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ADB's Nakao meets with Philippines' Duterte, pledges more support for new administration

Xinhua, July 13, 2016 Adjust font size:

Asian Development Bank President Takehiko Nakao met Wednesday with Philippine President Rodrigo Duterte, pledging more support to the new administration's efforts to promote sustainable growth, reduce poverty and increase transparency in government affairs.

A statement issued by the Manila-based bank said Nakao expressed "strong commitment" to supporting the government's 10-point economic agenda during his meeting with Duterte.

"ADB will work closely with the new administration to help institute a more progressive tax system and effective tax administration," read the bank's statement.

The statement said the bank will also help the new administration "increase competitiveness in doing business" and speed up infrastructure development with public-private partnership playing a key role.

It said the bank also committed to help the Duterte administration in promoting rural development and value chains, invest in human capital such as health and education and strengthen social protection including through conditional cash transfers.

"High priority will be given to supporting peace and development in Mindanao via road infrastructure rehabilitation, promotion of small-and-medium-sized enterprises, and local government capacity building," the statement read.

It added, "ADB is collaborating with the Mindanao Development Authority, the Autonomous Region in Muslim Mindanao, and the Bangsamoro Development Agency, and other stakeholders."

In the first half of 2016, the statement said ADB approved loans for the Philippines amounting to 583 million U.S. dollars for conditional cash transfers, water transmission improvement to Metro Manila and the vicinity, and water supply development in various municipalities.

"ADB is preparing 770 million U.S. dollars in additional loans for the rest of the year, related to youth employment, local government financial management, and road improvement in Mindanao," the statement said.

Based on further discussions with the new administration, it said ADB is ready to make additional increase to assistance in the coming years.

"ADB will also look for opportunities to increase its non-sovereign operations like loans, equity investment, and guarantees to the private sector," it said.

Nakao "commended Duterte's early efforts to consult the private sector, civil society, and other partners to ensure level playing for all businesses, and uplift the lives of poor Filipinos, a fourth of the country's population.

"I was very impressed with President Duterte's clear messages on building confidence on public service delivery, respecting contracts and transactions already approved and awaiting implementation, removing red tape, and fighting corruption," Nakao said. Endit