The Millennium Challenge Corp.’s board of directors has approved a USD434 million compact with the Philippines.
The compact supports three projects, including:
- USD54.3 million in investments to computerize and streamline business processes in the Bureau of Internal Revenue.
- USD120 million for Kalahi-CIDSS (Kapit-Bisig Laban sa Kahirapan-Comprehensive and Integrated Delivery of Social Services), a flagship poverty alleviation project implemented by the Philippine Department of Social Welfare and Development.
- USD214.4 million to help build and repair 220 kilometers of road in the province of Samar.
“Congratulations to the people and Government of the Philippines for tackling difficult challenges to create tangible opportunities for growth and prosperity,” MCC Chief Executive Officer Daniel Yohannes said in a press release. “The Filipinos have articulated a clear vision to improve the quality of their lives through a technically, environmentally, and socially sound plan. I am confident that the country’s ongoing commitment to positive reforms, accountability and transparency, and the timely implementation of the compact will deliver tangible results.”
The compact’s signing may take place after a 15-day congressional notification period following MCC board approval.