U.S. Grants $434 Million To Fight Philippine Poverty
New York, NY, United States (AHN) – The U.S. government has granted $434 million to the Philippines for investments in roads, community development projects and improvements in the country’s tax collection efforts under a five-year economic compact that aims to fight poverty.
U.S. Secretary of State Hillary Rodham Clinton and Philippine President Benigno Aquino III presided at the grant signing held at the Waldorf Astoria Hotel in New York City.
The grant was signed by Millennium Challenge Corp. (MCC) CEO Daniel Yohannes and Philippine Finance Secretary Cesar Purisima.
“This compact we were signing was created by and for the people of Philippines. Reflecting the policies articulated by President Obama at Millennium Development Goals Summit, this is a results-focused program promoting sustainable economic growth. This example of country-designed solutions strives to move the poor from poverty to prosperity,” Yohannes said in a statement.
The MCC agreement provides $214.4 million to construct and repair about 140 miles (220 kilometers) of a highway that traverses 15 municipalities to improve access to markets and services for farmers, fishers, and small businesses in some of the poorest provinces in the country.
Another $120 million is allocated to expand Kalahi-CIDSS, a development project that empowers communities by encouraging their participation in poverty-reducing activities. It will provide community grants to support building of critical infrastructure such as water systems, clinics, and schools.
The project allows poor communities to design and manage projects they need to increase their incomes and improve their lives.
A $54.3 million fund seeks to computerize and streamline business processes to bolster the effectiveness of tax collection and reduce opportunities for corruption.
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