Philippine Senate approves AIIB treaty

MANILA - The Senate on Monday voted 20-1 to approve the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB), according to Senator Loren Legarda on Tuesday.

Legarda, who sponsored the Committee Report on the AIIB Treaty, hailed the Senate's approval of the Agreement, stressing that the Philippines' membership to the AIIB would help achieve its growth targets through accelerated infrastructure spending.

"Infrastructure bottlenecks have stifled our growth potential for many years. More investment is required not only to build new projects but also to maintain existing infrastructure. The AIIB can broaden our infrastructure funding sources," said Legarda.

The AIIB is a multilateral lending institution aimed at promoting economic development in Asia.

The AIIB's 57 members include China, India, Russia, France, Germany and Britain.

The Philippines signed the Articles of Agreement on Dec 31, 2015 in China.