The 48th ASEAN Summit was held on 8 May 2026 in Cebu, Philippines. Photo courtesy of ASEAN.
ADB commits to mobilize $30 billion by 2030 to support key flagship initiatives in Southeast Asia.
The 48th ASEAN Summit in Cebu, Philippines focused on collective action to address pressing concerns linked to the conflict in the Middle East and to build long-term resilience. Discussions centered on three top priorities: regional energy security and resilience, food security, and the safety of ASEAN nationals, particularly migrants.
Philippines President Ferdinand R Marcos Jr., who chaired the summit on 8 May, stressed the importance of not only responding to immediate disruptions but also strengthening institutions, maximizing existing mechanisms, and ensuring “future shocks do not become future crises.”
To help ASEAN advance long-term development priorities and withstand external shocks, ADB announced at the summit that it will mobilize $30 billion by 2030 to support key flagship initiatives of the region. ADB President Masato Kanda attended the summit as Guest of the Chair.
ADB’s financial package includes $6 billion to deepen capital markets and $5 billion to accelerate the ASEAN Power Grid, which is part of ADB’s support of up to $10 billion for the grid through 2035. It also mobilizes investments for advancing artificial intelligence readiness, championing the blue economy, and strengthening rivers’ resilience.
“ASEAN welcomes ADB’s enhanced commitment to our region and its people. This landmark partnership, and ADB's pledge to mobilize $30 billion by 2030, sends a powerful signal of confidence in ASEAN's vision and its capacity to deliver. We look forward to working closely with ADB, as our trusted partner, to translate this commitment into tangible outcomes. Together, we can accelerate progress on our shared priorities: from energy connectivity and climate resilience to inclusive growth for all our peoples,” said ASEAN Secretary-General Kao Kim Hourn.
ASEAN’s ambition is to advance from the world’s fifth largest economy to the fourth largest by 2030 despite mounting challenges.
Enhance regional energy security and resilience
In a post-summit briefing on 11 May, the ASEAN Secretary-General summarized the key points from the leaders’ discussions. Kao said the regional bloc wants to ratify a framework agreement on petroleum security as quickly as possible as well as advance cross-border electricity trade and the shift to renewable energy through the ASEAN Power Grid.
Most of the countries in Southeast Asia rely heavily on oil and gas imports, making them vulnerable to surging fuel prices and supply disruptions.
ASEAN is working on a regional fuel reserve mechanism that would allow member states to access shared reserves when needed. The proposed mechanism is like the ASEAN Plus Three Emergency Rice Reserve scheme, which enables the countries to assist one another during food shortages and emergencies.
Through the ASEAN Power Grid, ASEAN aims to achieve fully integrated grid operations by 2045. This will ensure reliable energy supply, maximize the use of renewables, and support affordable electricity for more than 680 million people living in the region.
Safeguard food security and agriculture supply chains
Disruptions to shipping lanes and aviation corridors in the Middle East have increased costs and delivery times not just for fuel but also for fertilizer, which both affect agricultural and food production.
To reinforce food security amid rising cost and supply disruptions, Kao said ASEAN leaders agreed to maintain open and predictable markets, strengthen trade and supply chain connectivity, and ensure the flow of essential commodities.
The leaders called for the swift ratification of the Second Protocol to Amend the ASEAN Trade in Goods Agreement (ATIGA) within the year. This will help facilitate the seamless movement of goods in the region.
ASEAN will also build on existing platforms, such as the ASEAN Food Security Information System, to enhance regional monitoring and information sharing on food production, fertilizer supply, prices, and logistics disruptions. It will leverage on current ASEAN Plus Three Emergency Rice Reserve mechanisms to strengthen regional food security and resilience. Aside from the ASEAN member states, the scheme also involves the People’s Republic of China, the Republic of Korea, and Japan.
Ensure the safety of ASEAN nationals
ASEAN leaders agreed to enhance coordination to ensure the safety and welfare of ASEAN nationals in affected areas. This involves through strengthening consular cooperation, information sharing, and humanitarian coordination mechanisms.
Measures to mitigate the socio-economic impacts of external shocks include ensuring access to health care, food, and basic services, particularly for vulnerable groups. Support will also be given to micro, small, and medium-sized enterprises, which comprise 95% of businesses in the region.
Kao said the ASEAN leaders underscored the importance of mitigating the adverse impact on MSMES by giving them “access to finance, digital tools, and capacity building initiatives that would ensure their continued participation in global value chains.”
“The summit also emphasized that ASEAN must also look beyond immediate crisis management and see this as an opportunity to advance a forward-looking, resilient strategy, particularly through diversification of trade, investment, capital, and digital transformation as well as the advancement of sustainable development,” Kao said.
