Finance Secretary Carlos Dominguez said the plan to ratify participation in the China-led Asian Infrastructure Investment Bank (AIIB) has not changed. The Philippines became a signatory to the agreement last year under president Benigno Aquino III and has up to December 31 to ratify the same.
This is despite the current political tensions between China and the Philippines after the international arbitration tribunal ruling on the South China Sea dispute.
Concerns have emerged regarding the implications of the ruling over Philippine membership, but AIIB said that it will maintain impartiality. Song Liyan, the organization’s senior communications officer, said that the AIIB is an apolitical organization and will provide finance for any member. Song quoted Article 31.2 of the AIIB agreement on the non-interference in political affairs of other members.
In his email, Song said that only economic considerations will be relevant in the organization’s decision and that its lending rules will not be affected by the South China Sea ruling.
