The Millennium Challenge Corporation (MCC) grant to the Philippines is free and not a loan package from the United States, says Finance Secretary Margarito Teves. Sec Teves said this to clarify reports that the grant is another US loan to the country.
According to Teves, the grant is not in a form of cash but in form of projects or programs
Teves, who chairs the MCC grant proposal team earlier created by President Gloria Macapagal-Arroyo, said they are expecting a team from MCC based in Washington, D.C. to visit the country to check the project proposal of the Philippine government for funding under the MCC assistance program.
The MCC announced on March 11, 2008 that the MCC Board has selected the Philippines as "Compact Eligible."
Teves said the MCC grant proposal team is now consulting with different government agencies, citizens, non-government organizations (NGOs) and private sector representatives to pinpoint priority projects that would be submitted to the MCC for a grant proposal for a five-year program to reduce poverty through sustainable growth.
Teves added that once the proposed project is finalized by the different sectors of society, they will submit it to the President for approval and later on it will be forwarded to the MCC.
He also assured the public that even though the grant has been approved by the MCC, the Philippine government would continue to implement and improve its measures on anti-corruption campaign.
When asked on how the Filipinos can benefit from that particular MCC assistance, Teves said the money collected from the ongoing programs such as Run After Tax Evaders (RATES), Run After The Smugglers (RATS), and Revenue Integration Protection Service (RIPS) will be diverted into social, infrastructures and health services projects.
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