President of the Philippines Mr. Rodrigo Duterte awarded outgoing Asian Development Bank (ADB) President Mr. Takehiko Nakao the Order of Sikatuna, the Philippines’ highest civilian recognition, with the rank of Grand Cross, or Datu, Gold distinction, at Malacañan Palace today.
“At the helm of the ADB, Mr. Nakao has proven to be a true partner of the government in its pursuit of sweeping reforms and ambitious development programs to bring about President Duterte’s goal of liberating Filipinos from poverty and transforming the Philippines into an upper-middle-income economy on his watch,” said Philippine Finance Secretary and ADB Governor Mr. Carlos G. Dominguez. “Under Mr. Nakao’s leadership, the ADB has demonstrated its full confidence in the Duterte presidency’s capability to carry out a comprehensive development strategy for rapid and inclusive growth by raising its lending commitment to the Philippines for programs geared toward closing the country’s infrastructure gap, enhancing the local business climate, promoting countryside development, and achieving lasting peace in Mindanao.”
The Order of Sikatuna was established in 1953 by former President of the Philippines Mr. Elpidio Quirino as the country’s national order of diplomatic merit. It is given to individuals who have rendered exceptional services to the Philippines in developing and strengthening relations with the country.
“I receive this award with my deepest gratitude to President Duterte, Secretary Dominguez, the Government of the Philippines, and its people,” said Mr. Nakao. “As our host country since ADB’s establishment in 1966, the government’s support of ADB over the years has been essential to the success of our operations throughout Asia and the Pacific. ADB has been a strong development partner of the Philippines since the country became a founding member, with our support considerably expanding in the last three years.”
Mr. Nakao also mentioned the highly successful 2018 ADB Annual Meeting hosted by the Government of the Philippines. “For the event, I worked closely with Secretary Dominguez, who served as Chairman of ADB’s Board of Governors. I benefited from the valuable advice from the Secretary about how to make the Annual Meeting more focused and efficient,” he said.
Mr. Nakao assumed office as ADB President on 28 April 2013. Under his leadership, ADB operations in the Philippines have grown significantly. ADB has been supporting the Duterte administration’s “Build, Build, Build” (BBB) program and the 10-Point Socioeconomic Agenda including rural development and investment in human capital. ADB’s sovereign lending to the Philippines reached a record high of $2.5 billion in 2019, building on $1.4 billion in 2018, compared with an annual average lending commitment of about $800 million in previous years. ADB has also provided knowledge support to the government on its tax reform initiative and K-to-12 extention of school years up to senior high school (from 10 years).
In 2019, about half of ADB’s assistance financed the first phase of the Malolos–Clark Railway Project, one of the government’s major infrastructure investments under BBB. ADB’s support for the project, which is expected to be partially operational in 2022, will total $2.75 billion, making it ADB’s largest project financing in Asia to date. Construction work is expected to begin in the second quarter of 2020.
The new Philippines Country Partnership Strategy for 2018–2022, designed under Mr. Nakao’s leadership, paves the way for providing considerably larger assistance to the country. ADB’s planned assistance through 2022 includes a significant number of major infrastructure projects, such as railways, bridges, flood risk management, and irrigation. In addition, ADB will support the government’s Bangsamoro peace process through lending and technical assistance. ADB will also support policy reforms to improve the country’s investment climate, public financial management, and local economic development.
Mr. Nakao will step down as ADB President on 16 January. He will be succeeded on 17 January by Mr. Masatsugu Asakawa, Vice Minister of Finance for International Affairs of Japan until July 2019.