PH gov't endorses nomination of Asakawa as next ADB president

The Philippines has thrown its support behind the nomination of Special Advisor to the Japanese Prime Minister and to the Minister of Finance, Masatsugu Asakawa, as the next president of the Asian Development Bank (ADB).

In a statement, Finance Secretary Carlos G. Dominguez III said that Asakawa’s distinguished career and vast experience in global financial affairs are his key assets that would enable the ADB to craft new strategies in sync with its goal of wider economic inclusion across the region.

Dominguez said Asakawa, who worked extensively with other international organizations such as the International Monetary Fund (IMF), would also be able to sustain the ADB’s ongoing efforts to work closely with the World Bank in delivering more efficiently development assistance to the Asia-Pacific region.

Japan has nominated Asakawa to succeed outgoing ADB President Takehiko Nakao, who has expressed his intention to resign from his post effective January 16 next year.

“We welcome the nomination of Special Advisor to the Japanese Prime Minister and to the Minister of Finance, Masatsugu Asakawa as the next president of the ADB,” Dominguez, who sits as the Manila-based lender governor for the Philippines.

“His extensive experience in international finance, development and taxation would prove to be a valuable asset in helping the ADB continue reinventing itself and pursuing new strategies to help the region achieve inclusive growth amid a global economic slowdown,” he added.

Japan Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services Taro Aso has informed Dominguez of the Japanese government’s intention to nominate Asakawa to the top ADB post and sought the Philippines support for his election.

In his letter to Dominguez, Aso said that Special Advisor Asakawa is the “most qualified candidate” to succeed Nakao.

Asakawa was instrumental in orchestrating a globally coordinated financial package to abate the financial crisis in 2008, which then included a $100-billion loan from Japan to the IMF. He was also Japan’s former Vice Finance Minister for International Affairs.

Dominguez said Asakawa will ensure continuity of the reforms initiated by Nakao in the ADB, such as strengthening the Bank’s programs on climate finance, expanding interventions in education and health care, and increasing infrastructure investments in the region.

He said Asakawa would find himself at home in ADB’s Manila headquarters, having been based here before when he was assigned to the Bank.

Dominguez recalled that when Asakawa served as Vice Finance Minister, the Philippines saw “tremendous improvement” in official development assistance (ODA) extended by Japan.

“Special Advisor Asakawa helped set the stage for the ‘fast and sure’ approach we are adopting with Japan now in implementing the big-ticket infrastructure projects being funded with Japanese ODA,” Dominguez said.