Malacanang on PHL Membership to AIIB: We have Until December ’15 to Decide

A Palace official on Monday maintained that the country is not in a hurry to join the China-led Asian Infrastructure Investment Bank (AIIB) but will continue to use the remaining months of the year to study the necessity of joining the new development bank.

“We have until December to decide,” Presidential Spokesman Edwin Lacierda told PNA in a text message.

Officials from 50 countries signed on Monday the AIIB Articles of Agreement but this excludes the Philippines.

Citing a message from Finance Secretary Cesar Purisima, the Malacanang executive said six other countries have not signed with the AIIB and these are Denmark, Kuwait, Malaysia, Poland, South Africa, and Thailand.

Earlier in the day, the Department of Finance (DOF), in a statement, said the country “remains a prospective founding member” of AIIB.

“As the deadline to sign is on December 2015, the Philippines is taking the time given to prudently consider its membership,” it said.

“Not signing today does not preclude us from signing before the aforementioned deadline,” it added.

The Philippines is among the countries that signed a bill in October 2014 that established AIIB, which is focused on boosting infrastructure projects in the region.

The Philippine government targets to increase infrastructure spending to account to five percent of gross domestic product (GDP) by 2016 to ensure that infrastructure requirements of the economy, which has been posting strong growth in recent years are met. (PNA) LGI/JS/EDS