ADB Should Lead Asia-Pacific’s Recovery from COVID-19, War: DOF Secretary Dominguez

Finance Secretary Carlos G. Dominguez III says the Asian Development Bank (ADB) should be leading the recovery efforts of Asia-Pacific nations and its economies affected by the COVID-19 pandemic and the Russia-Ukraine war. Dominguez urged the ADB in his recent meeting in Tokyo, Japan with former Japanese president and finance minister Tarō Asō and ADB President Masatsugu Asakawa. The meeting was also attended by Philippine Ambassador to Japan Jose Laurel V and finance undersecretary Mark Dennis Joven.

The finance secretary previously encouraged the ADB to raise its capital last 2021 so its effectiveness and lending portfolio could further expand in the next five years, to aid in the post-pandemic response and recovery of developing member nations in need.  The Department of Finance also praised the “efficient management” of the ADB under Asakawa and commented that the bank has the lowest lending costs across various multilateral development banks. Other topics discussed in the meeting included the Trans-Pacific Partnership (TPP)’s future, which proposes a free trade agreement among the 12 Pacific Rim economies, and the current Russia-Ukraine conflict.

Dominguez also expressed gratitude to Japan and the ADB for their support in the Duterte administration’s pandemic response and infrastructure development initiatives like the “Build, Build, Build” program. He also stated that the assistance from Japan, the ADB, World Bank, and the Asian Infrastructure Investment Bank largely helped in speeding up the eventual re-opening of the Philippine economy this 2022, as well as its COVID-19 vaccination drives.

The secretary invited the current Vice President of Japan’s Liberal Democratic Party (LDP), Asō to come and visit the Philippines, as well as other vaccinated visitors from different nations who want to visit the country.

Source: BusinessMirror