PH, US ink new P10.5-B deal to boost economic growth

This agreement enables USAID and the Philippines to deepen their commitment to accelerate inclusive, broad-based economic growth through policies that increase investment and trade throughout the Philippines. (File Photo: U.S. Embassy in the Philippines/Facebook)

MANILA – The United States, through the United States Agency for International Development (USAID), and the Department of Finance (DOF), signed a new, five-year bilateral assistance agreement valued at more than PHP10.5 billion (3 million) to boost the country’s economic development and growth, the US Embassy in Manila announced Monday.

This agreement enables USAID and the Philippines to deepen their commitment to accelerate inclusive, broad-based economic growth through policies that increase investment and trade throughout the Philippines.

New programs and activities will promote inclusive, market-driven growth; improve the business environment; expand economic opportunities through private-sector-led innovation for medium and small businesses, and increase information and communications technology access for the digital economy that benefits both producers and consumers.

Activities also include strengthening local civil society organizations to advance locally-led programming and policy-making in the Philippines and facilitating coalitions and partnerships between government and other stakeholders toward data-driven decision-making. Additionally, USAID will continue to support Philippine government objectives by improving public sector transparency and accountability; advancing the rule of law and the justice system; and boosting local governments’ responsiveness to Filipinos’ needs.

“This new USAID and Department of Finance bilateral agreement will expand our support to help the Philippines achieve long-term, private sector-led economic growth and strengthen economic governance. These programs will create jobs and help ensure a more inclusive, broad-based economic development,” said USAID Mission Director Lawrence Hardy II.

This bilateral agreement with the DOF is one of four new, five-year USAID- Government of Philippines Development Assistance Agreements launching in 2020, with an anticipated total value of PHP32.7 billion (5 million) over five years.

The other new agreements include:

Department of Health: To improve underserved Filipinos’ health by strengthening health systems while improving the quality of health services, especially in treating tuberculosis, providing access to those who seek family planning services, and community-based drug dependence treatment;

National Economic Development Authority: To protect ecosystems by promoting sustainable use of natural resources, enhance energy security, and build capacity to mitigate risks and respond to natural disasters; and

Department of Education: To improve early grade reading, expand science and mathematics curricula, and increase out-of-school youths’ access to education, professional, and technical skills development that will lead to new job opportunities, and strengthen education governance.

Over the past 20 years, the United States has provided nearly PHP228.8 billion ($4.5 billion) in total assistance to advance the country’s development goals.