Malacañang on Saturday welcomed the second funding deal from the United States’ Millennium Challenge Corp. (MCC) for projects meant to fix key economic bottlenecks in the country.
Presidential Communications Secretary Herminio Coloma Jr. said the MCC development grant is a confirmation of confidence on the programs and advocacies of the Aquino administration.
“Such achievement reflects the global community’s admiration for the Philippines as Asia’s rising star,” he added.
Coloma issued the statement after the MCC Board of Directors unanimously reselected the Philippines for a second compact, recognizing the country’s continuing efforts to improve its performance on MCC’s scorecard, which measures countries’ commitment to ruling justly, ensuring economic freedom and genuinely investing in their people.
In a statement, the Department of Foreign Affairs (DFA) said the formal reselection was announced on Friday, following the board’s decision last year that the Philippines was eligible for a second compact.
The first compact, which expires in May 2016, provided the Philippine government $436.3 million for infrastructure, streamlining of processes at the Bureau of Internal Revenue (BIR), and livelihood projects.
The United States Congress created MCC in 2004 to help fight global poverty. It awards grants to countries that “demonstrate a commitment to just and democratic governance, investments in its people, and economic freedom as measured by different policy indicators.”
The Philippines and MCC signed the first compact in 2010 to modernize the Bureau of Internal Revenue, expand the social welfare department’s Kapit-Bisig Laban sa Kahirapan-Comprehensive and Integrated Delivery of Social Services-National Community-Driven Development Program, and to repair a secondary national road in Samar.