International Economic Cooperation: ADB
The ADB was formed as a regional development bank to foster economic growth and cooperation in the Asia and Pacific region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB also assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. ADB maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through cofinancing operations that tap official, commercial, and export credit sources.1
------------------------------
1 https://www.adb.org/who-we-are/about
The ADB focuses on seven operational priority areas: (a) addressing remaining poverty and reducing inequality; (b) accelerating progress in gender equality; (c) tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability; (d) making cities more livable; (e) promoting rural development and food security; (f) strengthening governance and institutional capacity; and (g) fostering regional cooperation and integration.
| Member Since | Member Countries | Member Since | Member Countries |
| 1966 | Afghanistan | 1991 | Nauru |
| 2005 | Armenia | 1966 | Nepal |
| 1966 | Australia | 1966 | New Zealand |
| 1999 | Azerbaijan | 2019 | Niue |
| 1973 | Bangladesh | 1966 | Pakistan |
| 1982 | Bhutan | 2003 | Palau |
| 2006 | Brunei Darussalam | 1971 | Papua New Guinea |
| 1966 | Cambodia | 1986 | People's Republic of China |
| 1976 | Cook Islands | 1966 | Philippines |
| 1990 | Federated States of Micronesia | 1966 | Republic of Korea |
| 1970 | Fiji | 1966 | Samoa |
| 2007 | Georgia | 1966 | Singapore |
| 1969 | Hong Kong, China | 1973 | Solomon Islands |
| 1966 | India | 1966 | Sri Lanka |
| 1966 | Indonesia | 1966 | Taipei, China |
| 1966 | Japan | 1998 | Tajikistan |
| 1994 | Kazakhstan | 1966 | Thailand |
| 1974 | Kiribati | 2002 | Timor-Leste |
| 1994 | Kyrgyz Republic | 1972 | Tonga |
| 1966 | Lao People's Democratic Republic | 2000 | Turkmenistan |
| 1966 | Malaysia | 1993 | Tuvalu |
| 1978 | Maldives | 1995 | Uzbekistan |
| 1990 | Marshall Islands | 1981 | Vanuatu |
| 1991 | Mongolia | 1966 | Viet Nam |
| 1973 | Myanmar | | |
Non-Regional Members
| Member Since | Member Countries | Member Since | Member Countries |
| 1966 | Austria | 1966 | The Netherlands |
| 1966 | Belgium | 1966 | Norway |
| 1966 | Canada | 2002 | Portugal |
| 1966 | Denmark | 1986 | Spain |
| 1966 | Finland | 1966 | Sweden |
| 1970 | France | 1967 | Switzerland |
| 1966 | Germany | 1991 | Turkey |
| 2006 | Ireland | 1966 | United Kingdom |
| 1966 | Italy | 1966 | United States |
| 2003 | Luxembourg | | |
ADB has been a strong partner in the development of the Philippines, the bank’s host country, and is one of its largest sources of official development assistance, with average annual lending of $952 million over the past 10 years to 2019. ADB’s annual lending to the Philippines reached a record high of $2.5 billion in 2019, mainly due to the bank’s support for the government’s massive “Build, Build, Build” (BBB) infrastructure development program. Since 1966, ADB has committed public sector loans, grants, and technical assistance totaling $21.9 billion to the Philippines.1
--------------------
1 https://www.adb.org/countries/philippines/
The ADB is deploying an assistance package of $20 billion to help its developing member countries counter the severe impacts caused by the COVID-19 pandemic and address the urgent needs of the sick, the poor, and the vulnerable. On 23 April 2020, ADB approved a $1.5 billion loan to the Philippines for the COVID-19 Active Response and Expenditure Support (CARES) Program to help the government increase funding for social protection to 18 million families, small business relief assistance including wage subsidies to 3.4 million employees, and wider health measures to stop the virus from spreading in the country. ADB also approved on 27 April a $200 million loan to the Philippines to provide emergency cash subsidies to vulnerable households.1
--------------------
1 https://www.adb.org/news/features/adbs-20-billion-covid-19-pandemic-response-frequently-asked-questions
Department of Finance Secretary Carlos G. Dominguez serves as the Governor for the Philippines in the ADB. Meanwhile, BSP Governor Benjamin E. Diokno serves as the Alternate Governor for the Philippines in the ADB.
In line with this, the BSP provides views and inputs as guidance for the Board of Directors on administrative, financial, and operational directions of the ADB. The BSP also participates in the ADB Annual Meeting of the Board of Governors, which is a leading forum participated in by ADB executives and staff, nongovernment organizations (NGOs), media, and representatives of member and observer countries, international organizations, academe and the private sector for the discussion of economic and social development issues in Asia and the Pacific.
