ADB to tackle inclusive growth and global economic crisis

By ROUCHELLE R. DINGLASAN, GMA News

Published May 1, 2012 4:07pm

Delegates from all over the world–about 4,000 policymakers, business leaders, academics, and civil society leaders–have started to converge Tuesday at the Philippine International Convention Center for the Asian Development Bank 45th Annual Meeting of its Board of Governors. ADB president Haruhiko Kuroda was among the early registrants. Immediately after signing in and receiving his conference kit, Kuroda personally inspected the PICC conference halls and event venues. Kuroda also reviewed the protocol details for the welcome of dignitaries, including President Benigno Aquino III. The Philippines is an ADB founding member and host of its headquarters in Metro Manila. Kuroda is expected to welcome the president of the Japan International Cooperation Agency, the secretary-general of ASEAN, the secretary-general of the South Asian Association for Regional Cooperation, the CEO of Agence Française Dévelopment and the chairman of the Governing Board of the Council of the Europe Development Bank. Inclusive growth High on the agenda this week are the global economic crisis, inclusive growth, financial safety nets, and food security. Much anticipated among the varied array of meetings is the Governors’ Seminar on “how Asia can respond to global economic crisis and transformation.” Economist Jeffrey Sachs and finance officials from the Philippines, Japan, India and the People's Republic of China will comprise the panel that will lead the discussion on Asia’s measures to “weather and help resolve the global economic downturn.” “For the first time, this year ADB welcomes the participation of the president of the Inter-American Development Bank, for a seminar exploring greater trade and cooperation between Asia and the Pacific, and Latin America and the Caribbean,” the ADB said in a news release. Consistent with the theme of “Inclusive Growth through Good Governance,” civil society organizations (CSOs) will tackle inclusion issues in 10 sessions, which have the Global Union Federations, Microsoft and Global Shapers among the session co-organizers. “The Annual Meeting takes place against the backdrop of an Asia and Pacific region that has seen steady growth and is leading global recovery, but one that is vulnerable to growing inflation, spikes in fuel prices, austerity measures in the eurozone, and worsening impacts of climate change,” the ADB noted. The session on “Credit Rating Agencies: An Asian Perspective” sponsored by the Standard Chartered Bank may draw keen interest from Filipino policymakers and business leaders given expectations of a credit rating hike to investment grade for the Philippines over the coming months.

ADB President Kuroda, second from right, inspects the PICC premises Tuesday ahead of the multilateral lender's 45th Board of Governors meeting. With him are, from left, ADB Secretary Robert Dawson, Mrs. Kumiko Kuroda, and ADB lead conference specialist Jill Drilon. Victor Sollorano

Radicals to greet delegates

While the formal meetings take place at the PICC, the Global Unions Federation said its member-organizations in the Philippines would greet delegates with rallies.

The GUF said the Public Services International, Building and Wood Workers International, the Union Network International, and the International Transport Federation are among the groups participating in the rallies.

Some GUF members are participating in the Labor Day protests led by local workers’ federations. GUF said it has a global constituency of 70 million workers in the trade union movement.

One protest parade is organized by the Freedom from Debt Coalition (FDC), which saw it fit to adapt the Santacruzan–a Catholic procession recalling the Byzantine quest for the Cross, on which Jesus Christ was nailed.

“This protest is part of the People’s Forum Against the ADB, which is a parallel event to the ADB's 45th Annual Governors Meeting and is being held at the Bayview Park Hotel and Malate Catholic Church,” FDC said.

FDC also said its “People’s Santacruzan” will feature the “Reyna ng Mahal na Kuryente (Queen of High Power Rates)” to represent the burden of Filipino people as having the highest power rates in Asia.

Expensive power is the result of “the ADB-engineered Electric Power Industry Reform Act,” FDC claimed.

The parade will also feature the “Reyna ng Uhaw” or Queen of Thirst representing ADB’s push for privatizing the country’s potable and irrigation water,” “Ina ng Nasirang Kalikasan,” and “Haring Pasan ang Utang”

Among the organizers of the People's Forum are the Philippine Working Group on the ADB, NGO Forum on ADB, Jubilee South-Asia/Pacific Movement on Debt and Development and Asia Pacific Network for Food Sovereignty.

Referencing the Occupy Movement message, FDC claimed these “People’s Santacruzan” characters “are the representations of the Asian Development Bank’s policies which are geared towards serving the interests and gains of the 1%.” —ELR/VS, GMA News

Tags: adb, asiandevelopmentbank