The MCC, a US government entity,
deferred its final decision on granting the Philippines over half a billion dollars to assist in the country’s development until after the elections in May—and after it receives the new president’s commitment to pursue the reforms and activities described in the Philippine proposals for “compact grants.”
In a press release dated March 24 (March 25 here in the Philippines), the MCC, which is chaired by Secretary of State Hillary Clinton, decided to postpone the $584 million “compact” grant to be distributed over the course of five years.
The MCC decision was made by its
board of directors during its regular quarterly meeting.