Thursday, 12 March 2009

Philippines eligible for large-scale grant --MCC


MANILA (PNA) -- The Philippines has been selected by the Washington-based Millennium Challenge Corporation (MCC) Board of Directors as among the countries eligible for a large-scale grant that can be used as additional source of capital for investment in economic development.

“Congratulations to the Philippine government for its demonstrated commitment to tackling difficult challenges and improving the lives of its people," MCC Ambassador John Danilovich said in a statement.

Press Secretary Cerge Remonde said the MCC statement reaffirms the Arroyo government's commitment in reducing poverty and focus on making the economy grow.

”This grant is a seal of the government's good housekeeping,” Remonde added.

At present, the Philippines enjoys a threshold program status, which means it is only receiving smaller grants designed to help improve performance on specific indicators.

With a compact assistance status next year, the Philippines will be eligible for full assistance from the US-based MCC.

Remonde said the MCC chooses its beneficiaries based on the measure of good governance, the country's investment on people and policies that encourage economic freedom.

”Being selected as one of the countries given this means a lot and we should all be happy about it. This will be an additional source of capital for investment in economic development, both in human and infrastructure,” he said.

Countries selected as eligible for a large-scale grant (compact status) have the opportunity to submit a proposal for five-year program to reduce poverty.

The MCC, a firm that works with among the poorest countries in the world, said the Philippines will be given a compact status starting next year. (Janice M. Cave --PNA)

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