The Philippines supported the appointment as President of the Asian Development Bank (ADB) of Japan’s former Vice Minister of Finance.

By | October 4, 2019

In a declaration, Masatsugu Asakawa’s distinguished work and experience allowed the Department of Finance (DOF) to lead a Multilateral Development Bank based in Manila.

Asakawa is also the Japanese Prime Minister’s unique consultant, and has extensive expertise in worldwide economic relations which can assist a multilateral institution foster inclusiveness in the area, the DOF declared.

Finance Secretary Carlos G. Dominguez III, who is ADB Governor of the Philippines, was cited in the declaration that his comprehensive international finance, development and tax experience would be a valuable important asset in assisting the ADB to reinvent itself and to follow fresh approaches to assist the region to grow inclusively.

Dominguez also stated that Asakawa will guarantee continuity of Takehiko Nakao’s ADB reforms, such as enhancing the Bank’s climate-finance programs, improving education and healthcare measures and increased infrastructure investments in the area.

He said that Asakawa was at home in the ADB headquarters in Manila before he was allocated to the Bank. He said he was here.

Dominguez reminded the Philippines that the Official Development Aid (ODA) expanded by Japan as Asakawa became vice-minister of finances.

Taro Aso informed Dominguez of Japan’s intention to appoint the leading ADB Special Advisor to the Japanese government and asked the Philippines for assistance for the election of Asakawa, Deputy Prime Minister and Minister of Finance.

DOF, also Japan’s Financial Services Minister, has supported Asakawa in his letter to Dominguez as the “most skilled candidate” to succeed Nakao, which is also Japan’s Finance Minister. Tokyo has designated Asakawa as its successor to Nacao who, having served as ADB President since April 2013, has expressed his intention of resigning from his posts efficient January 16, 2020.

As of December 2018, there were 68 ADB members, 49 from Asia and the Pacific, and 19 from outside the region. The regional Member States are 65.04% concerning voting powers, and 34.96% of non-regional participants.

Japan and the USA hold an equivalent voting authority of 12.756%, followed by China with 5,442%, India with 5.352% and Australia with 4.917%.