The Philippine Senate overwhelmingly passed on third reading a resolution concurring to the ratification of the article of agreements of the Asian Infrastructure Investment Bank (AIIB).

The resolution, sponsored by Senate Committee on Foreign Relations Chairman Alan Peter Cayetano and co-sponsored by Senator Loren Legarda, who chaired the Senate Subcommittee on the AIIB ratification, got 20 affirmative votes, one negative vote and zero abstention. Senator Risa Hontiveros cast the lone negative vote.

The Senate resolution said any institution “that will promote human development, accelerate economic and social progress, and further good relations with neighboring nations should be embraced and supported.”

The resolution said the agreement “realizes that the considerable long-term need for financing infrastructure development in Asia will be met more adequately by a partnership among existing multilateral development banks and the Asian Infrastructure Investment Bank.”

The AIIB is formed by 57-founder member states like China , India , Russia , France , Germany and the United Kingdom . The Philippines signed the articles of agreement of the Asian Infrastructure Investment Bank last December 31, 2015 in China .

President Rodrigo Duterte ratified the agreement on October 19 2016, and submitted it to the Senate for concurrence, in accordance with the 1987 Constitution. DMS