Press Briefing on the ADB Annual Meeting
Clark Freeport Zone
April 13, 2018
(Greetings)
Thank you for the interest you have shown in the 51st annual meeting of the ADB.
The Philippines is proud to host this gathering that brings together the major decision-makers of Asia’s emerging economies. This is an opportune time to rethink the development process and the role the ADB plays in the face of many challenges brought about by technological change and shifting political attitudes.
Asia has become the center of gravity of the global economy. The world’s fastest growing economies are in this region. We will be the driver of global growth. As our economies aspire to be more inclusive, and as regionalization progresses, we will also be an important market for the world’s producers.
In an age where technological advances routinely redefine the rules of economic development, we aspire to be a center for innovation. The Philippines, in particular, will rely on its very young demographic profile to power its growth over the longer term.
As host to this year’s ADB Annual Meeting, the Philippines is expected to lead discussions around the theme “Linking People and Economies for Inclusive Development.” We are uniquely positioned to lead deliberations on this theme. The Duterte administration has embarked on a program of reform to shift our economic expansion from being consumption-led to one that is investments-led. Our economic policies are being fine-tuned to draw in long-term investments that will create meaningful employment for our young people.
Our own development strategy jives quite well with the theme of this year’s ADB Annual Meeting. We are aggressively closing the infrastructure gap and, in doing so, linking isolated communities to the mainstream of national wealth creation. We are quickly revising our policies to improve the ease of doing business in our economy. We are improving on our administrative processes, including increased use of new digital technologies, to create a more business-friendly environment. Reforms in the financial sector should enable more and more Filipinos to participate in investments and provide a strong capital base for enterprises.
As much as this is a key moment for the ADB, it also is a key moment for the Philippine economy. We are growing rapidly and improving continuously. We are innovating and introducing reforms in tireless fashion. We are building on past gains. We aim to lead our own region in the pace of economic expansion.
For Central and Northern Luzon, in particular, the government is investing heavily to have major alternative growth areas. In fact, three of the Duterte Administration’s flagship infrastructure projects already approved by the NEDA Board are in Central and Northern Luzon namely the 4.37-billion peso Chico River Pump Irrigation Project, under which 8,700 hectares of agricultural land will be irrigated, benefitting 4,350 farmers and serving 21 barangays in the Cagayan Valley and Kalinga; the 211.43-billion peso PNR North 2 project, a big-ticket railway project that will connect Malolos in Bulacan, Clark Airport, and Clark Green City; and the 12.55-billion peso Clark International Airport New Terminal Building project, which will increase the airport’s capacity by 8 million per year and will help pave the way for accelerated growth in Central Luzon and nearby areas.
Clark will soon be the showcase of the Duterte administration’s economic strategy. We expect this area to be the growth driver for Central and Northern Luzon. It is ideally suited to be a center for agro-industrial activities as well as home to cutting-edge technology companies and world-class sports facilities. Likewise, with the recent groundbreaking of the 40-hectare piece of land where the National Government Administrative Center will be developed, the New Clark City will house various backup government centers that will ensure continuous business operations and services in the country at the onset of a natural disaster. Clark, in the near future, will be the next big metropolis.
The end-goal of all our efforts remains the same. We seek to liberate our countrymen from poverty. We seek a meaningful life for all in a setting of broadly shared prosperity and undiminished liberty. We are ready to take our place among the accomplished nations of the world.
Please help us make our hosting a success as well as an edifying experience for our people.
Thank you and good day.
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