MANILA - The benefits of the Philippines joining the China-led Asian Infrastructure Investment Bank (AIIB) outweigh the cost of doing so, National Treasurer Bobby Tan said.

Tan said as a founding member of AIIB, the Philippines will have a seat in the board of directors, which will decide on policies and projects that will be financed by the bank.

Tan added that efficiencies gained from improved infrastructure will be felt by ordinary people.

He also said the membership fee of $200 million over five years will be programmed in the national budget.

But Tan admits that the country's involvement in the bank is not a done deal yet because it has to be ratified by the Senate. -- ANC