World Economy

Philippines to Join AIIB

Philippines to Join AIIBPhilippines to Join AIIB

After months of holding out, the Philippines on Wednesday said it would join the China-led Asian Infrastructure Investment Bank before a year-end deadline for founding members, Bloomberg reported. The Southeast Asian nation will sign the AIIB’s articles of agreement before Dec. 31, the government said in a statement. The Philippines said its indicative paid-in capital would be $196 million, payable over five years. The Philippines is among several countries involved in territorial disputes with China in the South China Sea, just as the region grows increasingly reliant on Asia’s biggest economy for trade.