Follow us on:   

Despite US pressure, Philippines to sign on to new China-led bank
December 30, 2015, 5:22 am

Philippine President Benigno Aquino (L) shakes hands with China's President Xi Jinping as he arrives for the Asia-Pacific Economic Cooperation (APEC) summit in Beijing in 2014 [Xinhua]

Philippine President Benigno Aquino (L) shakes hands with China’s President Xi Jinping as he arrives for the Asia-Pacific Economic Cooperation (APEC) summit in Beijing in 2014 [Xinhua]

Days after the China-led Asian Infrastructure Investment Bank was formally launched, the government of Philippines said it will sign on to the bank’s articles of agreement before the end of the year.

Despite the opposition of Washington, Philippines, a major US ally in the region, has joined the new lender.

“The Republic of the Philippines will be signing the Articles of Agreement (AOA) of the Asia Infrastructure Investment Bank before year-end, joining the newly created multilateral institution aimed at boosting infrastructure development and connectivity,” the Department of Finance (DOF) in Manila said in a statement.

The announcement came two days before the deadline for prospective founding members to sign on the charter of the AIIB. Founding members include the BRICS, half of the European Union and all of the Asian bloc, ASEAN.

The Philippines has a dispute with China over territorial claims in parts of the South China Sea.

It has taken its case to the Permanent Court of Arbitration in the Hague, but China has declined to take part.

Philippine Vice President Jejomar Binay has said he wants the country to be a member of the China-backed bank because it will spur more investment and employment in his country.

The country’s indicative paid-in capital will be $196 million payable in five years, or $39 million per annum, said a government statement on Wednesday.

The Banks’ board of directors and executive council will meet for the first time from Jan. 16 to 18 in Beijing.

The bank, headquartered in Beijing, now has 57 members, that includes Germany, France, Italy, and the UK. It is expected to name its first lending projects in mid-2016.

The China-backed multilateral development institution is tasked with financing infrastructure development across Asia.

With an authorized capital of $100 billion, the AIIB will finance infrastructure projects like the construction of roads, railways, and airports in the Asia-Pacific Region.

The ADB has estimated that in the next decade Asian countries will need $8 trillion in infrastructure investments to maintain the current economic growth rate.

The AIIB will extend China’s financial reach and compete not only with the World Bank, but also with the Asian Development Bank, which is heavily dominated by Japan.



5 Responses to Despite US pressure, Philippines to sign on to new China-led bank

  1. Ed Carl Reply

    January 1, 2016 at 8:58 am

    This is great step forward for humanity because it reflects the principle of the General Welfare of the nations and our posterity, inserted into the U.S. Constitution by revolutionary anti-Imperialist Alexander Hamilton and his allies who favored fostering industrial and scientific progress to uplift human beings condition while advancing their creative powers and increasing the focus on creating new discoveries to advance our species self-conception of our relationship to the universe. Public sources of key credit to be issued for promoting this intention of fostering the General Welfare, is what separates a true republic, within a universal development mission, from the source of oligarchical policies which seek to prevent the physical economic progress of humanity.

    Too bad America has been besieged for so long by the anti-Hamiltonian, anti-progress anti-human ideology of monetarism as an instrument of control through debt and usury, an ideology seeking to destroy any public credit insitution from taking back this power to create progress from the now bankrupt and failed private trans-Atlantic banking quasi-dictatorship. USA has had brief glimpses of a truly American revolutionary policy under a too few good Presidents like George Washington, Abraham Lincoln, Franklin Delano Roosevelt, who struggled to fulfill this mandate to serve humanity’s common future interests rather then the blind greed and rapaciousness too sadly characteristic of American policy under the British Empire allied poor choices of a confused electorate.

    USA must join the BRICS path forward in order to return it its own true principles and turn away from the rampant corruption of the money laundering criminal associations some still call banks on Wall Street, Fleet Street, and other centers of “high” finance still today. Isn’t 300 years of British banking directed genocide enough?

    Thank you Philippines and thank you China for this beautiful pro-progress initiative!

    An American eagle.

    • Jason Johnson Reply

      January 3, 2016 at 4:37 am

      Outstanding Ed

    • Sandy B Reply

      January 5, 2016 at 1:21 am

      FDR is not in the same class as George Washington. Franklin Delano Roosevelt began the slide into the loss of liberty we have today. He confiscated gold, and instituted social security, which gave the ESF hidden funds which have funded all the covert wars. He was no hero, but most Americans don’t know how much FDR damaged the US. He helped the banksters. But, this action by the Philippines is remarkable! Bravo to Acquino! According to some sites, the hurricanes in the Philippines were produced by US HAARP to keep them in line with American policy.

    • pilipino Reply

      January 10, 2016 at 1:49 am

      That’s it Ed.
      You really hit the core of mankind system of sustainable creativity of development.


  2. wes Reply

    January 2, 2016 at 12:08 am

    Nice comment Ed. I agree it is a huge step for Humanity, as was the opening of the AIIB, and the BRICS dev bank. It is sad however that most of humanity here in the west have yet to hear about any of it.

Leave a Reply to pilipino Cancel reply

Your email address will not be published. Required fields are marked *

Anti-Spam * Time limit is exhausted. Please reload the CAPTCHA.