The Philippine Senate has approved the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) with a vote count of 20-1, said Senator Loren Legarda on Tuesday.
Hailing the senate's approval of the agreement, Legarda, who sponsored the Committee Report on the AIIB Treaty, said that the agreement would help the country achieve growth targets through accelerated infrastructure spending as a member of the AIIB.
"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," Xinhua news agency quoted Legarda as saying.
AIIB is an international financial institution which was proposed as an initiative by the government of China. It aims at promoting economic development in Asia.
The bank has 57 member states including China, India, Russia, France, Germany and Britain.
The Articles of Agreement of AIIB was signed by Philippines in China on December 31, 2015.
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