21 November 2014 - Department of Finance (DOF) Undersecretary Gil S. Beltran represented the Philippines during the signing ceremony of the Memorandum of Understanding (MOU) on Establishing the Asian Infrastructure Investment Bank (AIIB) among Prospective Founding Members, held at the Great Hall of the People in Beijing on October 24. 

Other prospective founding members include  Bangladesh, Brunei Darussalam, Cambodia, China, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan, and Vietnam. 

The AIIB, an initiative of China which was announced on separate occasions by Chinese President Xi Jinping and Premier Li Keqiang in October 2013, is envisioned to be an inter-governmental regional development financial institution which aims to support infrastructure and regional economic development. 

The prospective founding members will work towards concluding the Articles of Agreement (AoA) and, thereafter, the development bank’s start of operations in 2015. END