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Philippines
Tuesday, March 19, 2024

PH backs Malpass as World Bank head

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The Philippines supported the nomination of United States Treasury Undersecretary David Malpass as the new president of the World Bank, saying his leadership will be a good opportunity for the multilateral institution to work closely with the Asian Development Bank.

Finance Secretary Carlos Dominguez III said with Malpass leading reforms at the World Bank, the close collaboration with ADB would be the best answer to respond to the global financial reform agenda in the Asia-Pacific region. This will also allow both institutions to build on each other’s strengths.  

Dominguez said that the center of gravity had shifted decisively to Asia whose economies emerged as the principal engines of growth in the global economy. 

He said the World Bank and ADB have a good opportunity to collaborate closely in the Asia-Pacific region given ADB’s “operational efficiencies and strong balance sheet, its in-depth knowledge and understanding of the region and the culture of its people because of its proximity, its sensitivity to the unique development needs of the region, and as a trusted brand in infrastructure finance.”

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