Philippines to join new China-led development bank

Manila, Rabi’I 19, 1437, Dec 30, 2015, SPA — The Philippines will join a China-led financial
institution aimed at supporting infrastructure projects in Asia and
the Pacific, dpa quoted the government as saying Wednesday.

President Benigno Aquino gave the Department of Finance the authority
to sign the membership agreement for the Asian Infrastructure
Investment Bank (AIIB) before the deadline on Thursday.

“AIIB is a promising institution addressing investment needs, and
will help close financing gaps in many countries,” Finance Secretary
Cesar Purisima said.

The Philippines will be the last among 57 prospective founding
members to sign the agreement, which entered into force on December
25.

Under the agreement, the Philippines must contribute 196 million
dollars, payable in five years, as paid-in capital. The
Beijing-headquartered AIIB’s total capital stock is 100 billion
dollars.

–SPA
12:17 LOCAL TIME 09:17 GMT