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The White House
Office of the Press Secretary
For Immediate Release

FACT SHEET: U.S.-Philippines Partnership for Growth

The Partnership for Growth (PFG), a whole of government effort resulting from President Obama’s September 2010 Presidential Policy Directive on Global Development, is a high-level initiative focused on economic growth in countries committed to good governance.  The PFG aligns with policy reform areas outlined by President Benigno S. Aquino III in the Philippine Development Plan.

The United States and the Philippines are committed to placing the Philippines on a path to sustained and more inclusive economic growth, and elevating it to the ranks of other high-performing emerging economies.  Under the PFG, we are taking a comprehensive approach to development that reaches beyond traditional foreign assistance.

The PFG aims to address the most significant constraints to growth and to stimulate inclusive economic expansion.  A joint analysis identified governance and inability to capture revenue as the top constraints to growth in the Philippines.  The PFG leverages the resources and tools of partners, especially the private sector, to increase the effectiveness of policies and institutions necessary for development.  USAID and Millennium Challenge Corporation funding provides more than $800 million over five years to support PFG projects.

Under the U.S.-Philippines five-year Joint Country Action Plan, we have prioritized creating a more transparent, predictable, and consistent legal and regulatory regime; fostering a more open and competitive business environment; strengthening the rule of law; and supporting fiscal stability through better revenue and expenditure management.  The U.S. government is committed to sustained inter-agency engagement in support of the PFG’s goal and objectives.

Since 2011, the Philippine government has made significant progress in implementing policy and institutional reforms.  The Philippines has also achieved remarkable improvements in GDP growth, competitiveness, tax revenues, and sovereign debt ranking.  We continue to work together to ensure that the growth generated is inclusive and sustainable.