Philippines wants ADB to pursue ‘inclusive growth’ across Asia-Pacific

The Philippines, which is hosting the Asian Development Bank’s annual meeting in May, wants discussions on how to foster inclusive growth across Asia-Pacific countries.

“In the course of the deliberations, we hope to craft modes of development interventions that will be more inclusive. We are doing this in the midst of several large global trends,” said Finance Secretary Carlos Dominguez III, who chairs the ADB Board of Governors this year.

“The Asia-Pacific is now the center of gravity of the global economy and its most important growth driver. There is a rising hostility to free trade in some of the countries in the West,” Dominguez added.

“Several new multilateral institutions such as the Asian Infrastructure Investment Bank have emerged, requiring differentiation of roles.”

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.

The event will be attended by the finance and development ministers and central bank governors of the Bank’s 67 members, of which 48 are from the Asia-Pacific region.

Representatives from ADB’s development partners, private sector and civil society organizations, media, and the academe will also troop to Manila to take part in the four-day event.


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