The Philippines has called on the Asian Development Bank (ADB) to substantially expand its loan portfolio in the next five years to support the swift recovery of its developing member-countries from the global economic shock of the COVID-19 pandemic, even if this involves increasing the multilateral lender’s capital base.
Finance Secretary Carlos Dominguez III said that “as the largest and most experienced development institution in the Asia Pacific region, the ADB 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,” Secretary Dominguez said during the ADB Governors’ Seminar, in response to the query on how the ADB can further support the sustainable recovery of its member-countries.
The Governors’ Seminar, held virtually late Monday afternoon (May 3, Manila time), is part of the series of events leading up to the 54th Annual Meeting of the ADB Board of Governors on Wednesday (May 5).
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