The Philippines shall efficiently and effectively utilize funding support from the Asian Development Bank to improve the quality of life of the Filipinos, President Ferdinand Marcos Jr. vowed on Thursday.

Marcos made the assurance on the fourth day of the 55th Annual Meeting of the Board of Governors of the ADB at the EDSA Shangri-La Hotel in Mandaluyong City. Here, he assured harnessing cooperation with the multilateral lender towards a future that is "progressive" and "inclusive."

He described the multilateral lender as "a reliable institution in providing loans, technical assistance, and equity investments to its members in order to promote social and economic development."

"We must always acknowledge the ADB for being the steadfast partner in achieving Philippines Development Goals," Mr. Marcos said.

"As President, it is certainly my duty to ensure that the government remains committed to the efficient and effective utilization of this institution's assistance for the full benefit of all Filipinos," he added.

Marcos thanked ADB for its assistance and initiatives to mitigate the effects of Covid-19 in the country.

He recognized ADB for being one of the first institutions to provide assistance with the grant of $3 million for the purchase of medical supplies for frontline health workers.

"On behalf of the Filipino people, I thank you for that," he said.

CARES

He also recognized ADB for allowing the Philippines to access the Covid-19 Active Response and Expenditure Support or CARES program.

CARES is a quick disbursing budget support facility to aid countries in mitigating the severe economic shocks caused by the pandemic.

The President rallied for unity as the country gears toward post-pandemic economic recovery, which he said must be pro-environment, sustainable, and responsive to people's needs.

Marcos said he is pleased to note that the Philippines and ADB share the "same vision" of building a brighter and more resilient future.

"It is through the bank assistance that we were able to push forward with projects in areas such as infrastructure, social reform, and community development in government and institutions development, all of which are consistent with this administration's 8-point socioeconomic agenda," he noted.

Shared goals

The President is confident that their shared goals will nurture their bonds and foster hope in the communities they serve.

"I am truly excited to see the outcome of this meeting as we set sail towards a better tomorrow that is more resilient, more inclusive, more sensitive to our people's needs, and more aware of climate change and the crisis that it brings with it," he said.

Moreover, Marcos stressed the need to work together to achieve a "better normal" by developing an economy that is "green," "sustainable," "climate resilient" and "responsive to people's immediate needs."

"It is an economy that takes into account the ecosystem from which we harness our sources and what other international institutions on our shores come to mind that does that support better than the ADB," he said.

The chief executive said he is looking forward to having discussions on various issues of interest not only for the Philippines but also for the rest of Asia and the Asia Pacific Region.

"The partnerships once again that we will forge in these talks that we will be having after two and a half years of virtual meetings I think will really be lighting the way of what we have to face in the near future as we navigate our way towards the new post-pandemic global economy," he said.

The Annual Meeting of the Board of Governors of the ADB is a forum on economic and social developments within Asia and the Pacific Region are discussed. It also serves as an avenue to "provide guidance on ADB administrative, financial and operational directions."

Discussions during the fourth day of the meeting centered on Managing Asia's Energy Transition and Pathways to Sustainable Green Growth in the Time of Covid-19 Recovery.

Marcos said since ADB's inception, it has been a reliable institution in providing loans, technical assistance, and equity investments to its members in promoting social and economic development.

He acknowledged and thanked ADB for being the Philippines' steadfast partner in achieving its development goals. ADB is a financial institution conceived in the early 1960s aimed at fostering economic growth and cooperation in Asia.

It envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific and has been assisting its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

Also present in the gathering were Sri Lankan President Ranil Wickremesinghe, Niue Premier Dalton Emani Makamau Tagelagi, Executive Secretary Lucas Bersamin, ADB President Masatsugu Asakawa, ADB Board of Governors, Finance Secretary Ben Diokno, and other members of the Cabinet.