Manila: Foreign Affairs Secretary Alberto Romulo has welcomed the news that the US has unanimously approved a $434 million, four-year aid, package for the Philippines.
Romulo, in a statement, said reports that the decision of the Millennium Challenge Corporation's (MCC) to approve the Philippines’ $434 million (Dh 1.594 billion) aid package is a crucial development for the country.
"This is excellent news; an affirmation of the United States Government's confidence in the Philippines' strong commitment to good policy performance," he said.
Romulo noted that the Philippine government has consistently demonstrated the highest level of political commitment to the MCC-MCA Compact process, the board of which is chaired by US Secretary of State Hillary Clinton.
In a letter to US President Barack Obama, on July 8, President Benigno S. Aquino III conveyed his commitment to MCC's principles of ruling justly, investing in people and promoting economic freedom.
"We look forward to signing the Compact agreement with the US Government very soon, in order to bring the partnership to a new level, as we aspire to achieve economic growth with social justice, under a regime of good governance," Romulo said.
Earlier, Ambassador Harry K. Thomas, of the United States Embassy in Manila, announced that Washington-based MCC had made available an assistance package for infrastructure development, revenue collection rationalisation and poverty alleviation.
Under the scheme, funding will be provided for three major projects.
These include: $54.3 million (Dhs199 million) for redesign and computerisation of key business processes to improve revenue collection; $120 million (Dh440 million) for the expansion of a community-based rural development project that would stimulate economic growth and reduce poverty and $214.4 million (Dh 786 million) for construction and rehabilitation of the 220 kilometre Samar Road which passes through 15 municipalities in the Central Philippines.
