Manila, December 19, 2014 —The Millennium Challenge Corporation (MCC), an innovative and independent U.S. foreign assistance agency helping lead the fight against global poverty, has selected the Philippines as eligible to develop a second “compact”- or agreement- with MCC for further poverty-reducing support. Once designed, proposed, and approved, this new compact would allow the Philippines to continue to benefit from MCC’s poverty alleviation initiatives and build upon the Philippine government’s strong policy reform efforts.
Created by the U.S. Congress in January 2004 with strong bipartisan support, MCC is changing the conversation on how best to deliver smart U.S. foreign assistance by focusing on good policies, country ownership, and results. MCC’s Board of Directors select countries for compact eligibility based on a commitment to good policy performance and governance. Through continued policy reforms, the Philippines successfully met MCC’s criteria to qualify for support.
Under its current compact, set to be completed in May 2016, the Philippine government has been a strong partner with MCC and a second compact would allow the Philippines to build on the momentum of its current compact and make a rapid and seamless transition and contribution toward eliminating poverty in the Philippines once and for all.#