The Philippine government is supporting the nomination of Japan’s Vice Minister of Finance Takehiko Nakao to replace Haruhiko Kuroda as president of the Asian Development Bank whose headquarters are located in Metro Manila.
Finance Secretary of Finance Cesar V. Purisima has expressed his support yesterday for Japan’s nominee Takehiko Nakao for the presidency of the Manila-based Asian Development Bank (ADB).
In a statement, Purisima welcomed the nomination of Japan’s vice finance minister, “whose qualifications make him an appropriate successor” to outgoing ADB President Haruhiko Kuroda.
Nakao currently serves as Japan’s Vice Finance Minister for International Affairs, the same post previously held by Kuroda.
“We look forward to working with him to build on the gains of President Kuroda’s tenure especially in increasing transparency and participation in Bank activities, providing greater representation in the appointment of senior Bank officials, and in rationalizing Bank processes to speed up the delivery of results,” Purisima said.
“Working together, under Minister Nakao’s leadership, I believe we can see great progress in achieving ADB’s goal to end poverty in Asia,” he added.
Prior to becoming Vice Finance Minister of Japan, Nakao served as a senior-level economist at the International Monetary Fund, and was designated resident Financial Minister at the Japanese Embassy in the United States.
Kuroda was nominated by Japanese Prime Minister Shinzo Abe to take governorship at the Bank of Japan, and announced his resignation as ADB President effective March 18.
Purisima previously congratulated Kuroda on a successful tenure as ADB president, a post Kuroda held since February 2005.
Purisima also gave his thanks and well wishes to Kurodo, who was nominated for the governorship of the Bank of Japan by Japanese Prime Minister Shinzo Abe.
“As you prepare to depart your position as president of the Asian Development Bank, I want to let you know that we in the Philippines will not forget the positive impact of your presidency,” Pursima said to Kuroda in a letter.
“The ADB’s assistance played a large role in helping the Philippines and most of Asia not merely survive, but thrive through the financial crises that challenged most of the world,” he added.