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Updated 11:29 AM EDT, Tue, Jun 16, 2020

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Philippines to Join China-Led Asian Infrastructure Investment Bank

Philippines Joins China-led

(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.

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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.

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