Philippines Wants to Join China-led AIIB to Attract Chinese InvestmentPosted: October 8, 2016
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