PH backs Japan ADB nominee

Finance Secretary Cesar Purisima says the Philippine government supports Takehiko Nakao as next ADB president

NEXT ADB HEAD. Japan nominates its Vice Minister of Finance Takehiko Nakao to replace outgoing ADB President Haruhiko Kuroda. Photo by AFP

MANILA, Philippines – The Philippines is supporting Japan’s nominee for Asian Development Bank (ADB) president.

Finance Secretary Cesar Purisima, the ADB Board Governor for the Philippines, said he already submitted his nomination for Takehiko Nakao, Japan’s Vice Minister of Finance who is being eyed to replace Haruhiko Kuroda.

Kuroda is stepping down later this month as ADB president to lead the Bank of Japan.

“I believe he’s an excellent choice, we know him and we look forward to working closing with him at the same time, we wish president Kuroda well,” Purisma told reporters on the sidelines of the 2013 Philippines Investment Forum on Tuesday, March 12.

“He’s (Kuroda) been a good president of the ADB and we’re hopeful that he will bring his success to the Bank of Japan because a stronger Japanese economy is always better for the [Philippines],” he said.

Japan nominated Nakao to the Manila-based multilateral lender on March 7.

In a statement, Japan Minister of Finance Taro Aso said they nominated Nakao for his extensive knowledge of the Asian region.

Kuroda resigned from his post on February 28 in light of his nomination as governor of Japan’s central bank. His resignation takes effect on March 18.

If Nakao gets elected by the ADB Board of Governors, he will be ADB’s 9th president. All of ADB’s past presidents were Japanese. –

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