Dominguez lauds Nakao’s fearless ADB leadership

Finance Secretary Carlos Dominguez III has lauded outgoing President Takehiko Nakao for his leadership at the helm of the Asian Development Bank (ADB) that has enabled the institution to carry out bold reforms, attune its programs to today’s technologically driven era, and more effectively deliver development assistance to its member-countries in the region.

The Philippines, in particular, has been a key beneficiary of President Nakao’s innovations at the ADB, which, during his term of nearly seven years, raised its funding commitment to the country over the 2016-2022 period to around US$15 billion—almost thrice the amount provided by this multilateral lender to the previous administration, Secretary Dominguez said.

Secretary Dominguez, who sits as governor of ADB for the Philippines, said this significant increase in its financial commitment demonstrated the Bank’s full confidence in the Duterte administration’s capability to implement a comprehensive development strategy for rapid and inclusive growth.

It was also on President Nakao’s term when the ADB made its single largest infrastructure investment commitment to the Philippines and to any other country with the US$2.75 billion multi-tranche loan facility for the Malolos-Clark Railway, which is among the major strategic projects under President Duterte’s centerpiece program “Build, Build, Build.”

“On behalf of the Philippine Government, I express extreme gratitude to President Nakao for the nearly seven fruitful years he has served as head of the ADB. I am grateful to know that you consider our country as the ADB’s home. You have been a great asset for Asia’s development and an effective leader of this institution,” said Secretary Dominguez at the farewell ceremony for President Nakao on Thursday.

“More importantly, you have proven to be a true friend and partner to the Duterte administration in bringing about President Duterte’s ultimate goal of liberating Filipinos from poverty,” he added.

President Duterte earlier conferred the Order of Sikatuna with the rank of Grand Cross or Datu, Gold Distinction, to President Nakao. The award is the Philippines’ highest civilian recognition given to individuals who have rendered exceptional and meritorious services to the Philippines in developing and strengthening relations with the country.

Mr. Nakao’s successor, Mr. Masatsugu Asakawa, was elected as the 10th president of the ADB by the institution’s board of governors last Dec. 2. Mr. Asakawa will assume office as ADB president on January 17.