Philippines to join China's AIIB as founding member just before deadline

The Philippines has announced it will join the Asian Infrastructure Investment Bank shortly before a year-end deadline to become a founding member of the China-led institution, Bloomberg reported, citing a statement from the government in Manila. As recently as a few weeks ago policymakers were undecided about joining the US$100 billion development bank, according to the Manila Bulletin, which cited comments by Finance Secretary Cesar Purisima. The country remains at loggerheads with China over the latter’s territorial claims in the South China Sea, but said its indicative paid-in capital for the AIIB would be US$196 million, payable over five years.