ADB, country’s partner for development, Aquino says

by | May 7, 2012 | Business, Headlines, National News

President Benigno S. Aquino III addressed the opening ceremony Friday of the Asian Development Bank 45th Annual Meeting of the Board of Governors and expressed his gratitude for the continued support of the financial institution to the country.

In his speech during ADB’s annual gathering at the Philippine International Convention Center (PICC) in Pasay City, the President spelled out the reform measures his administration has carried out that benefited a large number of Filipinos especially the poor.

Through these measures, he said his government was able to intensify social and infrastructure investments, develop its human resources, and increase the budget on education and health care.

During the initial period of the new administration, the President said they were able to channel more government resources to the poor and underprivileged.

“The government’s conditional cash transfer program experienced an almost fourfold increase over the past two years, from P10 billion in 2010, catering to about 800,000 families, to P39.4 billion this year for over three million families. All of these we were able to do without raising taxes,” the President said.

“These are amounts that have been generously augmented by those who share our vision of an equitably progressive Philippines. The Asian Development Bank’s Official Development Assistance (ODA) assistance to the Philippines amounts to $761.97 million,” he added.

These include $643.85 million to projects concerning social protection and support for agrarian reform; rural infrastructure enhancement, and credit for better health care and irrigation in the Southern Philippines, the President said.

The chief executive also mentioned ADB’s participation in the Public-Private Partnership Program and the government efforts to reform the justice system and carry out the energy- efficient electric tricycle project. The government has started to achieve its goal because of ADB’s help, he noted.

“For this, you have the gratitude of our people, and a commitment from my administration. Gone are the days when the funds you funnel to our country will end up like water leaking through a broken pail,” the President said assuring the financial institution to continue seeing results of good government in the Philippines. The country, he said, is prepared to follow through on its commitments.

Among those who joined the President during ADB’s opening ceremony include Vice President Jejomar Binay, House Speaker Feliciano Belmonte, ADB President Haruhiko Kuroda, Finance Secretary Cesar Purisima and Bangko Sentral ng Pilipinas Gov. Amando
Tetangco Jr. (PCOO)

4,000 ka delegado nitambong sa 45th ADB Meeting

by | May 2, 2012 | Headlines, National News

TAGBILARAN CITY, Bohol, May 02 (PIA)–Nagsugod na karong adlawa ang Asian Development Bank (ADB) Board of Governors Meeting nga matapos sa Sabado, Mayo 5.

Upat ka adlaw usab nga nia sa Pilipinas ang 37 ka finance ministers ug 4,000 ka delegado gikan sa non-government organizations, global media, observer countries ug international organizations sa 67 ka nasud aron motambong sa pulong sa Philippine International
Convention Center (PICC) sa Pasay City.

Ang tema sa panagtapok adunay kalabot sa saktong pagdumala ug pakig-tinabangay ug apil sa mga hisgotan ang mga pamaagi kun unsaon pag-atubang sa mga gobyerno sa Asya ang global economic crisis ug ang climate change.

Gipaabot nga mopaambit sa panagpulong ang mga finance official apil na ang pinakabata nga Economics professor sa Harvard University nga si Jeffrey Zac.

Kalabot niini, naka-full alert ang Philippine National Police (PNP) aron masiguro ang seguridad sa lugar bisan sa mga gipuy-an nga hotel sa mga delegado. (PIA-Bohol/ecb)

ADB hikes RP growth forecast to 3.8%

by | Apr 15, 2010 | Business, Headlines, National News

THE Asian Development Bank (ADB) has upgraded its growth forecast for the Philippine economy this year to 3.8 percent, from an earlier estimate of 3.1 percent, driven by increased private consumption on the back of robust remittances and election spending.

In the latest Asian Development Outlook (ADO) 2010, the ADB’s flagship annual economic publication reported that from a very weak 0.9 percent growth in 2009, the country’s gross domestic product (GDP) will recover significantly to expand 3.8 percent and 4.6 percent in 2010 and 2011, respectively.

However, the ADB said the Philippines still needs to seriously address several constraints to growth if it is to reach its full potential. The growth forecasts remain below both potential growth and average growth (5.5 percent) during 2004-2008, the report pointed out.

But the ADB said investments are forecast to rebound from last year’s low levels, while external trade will be considerably stronger this year. Exports will also grow in line with the global recovery. (PIA-Bohol)