MANILA, Dec. 12 (Xinhua) -- Philippine Treasurer Roberto Tan said on Monday that the Duterte administration is awaiting "promising development and financing cooperation" with the Asian Infrastructure Investment Bank (AIIB) to help fund the country's huge infrastructure projects.
The Philippine senate last week approved AIIB treaty. The AIIB is a China-initiated multilateral lending institution aimed at promoting economic development in Asia.
Tan said the Philippines may now request that the AIIB send a mission to the Philippines to discuss projects for the bank's financing.
A rapid bus transit project and a flood control project in Manila would be among the first to be presented to the AIIB for funding, he said.
"These are the projects that are the most prepared in terms of government approvals, feasibility studies and other requirements, and are already in the pipeline. So these projects can be processed most expeditiously for co-financing by the AIIB," Tan said.
Finance Secretary Carlos Dominguez has said the Duterte administration needs at least 8 trillion pesos (160 billion U.S. dollars) to close the infrastructure gap over the next six years.
"The AIIB can contribute in closing the country's infrastructure gap for the next six years, which is estimated at 8 trillion pesos. The funding that we can tap from the AIIB will support the infrastructure priorities under the Duterte administration," he said.
The Department of Finance said the AIIB support can provide financing to major capital investments of the government and the private sector.
"The AIIB can support the government in reducing the infrastructure gap in the Philippines and accelerating annual infrastructure spending to account for 5 percent of the country's gross domestic product," the department said.