Senate OKs AIIB ratification

ABS-CBN News

Posted at Dec 05 2016 11:19 PM | Updated as of Dec 06 2016 01:08 AM

MANILA - The Senate on Monday approved the ratification of the Articles of Agreement of international financial institution Asian Infrastructure Investment Bank (AIIB).

The Senate passed on third reading Senate Resolution No. 241, sponsored by Senate Committee on Foreign Relations Chairman Alan Peter Cayetano and co-sponsored by Senator Loren Legarda, who chaired the Senate Subcommittee on the AIIB ratification.

Twenty senators voted to approve the ratification. Senator Risa Hontiveros cast the lone negative vote.

In the resolution, the Senate said it should embrace and support any institution "that will promote human development, accelerate economic and social progress, and further good relations with neighboring nations."

“The Agreement considers the importance of regional cooperation to sustain growth and promote economic and social development of the economies in Asia and thereby contribute to regional resilience against potential financial crises and other external shocks in the context of globalization,” the resolution said. 

According to the AIIB, it is a "modern knowledge-based institution, which will focus on the development of infrastructure and other productive sectors in Asia, including energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics" among others.

The AIIB was founded by 57 member-states, including China, India, Russia, France, Germany and the United Kingdom. The Philippines signed the Articles of Agreement of the Asian Infrastructure Investment Bank on December 31, 2015 in China. - with a report from Adrian Ayalin, ABS-CBN News

President Rodrigo Duterte ratified the agreement on October 19, 2016 and submitted the same to the Senate for concurrence, pursuant to the 1987 Constitution.