Finance Secretary Carlos Dominguez said the ADB, under the leadership of its president, Takehiko Nakao, continues to explore ways to forge closer coordination with the World Bank to better respond to the needs of countries in the Asia-Pacific region.
DOF chief cites ADB support in Philippines infrastructure buildup
Lawrence Agcaoili (The Philippine Star) - August 27, 2019 - 12:00am

MANILA, Philippines — The Department of Finance (DOF) cited the important role of multilateral agencies particularly the Asian Development Bank (ADB) in pursuing the country’s massive infrastructure buildup under the Build Build Build program.

Finance Secretary Carlos Dominguez said the ADB, under the leadership of its president, Takehiko Nakao, continues to explore ways to forge closer coordination with the World Bank to better respond to the needs of countries in the Asia-Pacific region.

“Thank you very much for all the support of ADB to us. We are accomplishing a lot because ADB is 100 percent behind us, especially with this assistance for the Malolos-Clark railway project and the secondary education support program.  It is proof that the institution is very supportive of our growth,” Dominguez told Nakao during a recent meeting in Manila.

The ADB’s $2.75 billion financing for the construction of a 53.1-kilometer passenger railway connecting Malolos in Bulacan to the Clark International Airport (CIA) in Pampanga is the multilateral institution’s single largest infrastructure investment ever here or in any other country.

Dominguez and ADB vice president Ahmed Saeed signed a $1.3-billion loan agreement last July 11, representing the first tranche of the bank’s loan for the Malolos-Clark railway project.

In a separate meeting, Nakao informed Dominguez that the ADB heeded his proposal to set up an expert advisory group for digital technology within the bank, which would prove useful in improving the way ADB delivers assistance to its member-countries.

ADB has invited Dominguez to take part in its first meeting set in September.

Dominguez welcomed the ADB’s positive response to his proposal, and expressed interest in joining the first meeting of the Thematic Group.

This could prove beneficial for the Philippines’ ongoing efforts to digitalize, among others, the government’s frontline services, tax collection and payment systems, as well as in tapping agricultural technology to rev up the farm and fisheries sector.

It was also Dominguez who had proposed that the ADB and World Bank build on each other’s complementarities to improve and more cohesively deliver development assistance to countries in the region.

“It would be a good idea that we meet with both of you, World Bank and ADB, on an annual basis to see how we are progressing with this collaboration,” Dominguez said.

Dominguez further suggested that the ADB and World Bank also discuss conducting portfolio reviews on the Philippines’ proposed projects, and ways to unify procurement procedures and economic assessment analysis.

Representatives from the ADB, World Bank and the DOF met last May to discuss how the two multilateral institutions can ”streamline processes” in delivering aid to the region.

ASIAN DEVELOPMENT BANK DEPARTMENT OF FINANCE
Philstar
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with