The USD434 million compact between the Millennium Challenge Corp. and the Philippine government is up for signature soon, according to an official of the Asian country.
Formal negotiations for the five-year program started as soon as the new Philippine president, Benigno Aquino III, was sworn in June 30, according to the Manila Bulletin.
Philippine Foreign Affairs Secretary Alberto Romulo said the MCC grant will finance community development projects, road rehabilitation and modernization of the country’s revenue collection body.
In March, the MCC announced it was deferring its decision on the Philippine compact until after the country elected a new president, as reported by Devex.
