Philippines Wants to Join China-led AIIB to Attract Chinese Investment


Chinese Prime Minister Li Keqiang (left) and Philippine President Rodrigo Duterte link arms during the Asean Plus Three summit on September 7 in Vientiane, Laos. Photo: AP

Chinese Prime Minister Li Keqiang (left) and Philippine President Rodrigo Duterte link arms during the Asean Plus Three summit on September 7 in Vientiane, Laos. Photo: AP

SCMP says in its report “Philippines open for business with China, says finance minister” yesterday, “The Philippines’ new government plans to court Chinese investment to fund an ambitious infrastructure programme, the latest sign of warming ties between the two nations that have been at loggerheads over territorial claims in the South China Sea.”

According to SCMP, Philippine Finance Secretary Carlos Dominguez said the government will seek Philippine senate’s approval for joining China-led Asian Infrastructure Investment Bank to get a big source of funding for infrastructure spending.

The US offers the Philippines military protection but fails to help the Philippines enforce Hague arbitration ruling favorable to it. The Philippines wants to entirely get the resources in the area of dispute with China with full exclusion of China’s rights and interests, but can get nothing without US help. The US is not able or willing to give it the help it needs. What is the use of the alliance between the US and the Philippines?

China, on the other hand, can give the Philippines financial help for its ambitious infrastructure program. As for Philippines’ interests in the disputed area in the South China Sea, the Philippines may get its share of rights and interests if it has mended its ties with China. Otherwise, it simply can get nothing, not even its traditional right of fishing in disputed waters.

Obviously détente with China is a better choice.

Comment by Chan Kai Yee on SCMP’s report “Philippines open for business with China, says finance minister”, full text of which can be viewed at http://www.scmp.com/news/china/diplomacy-defence/article/2026350/philippines-open-business-china-says-finance-minister

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8 Comments on “Philippines Wants to Join China-led AIIB to Attract Chinese Investment”

  1. Joseph says:

    And the American still hopes a ‘constructive’ a.k.a obedient meeting with Duterte. With IMF and ADB gone bankrupt, it is natural that AIIB is the obvious alternative. Recently back from his surpise visit from Indonesia, Duterte, who was very civil to Jokowi in contrast with his uncivil attitude to Obama, must have heard and seen with his own eyes the ‘Indonesian miracle’, where two decades of IMF economic damages is well repaired by mere two years of Chinese assistance. Now who would not be enticed to that? Even the so-called ‘developed’ country can only look with envy with Chinese investment is out of their greedy grasps. Phillipines may still be a long way from the level of relationship Indonesia enjoys with China as even under Duterte, Philippines still has to prove its sincerity to China, so AIIB is the next best hope for something better, and freedom from the American. It is not surprising that Duterte tells the American to ‘go to hell’ with their investment.

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  2. Steve says:

    This Clearly demonstrates that the former Aquino Govt. is truly Inept. How can a poverty stricken Philippine Govt. Not join the AIIB to court investments for it’s ailing infrastructures. Just to spite on China’s authoritative stance surrounding the Huangyan Island issue, the Aquino Govt. allied with the US and Japan. Fortunately, for the Filipinos, President Duterte realised the stupidity and selfishness of the Aquino Govt. to secure cheap loans and invite China’s expertise to invest and develop infrastructures. Forming a close relationship with Uncle Han for the sake of economic investments, tourism, procuring military assets and research in technologies is the only route to success.

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    • Jane says:

      Aquino was an idiot.

      Indonesia, Malaysia, and Vietnam all joined the AIIB. There is no reason why the Philippines could not join.

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      • Steve says:

        It’s karma that Duterte is the Philippine President, if it had being Aquino’s nominated successor, the country’s debt, poverty, drug, gangsterism and corruption could have been irreversible in the next decade.

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        • Follow-The-Money says:

          Aquino’s decision was based on what Obama promised him. It’s all about money. Benigno Aquino did what was in his personal interest and the U.S.’s; Not the Filipinos’. He should be hauled up for corruption and betrayal.

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          • Joseph says:

            If Aquino was all about money. It is more likely about big city rich kids syndrome. After all he is the son of the Great Corazon Aquino. Rich kids growing up in big city usually isolated from their surroundings. To make matter worse, they live in the shadow of their powerful parents, which either wealthy or politically influential. They often feel the pressure to fill their parent shoes. Not properly educated, these kids will grow incompetent and often misguided. The sons of wealthy people usually brought down their father’s enterprises by becoming the pawns to the wrong people who are often their dad’s very enemy. In the case of Aquino, in order to outperfom his mother, he brought down a nation by becoming the pawn of the wrong people who happened to be his dad’s very murderer. The principle is still the same.

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          • Steve says:

            Need to trace his gang of Alibaba bank account…insofar, he has been a quiet church mouse over President Duterte’s militaristic actions on drugs and gangsters. His quietness tells the world something. If he opens his mouth and acts contrary, Duterte, may spill the beans, but with benefit of the doubt, may be surprisingly ‘clean’.

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            • Joseph says:

              What do you expect him to do? Would he like Duterte to swear at him too? He knows the American isn’t going to do anything to help. Even when the American gave asylum to Marcos in Honolulu, it cost him everything he had down to his underwear, and Marcos had lots of wealth from corruption. What does Aquino have? I bet he is wetting his pant when Duterte’s death squads just pass by his house.

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