|Ryan General |||Dec 31, 2015 11:00 AM EST|
(Photo : Gettyimages) The Philippines is set to join other AIIB members such as the UK, Singapore, Australia, Germany, and South Korea.
The Philippines on Wednesday announced that it would join the China-led Asian Infrastructure Investment Bank (AIIB) before the year-end deadline for founding members.
The Philippines' Department of Finance proclaimed in a statement that the country is planning to sign the Articles of Agreement (AOA) of the Asia Infrastructure Investment Bank soon, listing the country as one of the members of the newly-created financial institution which aims to boost infrastructure development and connectivity among its members.
Like Us on Facebook
President Benigno Aquino reportedly gave permission to Finance Secretary Cesar Purisima to sign the AIIB Articles of Agreement. If the country is able to sign before the end of 2015, the Philippines will be listed among the AIIB's founding members.
The Philippines is set to become one of the 57 prospective founding countries of the AIIB. The AIIB agreement was ratified on Christmas Day with the cooperation of 17 initial countries.
A few days earlier before the Philippines gave its confirmation, there was almost no sign that the country will join the China-backed multilateral bank, which is poised to rival the US-supported World Bank and even the Japan-led Asian Development Bank.
The AIIB is reported to have a total paid-in capital of $20 billion and an authorized capital of up to $100 billion. The US and Japan are among those who opted out of the AIIB. The Philippines has chosen to join the AIIB despite its continued dispute with China over territories in the South China Sea.
The Philippines is set to join other AIIB members such as the UK, Singapore, Australia, Germany, and South Korea.
©2015 Chinatopix All rights reserved. Do not reproduce without permission
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
China Pork Prices Expected to Stabilize As The Supplies Recover
Elephone P9000 Smartphone is now on Sale on Amazon India
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?