Notes on the 51st ADB Annual Meeting

It’s always a logistics nightmare, these multilateral meetings. At least for us journalists who either drive or just commute our way through the chaotic streets of Metro Manila to get to press events — meaning with no chauffeur to drop us off when the venue won’t allow self-driven cars.

I was part of our team assigned to cover the 51st Asian Development Bank Annual Meeting at the ADB head office in Ortigas so I had no choice. 

Fortunately, the session I had to cover seemed enticing enough — “Past, Present and Future of the World Economy.” Of course, I didn’t expect to get answers on what the future holds for the world economy. 

Fintech 

I was pleasantly surprised to hear about the discussions on financial technology.

“The purpose of financial services and fintech is to improve the well being of people. We have great opportunity to leverage digital technology to realize that at an unprecedented rate. That opportunity has not come before. This is the right time for all of us,” said Eric Jing, AntFinancial CEO.

 He said if consumers could spend more through easier access to credit and payments, growth could follow.

I am a believer in fintech and I hope Philippine industry players and regulators alike can truly make it easier for the unbanked to really access credit. This way they don’t have to rely on the hawkish 5-6 lending system of informal lenders who – and I say this with all due respect to Indian nationals doing legitimate business in the country – are mostly turban-wearing Indians who prey on the poor and desperate.

Economic team 

Finance Secretary Carlos Dominguez, in his usually commanding but stress-free and ever fresh-looking mode, led the government’s economic team in rolling out the red carpet for high-level delegates.

Budget Secretary Ben Diokno was there too, indulging journalists’ endless questions and giving his usual witty remarks. He trumpeted the government’s infrastructure program, highlighting San Miguel Corp.’s recently approved Bulacan Airport. 

But aside from his usual budget-related comments, sources said Sec. Diokno also revealed the sartorialist in him when he complemented the red Valentino shoes of Haslinda Amin, Bloomberg TV’s femme fatale.

 “I like your shoes!”

 Speaking of fashion, Sec. Dominguez reportedly told members of the finance press beat to come in their best business attire, nothing less. “Or else….” Fortunately, nobody had to find out what the “or else” meant because Sec. Dominguez’ whole press pack got the memo – the male journalists came in suits and elegant ties and the women were all dressed and made up.

Business leaders, other vips

Some of the country’s top businessmen lent prestige to the meeting. Spotted in the crowd was Jaime Augusto Zobel de Ayala, who was quite happy about AntFinancial CEO Jing’s talk. AntFinancial is the Ayala Group’s fintech partner.

But the spotlight really was on tycoon Ramon “RSA” Ang, president of diversified conglomerate San Miguel as a waiting crowd of journalists tried every now and then to interview him.

 He was difficult to spot at first because he looked starkly different from his usual business look. RSA was wearing a black Lamborghini cap that almost concealed his eyes. He also had a black knapsack the whole time. This “new look” made him almost inconspicuous to the waiting crowd of journalists, but RSA – in his usual accommodating self – granted the usual ambush interview.

 He talked about his planned Bulacan airport, stressing that SMC has enough financial muscle to fund the $15 billion gateway.

“With our balance sheet and cash flow, we can easily do that airport alone,” RSA said.

 There were other VIPs in the crowd, including the no non-sense chairman of the Philippine Competition Commission, Arsenio Balisacan. I told him I was late because Uber was no longer available, so I decided to just drive, but had to park blocks away from the ADB HQ which was cordoned off.

Also there was the feisty chairperson of the Securities and Exchange Commission, Teresita Herbosa and the dapper president of Philippine Deposit Insurance Corp. Roberto “Bobby” Tan, as well as Socioeconomic Undersecretary Rolando Tungpalan.

Lessons

 I had to rush to another coverage, so I left early. I walked under the scorching afternoon sun to a parking lot blocks away, past the throngs of police barricades who were guarding the HQ from protesters.

I wondered if such meetings would actually improve the lives of Filipinos. But then again, I’m being myopic to even ponder on that.

 Still, some lessons struck me, including the comments made by ADB president Takehiko Nakao who warned countries about falling into China’s debt trap through China’ Belt and Road Initiative.

 “If countries borrow too much for certain infrastructure without seriously looking at the viability and feasibility. It will bring more trouble in repayment,” he was quoted by Nikkei as saying. 

The warning, although coming from a lender which does not really give the cheapest rates, can be taken on its own.

We really don’t want to wake up one day to find ourselves saddled by more debt than we can take.