RP Has High 'Capacity to be Good Partner in Reducing Poverty' - Millennium Challenge Corporation
12 March 2008 – Ambassador
Willy C. Gaa said that among the other reasons the Millennium Challenge
Corporation (MCC) selected the Philippines as a Compact-eligible country
was the fact that the country has a high capacity to be a good partner
in reducing poverty.
Ambassador Gaa made this observation today after the press conference
held by top officials of the MCC. At that press conference, Ms. Maureen
Harrington, MCC Vice President for International Policy and
International Relations said that among the other reasons the MCC Board
selected the Philippines was because it believed that the Philippines
has “a high capacity to be a good partner in reducing poverty.”
The Millennium Challenge Corporation Board of Directors announced
yesterday (11 March) that the Philippines had been selected as eligible
to apply for an MCC compact. The MCC Board determines eligibility for
this large-scale grant funding based on independent indicators that
measure good governance, the country’s investments in its people and
policies that encourage economic freedom.
At today’s press conference, “the MCC one again expressed confidence in
the Philippines as a strong partner for development.” Ambassador Gaa
said, citing the statement of Ms. Harrington who said that “there are
good opportunities for growth in the Philippines. There has been
improved economic management in recent years which have been
acknowledged by both the World Bank and the International Monetary
Fund.”
On his part, Ambassador John Danilovich, MCC’s Chief Executive Officer
said that the Philippines was among the best performers based on MCC’s
indicators. He reiterated that the Philippines has done well in its
Threshold Program and the MCC is pleased that the Philippines met or
exceeded the program’s targets.
Ms. Harrington also emphasized that there are good opportunities for
growth in the Philippines. “There has been improved economic management
in recent years which has been acknowledged by both the IMF and World
Bank.” With the government bringing down its fiscal deficit from over
4.3 in 2003 to approximately 1.5 in 2007, she added that this is “a
significant effort and we’re also seeing private investment increasing
and responding to these policies.”
The Philippines has “strong administrative capacity and an active and
organized civil society,” Ms. Harrington emphasized. END.