BSP governor leads PHL delegation to 56th ADB annual meeting

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla headed the Philippine delegation at the 56th Asian Development Bank (ADB) Annual Meeting and Related Meetings held on 02-05 May 2023 in Incheon, South Korea.

With the theme “Rebounding Asia: Recover, Reconnect, and Reform,” the meetings brought together finance ministers and central bank governors from member economies, officials from international organizations, and representatives from the private sector, civil society organizations, and the press to explore ways to address global economic uncertainty and bring about a rebounding Asia.

At the same time, the ADB Board of Governors discussed key issues, including ADB’s role in ensuring a sustainable and inclusive recovery in its developing member countries, while contributing more to climate change response.

During the Business Session, which was chaired by Republic of Korea’s Deputy Prime Minister Choo Kyung-ho, ADB President Masatsugu Asakawa shared that the ADB is preparing to address new challenges facing the region through increased investments in food security, private sector non-sovereign financing, ADB operations supporting gender equality, and climate finance.

Governor Medalla acknowledged that ADB has been relentless in its effort to alleviate poverty and social inequality, tackle climate change, enhance resilience and sustainability, and foster growth across the Asia-Pacific region, including the Philippines. He added that “Climate action and navigating policy issues surrounding it require a whole-of-society approach.

ADB needs to find ways to seamlessly restructure finance in such a way that it will be a greater enabler for greener and more resilient growth for its members.”

Meanwhile, Governor Medalla likewise attended the 26th ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM+3) held on 02 May 2023 at the sidelines of the ADB meetings.

Also part of the Philippine delegation during the series of meetings were Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman; BSP Monetary Board Member Anita Linda R. Aquino; BSP Deputy Governor Francisco G. Dakila, Jr.; Department of Finance Undersecretary Mark Dennis Y.C. Joven; and DBM Undersecretary Joselito R. Basilio.