By Don Tagala, ABS-CBN News – North America Bureau

Secaucus, NJ. - Philippine President Benigno Aquino III is getting ready to meet his US counterpart, President Barack Obama. Philippine Ambassador to the United States Willy Gaa confirmed that Aquino is meeting with Obama during Aquino’s first official visit to the United States this September.

“They will meet for sure, negotiations are now underway and it’s only a matter of scheduling the right time and date,” Gaa said. “While details of the meeting is not ironed out yet, we are going to identify what issues the two heads are going to talk about soon.”

Trade Secretary Gregory Domingo and Finance Secretary Cesar Purisima were in New York City last week to lay the ground work for President Aquino’s visit. Aquino is also expected to speak before the United Nations General Assembly in September.

Meantime, Gaa also announced that the recent approval of the Philippines’ five-year Millenium Challenge Account Compact Proposal for fiscal year 2010 is a recognition of the Philippine Government’s commitment to good policy performance.

The Philippines will receive $434 million of foreign aid from the U.S. to fund infrastructure projects, ease poverty and create jobs. Gaa expects this foreign aid grant to the Philippines to be signed in the next few weeks.