Good news!!! A very much welcome change in the Philippine history
with the Asian Development Bank (ADB).
In a historic first the Philippines has announced that it is
making its first ever contribution to the grant fund Asian Development Bank
(ADB) intended for the must vulnerable
and least developed members of the country based fund.
The historic first will be announced in the pledging session
to be held on the sidelines of the ADB's 53rd Annual Meeting set in May this
year in Incheon City in South Korea, Philippine Finance Secretary Carlos
Dominguez said in a statement.
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| (photo credit to owner) |
He said the country contributing to the ADB will prove
beneficial to the country and the rest of the Asia-Pacific, given that the
growth of least developed countries (LDCs) will provide the Philippines and the
rest of the region with new potential markets to further bolster domestic
economic expansion as well as regional growth.
The country's contribution to the Asian Development Fund (ADF) comes at a
crucial time when assistance from ADB's European partners may be possibly
reduced, he said.
Since the Philippines' graduation from ADF assistance in
1999, the Philippines has yet to contribute to the replenishment of the Fund.
"Now, as we move to the upper middle-income status, the
country is poised to extend help to the LDCs, including some of our neighbors
in the Association of Southeast Asian Nations (Asean) and the Pacific,"
Dominguez said, adding the Philippines is expected this year to rise to upper
middle-income status ahead of schedule.
The ADB's ADF grant facility aims to promote poverty
reduction and improvements in the quality of life of people in LDCs of the
Asia-Pacific region.
As per its charter, it is specifically dedicated to support
ADB's poorest and most vulnerable developing members.
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Report from PNA
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