PH seeks AIIB funds for infra

Finance Secretary Carlos Dominguez III said the Duterte administration was looking forward to working closely with the China-initiated Asian Infrastructure Investment Bank (AIIB), which he said had already made “great strides” in providing financial support to its partners, even if it has been in operation for just two years.

The Philippines is waiting for AIIB’s approval of its co-funding with the World Bank of the P23.5-billion Metro Manila Flood Control Management Project.

It has also presented for possible co-financing the P37.8-billion Edsa Bus Rapid Transit system, which is partly funded by the Asian Development Bank.

The first phase of the flood control project, which was approved by the Investment Coordination Committee and National Economic and Development Authority in September last year, includes the rehabilitation of 36 pumping stations in Metro Manila and the construction of 20 new ones in Manila, Pasay, Pasig, Mandaluyong, San Juan, Caloocan. Valenzuela and Quezon City.

“We look forward to working with them and of course benefiting from loans and grants from the AIIB,” said Dominguez, who attended the AIIB meeting for the first time as a member of its board of governors.

In a statement, Dominguez congratulated AIIB president Jin Liqun and noted the AIIB’s “excellent” record in financing projects, as well as its organizational efficiency and keen focus on poverty reduction.

“I’m very happy to note that they have made great strides and in fact have lent more on their own than in partnership with others. It’s something like 55-45 percent right now, and I think it’s an excellent record for a bank so young,” said Dominguez in a media interview on the sidelines of the 2nd annual AIIB meeting in Jeju Island in Korea.

The Philippines became a full member of AIIB in December last year.

“I’m very happy that we joined, this is a very dynamic organization. I must congratulate AIIB President (Jin Liqun) for bringing the organization so far, so fast [in just two years of its existence],” he said.

According to the DOF, Jin highlighted during the meeting the importance of “well integrated infrastructure and enhanced connectivity” of Asia to the rest of the world in securing global economy gains.

As of this year, AIIB’s membership increased to 80 from 57 during its first year of operation in 2016.

The bank has also approved loans amounting to over $1.7 billion to help fund infrastructure projects in countries like Pakistan, Bangladesh, Indonesia and Myanmar last year. —FRANCES JOSEPHINE ESPESO