WASHINGTON, D.C. - (May 20, 2003) Today, the U.S. Trade and Development Agency (USTDA) signed two Memoranda of Understanding (MOU) related to development projects and initiatives in the Republic of the Philippines. The signings took place during the State Visit to the United States of Philippine President Gloria Macapagal-Arroyo, who was present at the signing ceremonies at Blair House. USTDA Director Thelma J. Askey signed the MOUs on behalf of the U.S. Government.

The first MOU was signed by the Secretary of the Department of Energy in the Philippines, the Honorable Vincent Perez, on behalf of the Philippine Government. It states the interest of USTDA in providing grant funding to the Philippine-based Rural Electrification Financing Corporation. The technical assistance grant would support a financial and technical needs assessment and loan document preparation for 40 rural electric power cooperatives located in Mindanao, the Visayas and Luzon.

The second MOU between USTDA and the Philippines signed today states the interest of USTDA in assisting the Philippines in meeting the objectives of the Secure Trade in the APEC Region (STAR) Initiative under the Asia-Pacific Economic Cooperation (APEC) forum. Philippine Ambassador to the United States Albert F. Del Rosario signed the MOU on behalf of the Philippine Government.

The STAR Initiative consists of a series of concrete measures to be taken in aviation and maritime transport to achieve the goals identified by the APEC leaders at their October 2002 Summit in Los Cabos, Mexico. These goals include screening people and cargo for security before transit, increasing en-route security on ships and airplanes, and enhancing security in airports and seaports, all while increasing the flow and efficiency of trade. USTDA funded a Definitional Mission to the Philippines to investigate potential projects in these areas and is now working closely with other U.S. Government agencies, the Philippine Government, and the U.S. private sector to evaluate these opportunities for possible USTDA assistance.

The MOUs represent a continuation of the commitment by USTDA to support important development objectives in the Philippines. Since 1981, USTDA has provided $25 million to the Philippines to support project preparation activities in a wide range of economic sectors.

The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries. The agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment. USTDA's strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.

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