Ph eyes to work with AIIB on infra projects

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

Dominguez congratulated AIIB president Jin Liqun and lauded 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 recent media interview on the sidelines of the 2nd annual AIIB meeting held in Jeju Island in the Republic of Korea.

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

In an earlier interview, Dominguez said the Philippines is awaiting the Bank’s approval of the P23.46 billion for the Metro Manila Flood Control Management project, which is listed among the proposed projects in the AIIB website, with its planned cofinancing with the World Bank.

The first phase of the 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.