May 3, 2021
The COVID-19 pandemic had a massive global economic impact. Unfortunately, the response to the crisis has been uneven.
Developed countries have been able to provide much higher levels of financial support to their people. They have also been able to undertake mass inoculations at a faster pace than the developing economies due to their vast financial resources.
It is only through the just and equitable distribution of the vaccines can the world achieve a safer recovery from the pandemic. The Philippines, therefore, supports the strong call for developed countries, multilateral institutions, and global organizations to join forces in ensuring the accessibility of these life-saving doses to lower-income economies.
But our work doesn’t end there. The effort to revive our economies will be a long one. Developing countries need access to financial resources to boost health care systems and build resiliency against new virus outbreaks. We also need to support the recovery of the sectors that were severely affected by the contagion.
In addition, we have to rebuild our economies to adjust to the new challenges brought about by the pandemic. We have to accelerate the utilization of digital technologies and artificial intelligence. At the same time, we need to substantially increase investments in renewable and clean energy to address climate change and ensure a sustainable recovery.
The Asian Development Bank, as the largest and most experienced development institution in the Asia-Pacific region, must effectively assist developing economies to bounce back as fast as the developed countries.
However, this cannot be achieved if the bank maintains a “business as usual” approach. As I have suggested long before COVID-19 struck, the Asian Development Bank must continue reinventing itself and realigning its programs to meet new realities and to stay relevant amidst the fast-changing landscape.
In order to be responsive to critical needs, the Asian Development Bank must level up. Specifically, there is a need for the bank to seriously consider a substantial expansion in its loan portfolio in the next five-year period. This will effectively support its member-countries’ recovery even if this brings forward the need for a capital increase.
This crisis is a great opportunity for the Asian Development Bank to continue to demonstrate that it has indeed become a more responsive, agile, and flexible institution as envisioned in its Strategy 2030.
Thank you.
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