The Philippines is supporting the nomination of Masatsugu Asakawa, the special Advisor to the Japanese prime minister and to the minister of finance, as the next president of the Manila-based Asian Development Bank.
In a statement, the Department of Finance said Asakawa possessed a “distinguished career and vast experience in global financial affairs,” which would enable the multilateral institution to “formulate new strategies responsive to its goal of wider economic inclusion in the Asia Pacific region.”
Finance Secretary Carlos Dominguez III said Asakawa, who worked extensively with different international organizations including the International Monetary Fund (IMF) and the Organization of Economic Cooperation and Development (OECD), would be able to sustain the ADB’s ongoing efforts to work closely with the World Bank (WB) in providing more efficiently development assistance to the Asia-Pacific region.
Japan nominated Asakawa to succeed ADB President Takehiko Nakao, who will leave the post on Jan. 16, 2020.
“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, where 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,” said Dominguez, who sits as ADB governor for the Philippines.
Japan’s deputy prime minister, minister of finance and minister of state for financial services, Taro Aso, formally informed Dominguez of Tokyo’s intention to nominate Asakawa and sought the Philippines’s support.
Aso, in his letter to Dominguez, said Asakawa was the “most qualified candidate” to succeed Nakao. Asakawa is said to be
instrumental in organizing a globally coordinated financial package to cushion the impact of the financial crisis in 2008, which included a $100-billion loan from Japan to the IMF. He had also served as Japan’s vice finance minister for international affairs. (Melo M. Acuña)