ADB lists requisites to spread growth impact

STRONG GOVERNANCE and sustained vigilance against corruption are vital if countries in Asia-Pacific are to spread benefits of economic progress to their citizens, Asian Development Bank (ADB) President Haruhiko Kuroda said yesterday.

“Asia must embrace the principle of inclusive growth, bringing more people into the circle of opportunity that growth and development provides. Governance is key to this issue,” Mr. Kuroda said in his keynote speech at the four-day 14th International Anti-Corruption Conference in Bangkok, Thailand that ends tomorrow.

The Manila-based bank said in a statement yesterday that “Asia is fast becoming the world’s leading economic powerhouse but many citizens are failing to benefit, with the region remaining home to two-thirds of the world’s poor.”

ADB added corruption and weak governance translate to fewer resources for infrastructure, education, health and other important services, with low income groups suffering the most.

In an international corruption perceptions survey, results of which were released last month by Transparency International, the Philippines managed to move up five notches to 134th place despite an unchanged score of 2.4, with zero being highly corrupt and 10 being very clean.

Sought for comment, professor Leonor M. Briones of the University of the Philippines National College of Public Administration and Governance, said there is a link between corruption and poverty, but noted that corruption is not the only cause of poverty in the Philippines.

“If your budget priorities do not address poverty, you will still have poverty even if you do not have corruption, which is a long shot,” she told BusinessWorld in a phone interview.

She added wrong policies can exacerbate the condition of the poor. — Jo Javan A. Cerda, Businessworld