JDV seeks ADB support for Asian Anti-Poverty Fund

House Speaker Jose de Venecia Jr. and the country’s economic managers will meet with Asian Development Bank (ADB) officials to discuss funding support for the proposed Asian Anti-Poverty Fund.

The lawmaker said it would be beneficial to the fund if ADB would support it. Aside from financial assistance, De Venecia said the multilateral agency could likewise share resources. "We would like the headquarters of the fund to be there (ADB)," he said.

The fund, aimed to help Asian countries deal with a possible financial crisis, have been gaining support from more countries as a total of three nations have already approved its creation.

De Venecia said aside from the Philippines, Iran and South Korea have already approved the anti-poverty fund geared towards helping economies in the Asian region cope with potential financial challenges, create more appropriate jobs and create social wealth.

"This is to be a capital fund from which Asia’s micro-lending institutions would draw to generate jobs and livelihood programs," he said.

"Micro-lending programs are for easing mass-poverty," he added

According to De Venecia, he has already persuaded some members of the country’s economic team namely, Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr., Finance Secretary Margarito B. Teves, Energy Secretary Raphael Lotilla and Trade Secretary Peter Favila to speak with the ADB president on the matter.

Bangladeshi Nobel Peace Prize winner Mohammad Yunus is being eyed as first president of the fund. Yunus heads the hugely-successful Rahmin Bank which is credited for providing funds to microenterprises.

"I suggested Yunus be considered to manage the fund, at least during the formative years, to develop and strengthen a network of microfinance banks or funds in all the poor countries of Asia," he explained.

He noted that a strong alliance is necessary because in spite of the East Asian miracle, wherein countries like China and Korea have experienced economic boom, great numbers still live in the most difficult conditions in the urban and rural slums of Asia.

De Venecia said the fund will have a seed money of $150 million to $250 million. Aside from seeking assistance from multilateral agencies like ADB, he said the fund will also be capitalized by subscriptions from the Asian states, international lenders, donor countries and private sector hedge funds.