APD | Philippines cites need for ADB and World Bank to coordinate development efforts in the region

By APD writer Melo M. Acuña

MANILA, April 9 (APD) – Finance Secretary Carlos G. Dominguez III said there’s a need for the Asian Development Bank (ADB) and World Bank (WB) to coordinate efforts and explore their “complementarities” to accelerate sustainable development in the Asia-Pacific Region.

Secretary Dominguez, on behalf of the Philippines said during the Association of Southeast Asian nations (ASEAN) 23rd Finance Ministers’ Meeting held recently that close coordination between the two multilateral institutions would help remove duplications in their functions and help them respond more effectively to the region’s financing needs.

Aside from the Philippines, according to the Department of Finance statement released today, Cambodia and Vietnam also called on the ADB and World Bank to work in synergy and complement their efforts in alleviation poverty in the region.

“From the point of view of the governor of both institutions, I don’t see the necessity for spending so much overhead in duplicating the offices of both ADB and the World Bank around the region.  From the point of view of the client, why do we have to deal with two bureaucracies for the same purposes,” Dominguez said.

He then suggested on behalf of smaller countries, “that ADB and World Bank consider becoming more closely coordinated.”  He explained both should look for areas where they can cut their own internal costs in servicing the other needs of ASEAN.

Secretary Dominguez represents the Philippines in the Governors’ Boards of both the ADB and the World Bank.

He made the remarks after both the ADB and World Bank made their respective presentations on their financing programs in the region.

At the recent finance ministers’ meeting in Chang Rai, Thailand, World Bank Acting Chief Economist for East Asia and Pacific Andrew Mason talked about their partnership and financing support for sustainable development in the region while ADB President Takehiko Nakao presented the bank’s innovative financing approaches for sustainable infrastructure in ASEAN.

Secretary Dominguez expressed his thanks to both the ADB and the World Bank for helping the Philippines develop new reform policies and secure infrastructure financing support for its “Build, Build, Build” program.

During an earlier phone conversation with former United States Treasury Undersecretary and now World Bank President David Malpass in February, Mr. Dominguez told him that a close collaboration between the World Bank and the ADB will enable both institutions “to build on each other’s strengths.”

He added the Philippines supported Malpass’ nomination as World Bank president as his tenure would be a good opportunity to work closely with the ADB.  

(ASIA PACIFIC DAILY)