• Canada pledges C$84M for PH growth plan

    1

    The Canadian government has committed about 84 million Canadian dollars to help the Philippines implement its poverty reduction programs and promote broad-based growth over the next few years under a newly signed Mutual Accountability Framework (MAF).

    The National Economic and Development Authority (NEDA) said on Monday the MAF will program an annual indicative amount for Canada’s bilateral development assistance to the Philippines worth CAD$12 million for fiscal year (FY) 2015-2016, CAD$15 million for FY 2016-2017, CAD$17 million for 2017-2018, and CAD$20 million annually for FY 2018-2019 and 2019-2020.

    Besides enhancing their diplomatic relations and economic ties, the MAF seeks to establish the shared desire between the governments of the Philippines and Canada to support broad-based and sustainable economic growth, the NEDA said in a statement.

    The two governments signed the framework agreement on May 8 during President Benigno Aquino’s visit to Canada.

    “Linking development priorities and goals between the Philippine and Canadian governments will help ensure sustainability of strategies under the Philippine Development Plan 2011-2016, which have already produced significant results for the Philippine economy,” Socioeconomic Planning Secretary Arsenio Balisacan said in the statement.

    “The continuing support of Canada is very important in our effort to make growth inclusive and disaster-resilient and to deepen good governance reforms,” Balisacan said.

    The NEDA said the program will also use available resources to support job-creating projects and activities and significantly reduce vulnerabilities to poverty, and improve the quality of life for all Filipinos.

    The MAF is also expected to contribute to a more disaster-resilient and gender-responsive enabling environment at national and sub-national levels of government. It also intends to increase economic opportunities for low-skilled workers, micro-entrepreneurs and smallholder farmers, and especially on youth, women, and marginalized groups, according to the NEDA.

    The agency stressed that the mutual commitments in the MAF will level the expectations of both governments, particularly on the development cooperation processes, and thus may address specific governance concerns.

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    1 Comment

    1. Great news for the Philippines. Foreign investments is really needed if we want our country to improve. Still we have problems in infrastructure, power supple and corruption, these thing makes our country unattractive for investors. I hope the 2016 elections will give a positive change, even a little for our country.