MANILA, Philippines – The China-led Asian Infrastructure Investment Bank (AIIB) will help in the fulfillment of President Duterte’s 10-point socio-economic agenda and enable the Philippines to improve infrastructure in the country for rapid and inclusive economic growth, the Department of Foreign Affairs (DFA) said.
The Senate gave its concurrence to the ratification of the Articles of Agreement (AoA) of the AIIB, which allows the Philippines to become a full founding member of the bank, one of 57 other founding member countries.
The AIIB is a multilateral development bank and currently has 57 member countries including all ASEAN states, China, Russia, Germany and the Kingdom of Saudi Arabia.
The China-led AIIB aims to foster economic development and regional connectivity in Asia by promoting infrastructure development in developing countries in the region.
AIIB’s mandate allows it to finance infrastructure projects of member countries in Asia in various areas such as urban development, energy and power, transport and telecommunications, and rural infrastructure and agriculture development.
The Philippines’ membership in the AIIB provides a platform and opportunity for the country to enhance regional cooperation, the DFA said.
“More significantly, AIIB will supplement the sources for infrastructure funding such as the Asian Development Bank (ADB), World Bank (WB), and other multilateral financial institutions to help in the fulfilment of the President’s 10-point socio-economic agenda, and enable the Philippines to improve infrastructure in the country for rapid and inclusive economic growth,” the DFA said.
11 December 2016
By Pia Lee-Brago
