ADB releases development priority list for next president

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(File photo) Residents walk through a downtown market area as shoppers buy produce from a vegetable stall in Manila.

Metro Manila (CNN Philippines) — As elections draw closer, the Asian Development Bank (ADB) bared a list on Wednesday (December 9) of development priorities the next administration must focus on.

ADB Country Director Richard Bolt acknowledged gains realized under the Aquino administration, mainly in boosting social protection and doubling infrastructure spending.

But many challenges stand in the way of inclusive growth.

Among these are developing micro, small, and medium enterprises; and addressing high underemployment and youth unemployment rates, increasing public investment, and spending public funds faster.

The bank expects to channel around $1 billion a year in these areas, to support the country's inclusive growth trajectory.

Moving forward, the bank also plans to ramp up its support for Visayas and Mindanao to reduce inequality between urban hubs and underserved rural areas.

Bolt highlighted that the bank has been working for 20 years to build a road network, strengthen the capacity of local governments to manage public funds, and reduce conflict in fraught areas.