Metro Manila (CNN Philippines) — In one of those rare moments, President Rodrigo Duterte read a prepared speech at the Asian Development Bank’s (ADB) 50th anniversary reception – instead of his more frequently rambling, seemingly impromptu speeches.
The President spoke about how the Asian Development Bank helped developing member-countries to reduce poverty and improve the quality of life, including the Philippines.
He said the country has received more than $16 billion from the ADB in the form of loans and grants. A billion dollars have also been released in the form of loans and investments to local private companies.
Mr. Duterte said he is looking forward to the next round of release of more than $4 billion in loans and $9.3 million in technical assistance from the ADB over the next three years.
The President promised government will redouble its efforts to foster economic growth and reduce poverty–and is also working on raising infrastructure spending to 7.4 percent of gross domestic product by 2022.
“We will also be funding free irrigation, free education in state universities and colleges, and universal healthcare. together with the local governments, we are also streamlining business registration and processes, providing support to targeted sectors and intensifying the war against illegal drugs, criminality, and corruption,” he said.
With ADB’s help, Duterte expressed confidence that his government will be able to expand the economy by half and make the country an upper middle-income economy when he steps down in 2022.
