MCC issues $434-M grant for poverty alleviation

Published by rudy Date posted on May 27, 2011

THE Department of Finance (DOF) said on Thursday that the US government has extended a multimillion grant to fight poverty in the Philippines.

In a statement, Finance Secretary Cesar Purisima and Millennium Challenge Account Philippines managing director Ma. Victoria Anonuevo said the $434-million compact grant from the US Millennium Challenge Corp. (MCC) has entered into force.

The government officials said this milestone mirrored “a shift into high gear of the implementation of three major projects under the MCC grant that demonstrate the joint commitment by the US and Philippine governments to fight poverty in the country.”

They said the compact’s entry into force—signed on September 23, 2010 in New York between Purisima and MCC chief executive officer Daniel Yohannes—marked the start of the five-year clock for implementation.

“This is a milestone that signifies the determination by the two countries to rapidly initiate the implementation of poverty-reduction projects which eventually will help the Philippines and the Filipinos for many years ahead,” Añonuevo said.

The compact supports projects such as the $54.30-million Revenue Administration Reform Project under the Bureau of Internal Revenue and DOF-Revenue Integrity Protection Service, the $120-million Kapit-Bisig Laban sa Kahirapan-Comprehensive and Integrated Delivery of Social Services of the Department of Social Welfare and Development, and the $214.44-million Secondary National Roads Development Project of the Department of Public Works and Highways. –LAILANY P. GOMEZ, Manila Times

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