The Asian Development Bank (ADB) urged Asian countries on Friday to undertake more reforms to support the region's long-term growth.

In his speech at the formal opening of the 45th annual meeting of the Board of Governors, ADB President Haruhiko Kuroda said developing Asia must remain vigilant against "near-term risks."

"There are large challenges ahead as Asia pursues its own transformation but it can continue to drive global growth well into the future," said Kuroda.

He noted that "inclusive, green, and knowledge-led growth" will be key to ensuring the success of Asian economies in the future.

Kuroda also said increased regional cooperation will help Asian countries take up common challenges and seize opportunities.

Philippine President Benigno Aquino III, who led the formal meeting of the ADB Board of Governors, made the assurance that his administration is focused on ensuring the "equitable distribution" of wealth among Filipinos.

Aquino said the government has identified three sectors that will have the "most impact" on inclusive growth: agriculture, tourism, and infrastructure development.

"You will continue to see results; you will continue to see a Philippines that is finally living up to its potential. We are prepared to follow through on our commitments and you are by all means welcome to see if we're living up to our word," he said in his speech.

Aquino noted that ADB's assistance is helping the Philippine government to achieve its economic goals "faster."

He said ADB's official development assistance (ODA) to the Philippines amounts to 761.97 million U.S. dollars. The amount includes 643.85 million dollars allocated to projects concerning social protection and support; agrarian reform; rural infrastructure enhancement; credit for better health care; and irrigation in the Southern Philippines.