By Luisa Maria Jacinta C. Jocson, Senior Reporter

THE ASIAN Development Bank’s (ADB) upcoming Annual Meeting will be crucial for the Philippines as it can leverage this year’s discussions to further its development goals.

“The Philippines’ role in the ADB’s 2025 Annual Meeting is both strategic and forward-looking, underscoring its strong partnership with the bank and its commitment to inclusive and sustainable development,” ADB Country Director for the Philippines Pavit Ramachandran told BusinessWorld in an e-mail.

“As one of ADB’s founding members and a major client, the Philippines is prominently engaged in shaping discussions that address regional development challenges and opportunities.”

The ADB is holding its 58^th Annual Meeting in Milan from May 4 to 7. The event is being held in Italy for the first time.

Mr. Ramachandran said this year’s ADB meeting will be significant for the Philippines after the launch of its new Country Partnership Strategy for 2024-2029.

The six-year strategy is focused on “accelerating human development, boosting economic competitiveness, improving infrastructure, and scaling up nature-based development and disaster resilience.”

“The Philippines’ development priorities — digitalization, infrastructure development, human capital enhancement and MSME (micro, small and medium enterprises) growth — are integral to the discussions at the ADB meetings,” he said.

The Philippines received a little over $6 billion in financial assistance from the multilateral lender last year, the second-biggest recipient among the bank’s partner countries. The country was the biggest recipient of financial assistance from the ADB in 2023.

Some of the ADB-supported projects include the Bataan-Cavite Interlink Bridge, the North-South Commuter Railway and the food voucher program.

The country’s partnership with the ADB will help it “not only achieve economic growth but also ensure that this growth translates into real benefits for everyday Filipinos,” Mr. Ramachandran said.

In its latest Asian Development Outlook, the ADB cut its growth forecast for the Philippines to 6% this year from 6.2% previously. This projection does not yet account for the reciprocal tariffs that took effect on April 9.

In Southeast Asia, the Philippines is projected to post the third-fastest growth this year, behind Vietnam (6.6%) and Cambodia (6.1%).

“By aligning its national priorities with ADB’s strategic focus areas, the Philippines can leverage the 2025 Annual Meeting to secure further support and collaboration, driving forward its economic and sustainable development goals,” Mr. Ramachandran said.

The themes from this year’s meeting that will be most relevant to the Philippines include disaster resilience, private sector mobilization and regional connectivity, Mr. Ramachandran said.

These are areas where the country is “actively pursuing transformative reforms and where ADB support is most impactful.”

“As a dynamic and reform-oriented economy, the Philippines contributes to regional learning while leveraging the platform to deepen collaboration and attract investment aligned with its national priorities,” he added.

The overall theme for this year’s meeting is “Sharing Experience, Building Tomorrow.” The development bank’s 68 member countries, 49 of which are from the Asia-Pacific, will tackle issues related to climate and development, among others.

Mr. Ramachandran said there will be four areas of focus for the meetings, namely food system transformation, digital transformation, energy revolution and climate resilience, and innovation for resilience.

“We will discuss the critical need for sustainable food security amid growing global uncertainties. As rapid advancements are redefining economies, industries and societies, we will examine how digital innovation can support the development agenda while addressing challenges,” he said.

Access to affordable, low-carbon energy will also be explored during the meeting.

“We will discuss how to build resilience by developing innovative technologies and strategies, both within countries and across borders,” he added.

The discussions are expected to promote cooperation among Asia-Pacific economies as well as with Europe.

“By strengthening partnerships, Europe and Asia can address shared challenges such as trade uncertainties, supply-chain disruptions and sustainable development,” he said.

Meanwhile, IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa said he hopes the Annual Meeting will tackle the slow progress in meeting sustainable development goals, particularly related to poverty and the environment.

“The experience of poor development progress has to be critically assessed and put in the context of huge global shifts today to make any proposals to build tomorrow meaningful and not just repetitive business-as-usual.”

Global trade uncertainties arising from the US tariff policy should also be a key issue.

“Likewise, changing global conditions cannot be underestimated — the US’ aggressive economic policies and the still unfolding responses of other big economic powers puts the Philippines and almost 50 other underdeveloped ADB member countries at a critical juncture,” Mr. Africa said.

He said the meetings must also study multilateral trade rules, which he said “have been biased against underdeveloped countries like the Philippines.” 

“The meetings need to be more critical of what developing countries like the Philippines need to meaningfully transform the structure of our economies and more effectively pursue sustainable development,” he added.

Regional trade integration and diversification must be linked with national industrial and social development priorities, he added.

Climate should also be a key point for discussions, Mr. Africa said, as the Philippines and other underdeveloped countries are highly vulnerable to these risks.

“Discussions at the ADB meeting should give real attention to mobilizing adequate resources for climate resilience projects in the Philippines. The climate financing gap cannot be filled through mere domestic mobilization.”

He also noted that the multilateral lender should advocate for a “shift towards strengthening public financing mechanisms, enhancing domestic revenue mobilization, and implementing progressive taxation.”