PH to sustain 7% growth, Duterte assures traders

Focus on inclusive dev ADB annual meet begins Thursday in Manila

"Open trade and investment regime is so important, we should continue to have our utmost effort to maintain and strengthen the system", Nakao told CNBC's Oriel Morrison at an ADB meeting in Manila in the Philippines.

In addition to the official sessions, journalists attending the Annual Meeting are invited to join the daily briefings by ADB Management members and department heads.

The draft 2030 strategy being discussed at ADB's annual meeting, which is expected to be adopted later in the year, calls for focusing more resources and effort on poverty reduction and social sector projects.

ADB president Nakao reiterated that the bank will keep prioritizing steps aimed at eliminating poverty and inequality among member countries in the new 2030 strategy, expected to be completed by the middle of this year after a series of consultations with thousands of individual stakeholders.

In Indonesia for example, only 1 percent of the country's population of more than 250 million controls almost half of the country's wealth, the World Bank reported in 2015. ADB may also need to post more global staff from headquarters to resident missions.

He said new technologies are the new revolution and one should not ignore the fact that digital age is going to shape the future. He also said that the agency should invest in FinTech, HealthTech and other technology-driven sectors through which public services can be delivered to people to improve their quality of life.

"In this regard ADB's continuous technical and financial assistance is highly commendable and will enhance regional connectivity and trade between Carec member countries".

Dominguez also underscored the ADB's "catalytic role" in the economic achievement of the Asia-Pacific region over the past few decades, with China and India emerging as the principal engines of growth for the global economy and the Association of Southeast Asian Nations (ASEAN) comprising some of today's fastest-growing economies in the world.

Although he acknowledged that still there are many challenges to overcome, Nakao was of the view that the region is well-positioned to sustain its growth momentum, supported by strong private consumption and investment, along with sound macroeconomic policies and structural reforms. We will focus on policies that will fit the Asian mind.

"We wish to increase it. ADB has also been generally supportive about it. Therefore, probably, pursuing this idea may not be very advisable".

He also said ADB should substantially expand its private sector operations, especially equity financing and investment in new instruments of financing, such as infrastructure investment trusts.

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