'Challenges still linger'

MANILA, Philippines - “Manila 2012 has put the Philippines back on the radar screen of the international community. The success of this event highlights the parallelism of goals of the country and the Asian Development Bank (ADB) which is to achieve inclusive growth in the region. I hope that discussions conducted and decisions made here will soon come to fruition and be sustained in the years to come.

“This meeting magnified one thing: challenges still linger around us and that there’s no room for complacency. I believe we should continue to work as a region bounded by a goal of integration in the short term and a sustainable, equitable and inclusive economic expansion in the long term if only to make sure that the prosperity we achieved will not be eliminated by a wisp of ambivalence.

“I thank the ADB Board of Governors for holding its meeting in the Philippines, ADB’s home, after more than a decade. Again, this highlights the continued partnership between the ADB and the country in its 45 years of existence.

“We hope this will not be the last time and I encourage you to see more of the Philippines and experience the warmth and hospitality of the Filipino people in our 7,107 islands.

“We hope you had fun and we look forward to your next visit to the country when I am certain you will have MORE fun. – Finance Secretary Cesar Purisima

The strength of cooperation

The 45th Annual Meeting of the ADB Board of Governors has again showcased the strength of cooperation among Asian economies, and how far we have come to understand the needs of the region. The Meeting also reflects how, as a regional grouping, we are working towards concrete measures to ensure that we remain a driver of global economic growth and financial stability.

Developing regional safety nets, enhancing surveillance and strengthening domestic capital markets are all lessons we, as a region, learned during the Asian Financial Crisis of 1997. As a regional group, we have come to believe that we should mobilize our own resources to help shield us against external vulnerabilities.

The thrust of this year’s Meeting has been inclusive growth, which dovetails quite perfectly with our own advocacy at the BSP to reach the traditionally unbanked and underserved, to strengthen financial consumer protection, and to promote and deepen financial education.

We at the BSP are privileged to have been part of the hosting of this year’s ADB Governors’ Meeting. And we look forward to further concretizing and implementing the agreements during the Meeting towards a more inclusive and sustained growth in the Asian region. – Bangko Sentral ng Pilipinas Gov. Amando Tetangco Jr.