By Tracy Cabrera
MANILA — Aiming to strengthen the country’s domestic energy sector and enhance power security, the Marcos Jr. administration has secured a ₱3.7-billion (US$60 million) grant from the United States.
According to Department of Finance Secretary Frederick Go, the grant will be funded by the US government’s Millennium Challenge Corporation (MCC), an independent foreign assistance agency that provides time-limited grants to support reforms that promote economic growth, reduce poverty, and strengthen public institutions.
Go said the approval of the US$60-million MCC Threshold Program affirms the Philippines’ commitment to good governance, transparency, and sound economic management.
He added that the development “reflects the confidence of our international partners in the reforms we are pursuing to strengthen institutions, improve the ease of doing business, and create more opportunities for Filipinos.”
The finance chief disclosed that the Philippines is among a select group of countries chosen for the MCC Threshold Program, which seeks to address key policy and institutional constraints to economic growth.
“We qualified for the program after meeting the MCC’s policy performance standards in the areas of economic freedom, ruling justly, and investing in people,” Go said, adding that the Philippine government will work closely with the US agency and relevant government offices in developing and implementing the program.
“The grant will support the Energy Development Governance Efficiency Project, which aims to improve governance and operational efficiency across the country’s electricity sector,” he noted.
He explained that the project will focus on policy and regulatory reforms to streamline energy planning, programming, and permitting processes while accelerating project development.
“It will also finance targeted investments that reinforce reforms and improve the operational efficiency of the energy sector,” he added.
Go said the initiatives are expected to reduce delays in project implementation, improve the reliability of electricity supply, and encourage greater private sector investment in the energy sector.
“This grant comes at an opportune time and provides a significant boost to our efforts to strengthen the country’s energy security,” he said.
In closing, Go expressed optimism about the program’s success and thanked the MCC for its continued partnership with the Philippines in pursuing reforms that would deliver more reliable services, attract greater private investment, and sustain faster and more inclusive economic growth.
ia/xf
