Dominguez urges ADB to ‘future-proof’ member-countries

Michelle Ong, ABS-CBN News

Posted at May 05 2018 06:46 PM | Updated as of May 05 2018 08:35 PM

MANILA—Finance Secretary Sonny Dominguez urged the Asian Development Bank to help "future-proof" all 67 member-countries against disruptive change and prevent them "from falling into the wrong side of the digital divide." 

Dominguez, chairman of the ADB board of governors, lauded the 2030 strategy as a "good beginning" as it provides a road map that will let countries adjust to the new balance of power in the global economy. 

"The center of gravity of the world economy has shifted to Asia . . . The Asian region includes some of the fastest-growing (driving) economies. In a period of rising protectionism, Asia-Pacific stands as compelling proof that free trade brings rapid progress," Dominguez said at the opening session of the Board of Governors at the 51st ADB annual meeting Saturday.

ADB 2030 Strategy priorities include:

  • Addressing remaining poverty and reducing inequalities;
  • Accelerating progress in gender quality;
  • Tackling climate change;
  • Making cities more livable;
  • Promoting rural development and food security;
  • Strengthening governance and institutional capacity;
  • And fostering regional cooperation and integration. 

ADB president Takehiko Nakao said the regional development bank is financing urban mass transport in Manila and Davao, the railway connecting Malolos and Clark, roads and bridges in Mindanao, and clean water and sanitation in local communities. 

"ADB is also supporting school-to-work programs, financial inclusion and capital market reform, and conditional cash transfers to poor families in the Philippines," he said.