MANILA -- The Philippines has decided to hold off on joining the China-led Asian Infrastructure Investment Bank.
National Treasurer Roberto Tan said Manila will not sign on as an AIIB founding member at a ceremony Monday in Beijing. "We will just observe the ceremonies and attend the ministerial meeting," he told the Nikkei Asian Review over the weekend.
Tan said countries have until year-end to commit as founding members of the bank, which some see as a rival to the Manila-based Asian Development Bank.
The Philippines was among the 57 prospective members of the Beijing-based bank. But over the weekend, officials did not elaborate on why they have opted for delay.
Finance Secretary Cesar Purisima has said the Philippines will not rush to join. And President Benigno Aquino said earlier this month that Manila was "very, very cautious" about joining the AIIB, which has China as its top shareholder.
"I think it behooves our sense of fiscal responsibility to look at how the governance structure of the AIIB will be, so that the economic help that is supposed to be afforded will not be subjected to vagaries of politics between our countries and the lead proponent," Aquino said at a Nikkei event in Tokyo on June 3.
Manila is embroiled in territorial disputes with Beijing over some islands in the South China Sea.
The Philippines has brought the dispute to a United Nations arbitral tribunal. Aquino has also rallied international support against China's massive island-building activity in the South China Sea and moved to improve security ties with the U.S. and Japan, drawing the ire of Beijing.
MANILA -- The Philippines has decided to hold off on joining the China-led Asian Infrastructure Investment Bank. National Treasurer Roberto Tan said Manila will not sign on as an AIIB founding member at a ceremony Monday in Beijing. "We will just observe the ceremonies and attend the ministerial meeting," he told the Nikkei Asian Review over the weekend. Tan said countries have until year-end to commit as founding members of the bank, which some see as a rival to the Manila-based Asian Development Bank. The Philippines was among the 57 prospective members of the Beijing-based bank. But over the weekend, officials did not elaborate on why they have opted for delay. Finance Secretary Cesar Purisima has said the Philippines will not rush to join. And President Benigno Aquino said earlier this month that Manila was "very, very cautious" about joining the AIIB, which has China as its top shareholder. "I think it behooves our sense of fiscal responsibility to look at how the governance structure of the AIIB will be, so that the economic help that is supposed to be afforded will not be subjected to vagaries of politics between our countries and the lead proponent," Aquino said at a Nikkei event in Tokyo on June 3. Manila is embroiled in territorial disputes with Beijing over some islands in the South China Sea. ฟิลิปปินส์ได้นำข้อโต้แย้งไปยังศาล arbitral สหประชาชาติ Aquino ยังมีเพื่อสนับสนุนระหว่างประเทศกับจีนใหญ่เกาะอาคารกิจกรรมในทะเลจีนใต้ และย้ายเพื่อปรับปรุงความสัมพันธ์ทางทหารกับสหรัฐอเมริกาและญี่ปุ่น วาด ire ของปักกิ่ง
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