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MANILA, Philippines, March 30, 2020 /PRNewswire=KYODO JBN/ --

Finance Secretary Carlos Dominguez III of Department of Finance, Republic of

the Philippines has urged his fellow governors at the Asian Development Bank

(ADB) to empower its President Mr. Masatsugu Asakawa with more discretion in

undertaking measures to address the health emergency associated with the novel

coronavirus (COVID-19) and any resulting economic fallout.

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In a letter to his fellow ADB governors, Dominguez said providing President

Asakawa with some leeway, "within reasonable limits" in handling the

institution's budget and approving crisis-related initiatives will go "a long

way in ensuring that timely and decisive action is taken by the Bank in

fighting the COVID-19 and the economic fallout that will follow."

"Now more than ever, we, the Board of Governors of the ADB, should do our part to support

the ADB Management in ensuring that its avowed functions are carried out with utmost

efficiency and effectiveness. I therefore call on my fellow Governors  to empower our trusted

ADB President and the Bank's Management to work alongside  the governments of developing

member-economies in dealing with the crisis in a highly responsive manner," Dominguez said

in his emailed letter sent to the other 67 governors of the Bank.

A copy of the letter was also furnished President Asakawa.

"Extraordinary times call for extraordinary measures. A certain degree of

discretion ought to be provided to the President on administrative matters,

such as allocating the Bank's budget and authority to approve crisis-related

programs and projects, within reasonable limits," Dominguez added.

Dominguez pointed out that the global health crisis spawned by the COVID-19 has

compelled governments to rethink their priorities and "force a paradigm shift

in the way they deal with global concerns".

Amidst and after this crisis, Dominguez said the ADB needs to "stand taller"

among the other development institutions.

"This will require us, the Board of Governors of the ADB, to take bold action

to realize that vision," he said.

Radical steps are needed to defeat COVID-19, Dominguez said the ADB's array of

decisive measures carried out since early February under President Asakawa

proves that strong leadership translated into actions can "spell a difference

in the lives of many".

"Amongst international financial institutions, the ADB is at the forefront of

decisive measures to help defeat COVID-19," Dominguez said.

On top of providing a US$6.5 billion assistance package to its member-economies,

along with grants and a private sector loan, the ADB also kept the public regularly

informed with its timely economic analysis of the impact of COVID-19, and continues

to dialogue with international organizations and development partners on crafting

global solutions to the virus-induced crisis, Dominguez noted.

"It is in these challenging times that we find the ADB Board of Directors and

Management working closely, with swiftness and fierce determination, and

leading with clear guidance and direction," he said.

Dominguez thanked President Asakawa and the ADB Board, Management and Staff for

"working tirelessly and responding swiftly to the needs of developing

member-economies struggling with containing the spread of the virus".

In the Philippines, Dominguez said the government is taking aggressive steps to

ensure the safety of its people and mitigate the health, economic, and social

impacts of COVID-19.

"While the immediacy of addressing the health impacts of COVID-19 is upon us,

the bigger challenge facing governments and leaders now is how we can

collectively address the inevitable economic fallout that will result from this

pandemic," Dominguez said.

SOURCE: Philippine Department of Finance