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24/06/2011: Secretary del Rosario Reaffirms Philippine Commitment to the MCA Compact in Meeting with MCC CEO Yohannes

Shown in the photo above are Secretary Albert del Rosario (right) and MCC CEO Daniel Yohannes (left).

24 June 2011, Washington, DC. In a meeting with Millennium Challenge Corporation (MCC) Chief Executive Officer Daniel W. Yohannes and other senior MCC executives, Philippine Foreign Affairs Secretary Albert F. del Rosario reaffirmed yesterday, 23 June 2011, the government’s commitment to “see the Millennium Challenge Account-Philippine Compact through in the next five years”.

“The Philippine Compact is an enduring legacy that will further enhance the Philippines-United States partnership,” Secretary del Rosario said. The Secretary also conveyed his appreciation for the MCC’s strong support to the Philippines’ selection as a pilot partner country for the Partnership for Growth (PFG) initiative.

Philippine Ambassador to the US Jose L. Cuisia, Jr. also provided updates on the Philippines’ contribution to the Millennium Development Goals (MDGs) by citing increased government budget support to key agencies such as the Department of Education, the Department of Social Welfare and Development, and the Department of Health.

Mr. Yohannes, in turn, confirmed that the Compact is “a great partnership” and reiterated MCC’s expectation for its investments to be sustained after five years of Compact implementation via collaborative projects with the private sector that promotes poverty reduction through economic growth.

Signed on 23 September 2010 in New York City and entered into force on 25 May 2011, the $434 million Philippine Compact is intended to allow poor communities to develop small-scale projects and manage assets in a sustainable way, facilitate increased commerce by reducing transportation costs, and increase the efficiency and sustainability of revenue collection through the redesign and computerization of business processes. The Philippines is MCC’s twenty-second compact partner. END