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16/10/2009: RP-MCC MOU Brings Philippines One Step Closer to MCC Compact Grant

WASHINGTON, D.C. – The Philippines, as represented by the officers of the Embassy of the Philippines in Washington, D.C. led by Philippine Ambassador to the United States Willy C. Gaa, stand alongside MCC Acting Vice President for Compact Development Darius Teter and officials of the Millennium Challenge Corporation (MCC) during the signing of the Memorandum of Understanding (MOU) on 609 (g) for Compact technical assessment held on 16 October 2009 in Washington, D.C.  The MOU is the first step in the Philippines’ bid for Compact status, a large five-year grant given by the MCC to developing countries to facilitate funding of projects aimed at achieving poverty reduction through economic growth.  The Philippines is finalizing three (3) projects: (1) Secondary National Development Roads (SNDR) project, (2) Kapit-Bisig Laban sa Kahirapan-Comprehensive and Integrated Delivery of Social Services (KALAHI-CIDSS) and (3) Integrated Revenue Information System (IRIS). END.

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WASHINGTON, D.C. – In a major step that brings the Philippines closer to concluding a Millennium Challenge Corporation (MCC) Compact Agreement, Philippine Ambassador to the United States Willy C. Gaa and MCC Acting Vice President for Compact Development Darius Teter signed a key Memorandum of Understanding (MOU) on 16 October 2009.

Ambassador Gaa expressed his appreciation over the progress so far achieved by Philippines as further steps are currently undertaken towards Compact funding eligibility.  He emphasized the Government’s commitment to promote economic growth through a Compact proposal aimed at benefiting the poorest of the poor in the Philippines while addressing issues involving tax evasion and corruption.

During the Compact signing, Mr. Teter said that “in every way, the Philippines has been a model (MCC) partner.”

The MOU involves a $5.5 million contribution to be provided by the MCC for “beneficiary analyses, engineering designs, and environmental and social impact assessments,” which will allow the Philippines to conduct studies on investments and cost estimates of projects that will best benefit the marginalized.

Information derived from these will be submitted accordingly to the Board of Directors of MCC for Compact funding consideration and would help facilitate Philippine efforts to finalize its proposal for an MCC Compact.

The MCC is an independent U.S. aid agency aimed at reducing global poverty through the establishment of partnerships with developing countries worldwide that are committed to good governance, economic freedom and investment in citizenry by offering monetary grants to fund projects focused on achieving sustainable economic growth. END.