Philippine President Benigno S. Aquino III has approved the country's participation in the China-initiated Asian Infrastructure Investment Bank (AIIB), senior government officials said Wednesday.

Presidential Communications Operations Office Secretary Herminio Coloma Jr. said Aquino gave his go-ahead signal following the recommendation of Finance Secretary Cesar Purisima.

In a separate statement, Purisima said the Philippines will be signing the Articles of Agreement (AOA) of the AIIB before the end of the year.

The government believes that the AIIB will augment and complement existing multilateral institutions in accelerating economic growth, he said.

In a globalized world, connectivity is the name of the game and the AIIB is a "promising institution" addressing investment needs, and will help close financing gaps in many countries, he said.

"I also see this as a chance for greater collaboration with member countries, especially with ASEAN, on regional infrastructure goals," he said.

The Asian Development Bank has estimated Philippine infrastructure financing needs from 2010 through 2020 to be at $127.12 billion, requiring an annual investment of $11.56 billion.