by Austin Ong.
The Philippines became the last member to join the China-led Asian Infrastructure Investment Bank. Its decision to join the AIIB suggests many things.
For one, it could a signal a more economics-focused new year for the Philippines. However, concerns remain. In a Center for International Relations & Strategic Studies commentary (2015), some of these include the ambiguity over the kind of lending policies, transparency standards, and governance principles AIIB will adopt and whether it will meet the environmental safeguards and social standards that more established international development banks such as ADB and World Bank adhere to. Furthermore, since AIIB is an initiative of China, there are suspicions that it may be used as a tool to advance Beijing’s interests.