Investing in human capital is one of the most significant duties of a country or an institution.
This was what the US Embassy in the Philippines and the Philippine Competition Commission (PCC) have envisioned to fulfill in the coming years.
Philippine-American Educational Foundation honorary board chairperson and US Ambassador to the Philippines Sung Y. Kim and PCC chairman Arsenio M. Balisacan signed a memorandum of understanding (MoU) to establish a new staff development program on competition law and policy.
This inked partnership between PCC and the Philippine-American Educational Foundation (PAEF, also known as the Fulbright Commission in the Philippines) will benefit various agencies in the country. Among other advantages, it will build the skills, knowledge and capabilities of Filipinos working at PCC, Office of the Solicitor General, Department of Justice and National Economic and Development Authority.
“One of the most important endeavors of the US Embassy is investing in the development of the Philippines’ human capital,” said Ambassador Sung Kim, during the signing of the agreement.
“This new partnership between PCC and Fulbright does exactly that, build Filipino capacity in competition law and policy to create a more competitive and open market,” the envoy added.
The new five-year, P287 million ($5.67 million) staff development program will send Filipino staff to US higher education institutions for degree and non-degree studies as well as for research and training.
The program will also provide opportunities for professional consultations, lecturing and research in PCC-accredited universities and institutions in the Philippines.
The program is aligned with PAEF’s broad mission to promote greater international education and exchange between the Philippines and United States.
It is also aligned with PCC’s goal of improving the Philippine government’s capacity for competition policy implementation to foster greater economic growth.