US fund aid picks Bohol as beneficiaryBy KIT BAGAIPO
Bohol ChronicleThere is another piece of good news for Boholanos as the Department of Finance has announced recently the inclusion of the province among the areas selected by a United States government funding company to receive much-needed monetary aid for various developmental projects.
In a letter to Gov. Erico Aumentado, Finance Secretary Margarito Teves said that representatives of the Millennium Challenge Corporation (MCC), which was established by the US government to work with some of the poorest countries in the world, is visiting the province "to witness firsthand the economic and social condition" of our localities.
Last month, the MCC has elevated the the Philippines as one of the "Compact Status countries" in recognition of the government's commitment to promote political and economic freedom, investments in education and health, control of corruption and respect for civil liberties and the rule of law.
The MCC provides two different kinds of monetary assistance - Compact and Threshold.
A Compact is a multi-year agreement between the MCC and an eligible country to fund specific programs targeted at reducing poverty and stimulating economic growth.
A Threshold program, on the other hand, is a contract between the MCC and a country that provides financial aid to help improve a low score of a country on one of the MCC's 17 policy indicators.
Among the policy indicators are civil liberties, political rights, immunization rates, public expenditure on health, inflation and trade policy.
By improving a low indicator score, a country would become eligible for a Compact such as the Philippines.
In line with the initial discussions on the Compact Agreement Process and to assist the Philippine government in preparing for a Compact Proposal, the MCC is dispatching its mission here in the country from May 12 to 16.
The US mission will hold dialogues with representatives of the government, the private sector and civil society on issues of poverty alleviation, sustainable economic growth and fighting corruption.
The MCC mission will be in Bohol on May 14, according to Teves.
The finance secretary said that Bohol was chosen as one of the areas for investment "in view of the high importance being given by [the] province to alleviating poverty, the holistic approach to development and the success of implementing development projects.
The mission will be headed by John Hewko, vice president for Compact development of MCC; Darius Teter, deputy vice president for Compact development; Darius Nassiry, country director, Compact development; and Jerry Dutkewych, MCC director for country relations.
The US group will hold talks with provincial board members and stakeholders.
They will be visiting project locations in the towns and see eco-tourism sites.
The provincial government will host a dinner for the visiting MCC representatives while holding a meeting with local government officials, heads of non-government organizations, civil society and the business sector.
Being included among the MCC's investment areas, the province will have an opportunity to get millions of dollars in aid.
MCC is based on the principle that aid is most effective when it reinforces good governance, economic freedom and investments in people.
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