New World Bank President 2012

The Philippines is supportive of whoever will be the next President of the World Bank (WB) as the multilateral lender is now implementing more inclusive process in selecting its next chief.

Finance Secretary Cesar Purisima told reporters Tuesday that Philippine officials are not focusing on who they would support to be the next WB chief but rather are focusing on the process of choosing the next WB leader.

“We believe that the process must be inclusive rather than exclusive… And whoever wins we’ll work with them, we’ll support them,” he said.

Leaders from emerging economies are pushing for more participation in multilateral institutions as these economies continue to surpass the major economies in terms of its role in driving global growth.

In the past, leaders of WB as well as the International Monetary Fund (IMF) have come from major economies such as US and Europe. Thus, some are pushing for the appointment of a leader from central America and Asia.

Purisima said US’ candidates for the next WB chief is a Korean-American while the other candidates come from Columbia and other third world countries.

He declined to name who the Philippines will support pointing out that “it’s time for the best candidate to win and the process must be inclusive.”

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