The Asian Development Bank (ADB) is "cautiously optimistic" about the emerging Asian economies over the short term due to rising oil prices and the European financial crisis, but expects a "fairly robust" growth of 7 percent this year for the region.

ADB president and chairman Haruhiko Kuroda said in a news briefing after his courtesy call on Philippine President Aquino in Malacanang, the site of the government, that the Philippines is expected to grow by 5 percent this year, and 6 to 7 percent in the medium and long term.

Kuroda predicted that Average growth rate could be 7 percent or 7 percent plus for emerging Asia, or developing Asia.

He said that a 7-percent growth rate is "still quite a high respectable rate of economic growth."

Kuroda said the "downside risks" facing the region this year are the European financial crisis "which might worsen or which might be rather prolonged" and if so, "emerging Asia might be affected more seriously."

"Another potential downside risk is high oil prices. At this moment, despite some slowdown in the global economy, oil prices stay at relatively high level and if oil prices go up sharply reflecting some geopolitical events, then Asia could be seriously affected," he said.

The ADB chief said Asia is expected to "continue its economic growth" in the long run as ADB foresees that "in the next couple decades Asia would be able to maintain relatively high growth."