US grants Philippines $434M to fight poverty
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The money was awarded under the US-run Millennium Challenge Corporation (MCC) that helps developing countries reduce their levels of poverty as long as they meet performance criteria on the rule of law and democratic principles.
"This compact we are signing today was created by and for the people of the Philippines," said MCC Chief Executive Officer Daniel Yohannes, speaking on the sidelines of the UN General Assembly in New York. Present for the signing was US Secretary of State Hillary Clinton and Philippines President Benigno Aquino. (AFP)
