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The United States has granted the Philippines $60 million to modernize the country’s energy sector, lower electricity costs and improve power reliability.
US Ambassador to the Philippines Lee Lipton and Finance Secretary Frederick Go signed the Philippines Energy Threshold Program on Thursday during the Luzon Economic Corridor (LEC) Investment Forum in Manila.
The Millennium Challenge Corp. (MCC) grant aims to strengthen energy-sector governance and institutions while addressing gaps that could constrain investment in the sector.
The program builds on existing US government initiatives and supports efforts to create a more investment-friendly energy environment, improve institutional capacity and expand opportunities for commercial engagement.
Millennium Challenge Corp. acting chief of staff Dan Petrie and acting vice-president for policy and evaluation Martha Bowen joined the signing event.
The forum brought together around 600 international investors, industry leaders and senior government officials to promote investments and commercial partnerships along the corridor.
Co-hosted by the governments of the Philippines and the US and sponsored by the US Trade and Development Agency (USTDA), the forum focused on infrastructure projects intended to strengthen supply chains, improve connectivity and support economic growth.
The forum also highlighted coordinated efforts by the Philippines, US, Japan and other partner governments to advance strategic infrastructure investments across the LEC.
— Othel V. Campos & Thony Rose Lesaca
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Credit belongs to: www.manilastandard.net
