Manila, June 26 -- The Millennium Challenge Corporation (MCC), an American international development agency, has approved a new grant to help modernize the Philippines' energy sector governance, the US Embassy in Manila announced on Friday.

In a statement, the embassy announced that the MCC has approved the Philippine Threshold Program, which helps candidate countries become eligible for MCC assistance.

It said the grant will assist the Philippine energy sector by "building on whole-of-government efforts and closing critical gaps in the sector."

The MCC said the grant, approved in a meeting last June 24, will also address the high cost and unreliability of power in the Philippines, enable energy sector investment, strengthen instituti...