The Department of Finance (DOF) said the government’s revised guidelines and procedures for joint venture agreements would create a more conducive investment environment. Finance Secretary Benjamin E. Diokno said the revised guidelines and procedures will maximize competition and strengthen safeguards for joint venture projects between the government and private sector. “This is part of the Marcos Jr. administration’s commitment to simplify government processes and strengthen checks and balances between the public and private sectors,” Diokno said in a statement on Tuesday, May 2. Last April 25, the 2023 Revised Guidelines and Procedures for Entering into Joint Venture Agreements between Government and Private Entities have took after it was approved by the National Economic and Development Authority Board last March 9. With this, Diokno said the evaluation and approval of joint ventures are now aligned with the recently revised implementing rules and regulations (IRR) of the Build-Operate-Transfer (BOT) Law. The revised IRR of BOT law aims to streamline approvals and create a uniform and efficient procedure to process public-private partnerships (PPPs). Among the measures that the DOF is pursuing to enhance the PPP mechanism is the proposed PPP Act, which is a priority bill of the Marcos administration. The bill was approved by the House of Representatives on third reading in December 2022 and is now pending in the Senate. This legislation will provide a uniform evaluation and approval process for various forms of PPPs through the national government and local government units (LGUs), Diokno said. “The Department of Finance will continue to assist in harmonizing the numerous approval processes of PPPs and promote an environment that is conducive to investments,” Diokno added.