ADB backs Phl economic agenda

MANILA, Philippines - The Asian Development Bank (ADB) is strongly committed to supporting the 10-point socioeconomic agenda set out by the Duterte administration.

ADB president Takehiko Nakao said the ADB has helped improve the lives of people since the bank was established in 1966.

He also cited the support from the Philippines as host country, and from partners within and outside the region.

ADB started operating in Manila on Dec. 19, 1966 with 31 members.

According to Nakao, the Philippine capital has proven to be a good base for ADB’s headquarters because ADB is closer to its developing member countries.

The ADB benefited from the hospitality of the Philippine government and people, and can draw on a strong pool of English-speaking professionals, he added.

The ADB has provided $16 billion in loans and grants to the government and about $1 billion in loans and equity investments to private companies.

In the aftermath of Super Typhoon Yolanda in 2013, ADB provided $900 million for rebuilding the affected areas.