Statement of the President Subject: Millennium Challenge Corporation Announcement

Yesterday, our government signed a national budget that dedicates itself to investing in our people and lifting up our poor. Today, another piece of good news for the long term prosperity and stability of our nation has been announced in Washington, DC .

The Millennium Challenge Corporation (MCC), an official US-government corporation designed to help developing countries fight poverty, announced that the Philippines has been selected as eligible for the MCC compact – an opportunity that can bring hundreds of millions of dollars to our nation to lift our nation out of poverty.

This is a great day for the Philippines and the actions by the Millennium Challenge Corporation offers a remarkable validation of the efforts of our government and nation to invest in our people, fight corruption and encourage economic freedom. These are the hallmarks of my Administration, and I am absolutely thrilled to be so recognized for consideration by this prestigious and serious-minded corporation of the US government.

In making its dramatic announcement, MCC CEO Ambassador John Danilovich said on behalf of the Directors of the Millennium Challenge Corporation, “Congratulations to the Government of the Philippines for its demonstrated commitment to tackling difficult challenges and improving the lives of its people. While eligibility is an essential first step towards a poverty reduction grant from the MCC, selection does not guarantee funding. The Philippines, like all countries eligible for a compact, must maintain its performance on the MCC selection criteria and must now begin a broad-based consultative process with its people to develop a proposal that addresses the country’s barriers to poverty reduction and economic growth. As partners, we agree that ending corruption and finding long-term ways to reduce poverty are urgent priorities that deserve our full attention.”

I am deeply honored and pleased that our efforts are paying off and have been recognized in Washington, DC. I believe that if we can all come together, redouble our efforts and continue to meet the criteria of the Millennium Challenge Corporation, the long term benefit to our nation will be the best gift I can leave this nation when I step down in 2010.