APD | Philippines supports Japanese Finance Minister Asakawa as next ADB president

By APD writer Melo M. Acuña

The Philippines expressed its support for the nomination of Special Advisor to the Japanese Prime Minister and concurrent Minister of Finance Masatsugu Asakawa as the next President of the Asian Development Bank.

In a statement, the Department of Finance said the nominee has a distinguished career and vast experience in global financial affairs as key assets that 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 G. Dominguez III said Special Advisor 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 capable 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 Special Advisor Advisor Asakawa to succeed sitting ADB President Takehiko Nakao, who earlier expressed his desire to resign from his post effective January 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 Secretary Dominguez, who also 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 Secretary Dominguez of their government’s intention to nominate Special Advisor Asakawa to succeed President Nakao and sought the Philippines support for his election.

Deputy Prime Minister Aso, in his letter to Secretary Dominguez said Mr. Asakawa is the “most qualified candidate” to succeed President 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 at that time included a US$100-billion loan from Japan to the IMF. He also served as Japan’s Vice Finance Minister for International Affairs.

Secretary Dominguez said Special Advisor Asakawa will ensure continuity of the reforms instituted by President Nakao in the ADB including strengthening the Bank’s programs on climate finance, expanding interventions in education and health care, and increasing infrastructure investments in the region.

Mr. Asakawa is described by the Japanese media as their former “top currency diplomat.”

(ASIA PACIFIC DAILY)