Aquino wants to ensure China-led AIIB isn't prone to politics

President Benigno Aquino III on Wednesday said the Philippines is still studying a proposal to join the China-led Asian Infrastructure Investment Bank (AIIB).

 

In a briefing with Japanese reporters during his state visit to Japan, Aquino said he particularly wants to make sure the AIIB will not fall prey to conflicts between China and other countries.

 

“I think it behooves our sense of fiscal responsibility to look at how the governance structure of the AIIB will be, so that the economic help that is supposed to be afforded will not be subjected to vagaries of politics between our countries and the lead proponent,” Aquino said.

 

The President nevertheless admitted the Philippines has “tremendous infrastructure needs.”

 

“We are studying the invitation to join the AIIB, and we have to determine whether or not it is a net positive or not,” he added.

 

Aquino also cited a million-dollar loan granted by China to former President Gloria Macapagal-Arroyo’s administration, which he said “was neither concessional nor helpful to our country.”

 

Last year, China launched the AIIB, which is seen to rival multilateral lenders such as the World Bank and the International Monetary Fund.

 

The Philippines and China are currently locked in territorial dispute over parts of the South China Sea. Manila has already sought international arbitration to resolve the sea row. – Andreo Calonzo/VS, GMA News