Dominguez welcomes MCC’s grant offer
The Department of Finance (DOF) said yesterday that the Duterte administration will study first the second grant the country may get from the Millennium Challenge Corp. (MCC).
Finance Secretary Carlos G. Dominguez III said that while the government welcomes the favorable decision of Washington, the Duterte administration would still go over the conditions set by the MCC in approving the second compact.
Dominguez, however, said the decision of the MCC is yet another confirmation of the Duterte administration's strong commitment to the rule of law and inclusive growth.
“We welcome the decision of the Millennium Challenge Corp. (MCC) to approve a new compact for the Philippine government and thank them for this fresh grant offer,” the finance chief in a statement.
“The government under the Duterte administration continues to vigorously implement initiatives that reinforce the Philippines' commitment to good governance, peace and order and the rule of law,” he added.
Dominguez said the MCC decision is "testament to the fact that despite the political noise emanating from certain quarters, our development partners recognize our government's commitment to reduce poverty and make growth inclusive while maintaining peace and order and upholding the rule of law."
"We will look into the conditions of the MCC grant and determine if they are aligned with our priorities," Dominguez said.
On Thursday, the MCC said the Philippines is among the 75 candidate countries for the millennium challenge compact from the US government.
As one of the eligible nations for fiscal year 2018, the MCC noted the Philippines has “demonstrated commitment to (i) just and democratic governance, (ii) economic freedom, and (iii) investments in its people.”
The Philippines also presented “the opportunity to reduce poverty and generate economic growth in the country, and the availability of funds to MCC.”
Last June, Dominguez said the MCC had offered a fresh funding for the Philippine government’s development projects, but it is not yet known that time if the fresh grant prescribed any preconditions.
The MCC, which preconditions aid on the attainment of health, rule of law and corruption indicators, deferred in December last year its decision on a second tranche of funding for the Philippines after a $434-million package in 2011.
Dominguez said the government would consider the offer from the US government as long as the aid coming from the US is in line with the Duterte administration’s priorities.