforms," said Mr. Kuroda.
To illustrate its commitment, ADB has extended a $400 million loan for a conditional cash transfer program to assist the country's poorest households. It has also shared know-how and experiences in developing public private partnerships with the Government's economic team.
Mr. Kuroda thanked the Philippines for its support in piloting electric tricycles and other projects which ADB plans to replicate in other member countries. "With the environment becoming an increasing concern, I am also happy to note that we are also working closely with the Philippines in developing unique approaches to mitigating the impact of climate change," he said.
ADB was established in Manila over 44 years ago and since then it has provided assistance of about $12 billion to the Philippines. The current portfolio includes robust private sector operations which have helped improve infrastructure and the financial sector.