Developing countries like the Philippines should invest more on health, education, and climate change response to rebound from the deep scars caused by the COVID-19 pandemic, the Asian Development Bank said.
“I believe the path we have laid out will help lead our region out of these uncertain times, and I am determined to do my part to see it through,” Asakawa said. “If we stay on this course, I am confident the region will emerge from the current crisis even stronger than before.”to a"fragile" 4.5% this year from 6.5% previously as the country struggles to contain COVID-19 infections. This is a reversal from last year's 9.6% contraction.
He vowed that the regional lender will walk the talk by fostering greater regional cooperation and having a more gender-inclusive board of directors.Asakawa also said member-states should “place ambitious climate actions at the center of development.” In a separate session, civic groups demanded ADB to stop extending loans to so-called “dirty” energy sources in keeping with the Global Paris Agreement on climate change that targets to keep the annual rise in temperatures at 1.5 degrees Celsius.