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Monday, February 26, 2024

PSAC, Millenium Challenge meeting bolsters US-PH economic cooperation

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The Private Sector Advisory Council (PSAC) met with Millennium Challenge Corp. (MCC) to reinforce economic collaboration between the US and the Philippines. 

MCC chief executive Alice Albright, in a meeting with PSAC strategic convenor Sabin Aboitiz and leads Henry Aguda and Irwin Lee, reaffirmed their dedication to fostering economic growth and poverty reduction through collaborative endeavors between governments and the private sector.

The MCC, recognized for its time-limited grants aimed at promoting economic growth and institutional strengthening in partner countries, expressed keen interest in deepening engagement with both the Philippine government and the private sector.

Albright underscored the need for comprehending and addressing the primary challenges faced by the nation, marking the beginning of an earnest listening process.

Aboitiz, the Aboitiz Group president and CEO, echoed the sentiment of collaboration and consultation as vital elements for progress.

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President Ferdinand Marcos Jr. earlier established PSAC as a proactive approach to directly engage with the private sector across diverse areas, including agriculture, digital infrastructure, healthcare, infrastructure, jobs and tourism.

“This ongoing dialogue with the private sector underscores the government’s commitment to actively listen and address critical needs,” said Aboitiz.

MCC Philippines director Sarah Olmstead noted the significance of working closely with Philippine counterparts to identify key policy areas for support. Olmstead highlighted the collaborative nature of their objectives, aiming to empower local leadership in driving impactful change.

Accompanying Albright was US Embassy deputy chief of mission Y. Robert Ewing, who emphasized the substantial economic partnership between the US and the Philippines.

Ewing cited the need to redirect attention towards the economic fundamentals of the relationship, emphasizing the significance of corporate sector engagements in alignment with President Marcos’ reform agenda.

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