US extends $213M grant to assist Philippines in poverty reduction, good governance

Monday, October 12th, 2020. Filed under: News Philippine News

MANILA, Oct 12 (Mabuhay) — The Philippines has scored a $213-million grant (equivalent to P10.8 billion) from the United States to finance poverty reduction and good governance programs, the Department of Finance (DOF) announced Monday.

According to the DOF, the grant for the Economic Growth and Democratic Governance with Equity (EGDGE) Program will be implemented over a five-year period until September 2025.

This covers technical assistance on public financial management, domestic resource mobilization, public-private partnerships, and inter-agency coordination.

It also includes assistance to develop and strengthen the capital markets such as municipal bond financing and the promotion of innovative financial products.

The grant also seeks to finance the improvement of regulatory governance by strengthening the capacity of public officials to develop transparent regulations, and expanding opportunities for civil society advocacy.

The agreement was signed by Finance Secretary Carlos Dominguez III, and US Agency for International Development (USAID) Mission Director Lawrence Hardy II.

“This American aid in support of the overriding concern of the Duterte government underscores the strong and enduring bilateral ties between the US  Government and the Government of the Republic of the Philippines that transcend the political chatter,” said Dominguez. (MNS)

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