The Philippines will join a China-led financial institution aimed at supporting infrastructure projects in Asia and the Pacific, dpa quoted the government as saying Wednesday. President Benigno Aquino gave the Department of Finance the authority to sign the membership agreement for the Asian Infrastructure Investment Bank (AIIB) before the deadline on Thursday. "AIIB is a promising institution addressing investment needs, and will help close financing gaps in many countries," Finance Secretary Cesar Purisima said. The Philippines will be the last among 57 prospective founding members to sign the agreement, which entered into force on December 25. Under the agreement, the Philippines must contribute 196 million dollars, payable in five years, as paid-in capital. The Beijing-headquartered AIIB's total capital stock is 100 billion dollars.
