MANILA - The United States has extended a $213 million grant, or around P10.8 billion to the Philippines to fund poverty reduction, strengthen good governance and promote private sector-led growth, the Department of Finance said Monday.
The DOF said the grant from the US Agency for International Development (USAID) will finance the Economic Growth and Democratic Governance with Equity (EGDGE) program, which will be implemented over a 5-year period until September 2025.
“This American aid in support of the overriding concern of the Duterte government underscores the strong and enduring bilateral ties between the US Government and the Government of the Republic of the Philippines that transcend the political chatter," said Finance Secretary Carlos Dominguez III.
The grant covers technical assistance on public financial management, promoting transparent regulations, encouraging private infrastructure investments, and developing startups and small and medium-sized enterprises.
It also aims to promote new economic hubs in areas outside Metro Manila.
Last month, the US Embassy said three other grants were in the pipeline, namely aid for the Department of Health, the National Economic and Development Authority, and the Department of Education.