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Manila Bulletin devider Business devider DOF lauds progress in consolidating PPP frameworks

DOF lauds progress in consolidating PPP frameworks

Published Sep 21, 2023 09:22 am

At A Glance

  • The Department of Finance (DOF) welcomes the approval of the proposed measure to consolidate legal frameworks related to public-private partnership (PPP) projects.<br>Finance Secretary Benjamin E. Diokno expresses support for the passage of Senate Bill No. 2233, also known as the PPP Act, which is expected to promote trade, investments, and infrastructure improvement.<br>The PPP Act is a priority measure of President Marcos and aligns with the 8-Point Socioeconomic Agenda, which prioritizes job creation, trade promotion, and infrastructure enhancement.<br>The Senate approves the bill on its second reading, signifying progress towards consolidation of PPP frameworks.<br>The PPP Act aims to establish a unified system for investors engaging in PPP projects, providing a clear and predictable policy environment.<br>It introduces provisions such as an increased approval threshold for NEDA Board projects, removal of the "first-in-time" approach for unsolicited proposals, and safeguards like the Risk Management Fund for Contingent Liabilities.

The Department of Finance (DOF) has welcomed the recent progress in consolidating legal frameworks for public-private partnership (PPP) projects.

In a statement, Finance Secretary Benjamin E. Diokno said the enactment of Senate Bill No. 2233, also known as the PPP Act, would facilitate trade, attract investments, and enhance infrastructure.

The Senate approved the bill on its second reading last Sept. 20, a development that was welcomed by the DOF, highlighting the significance of this progress in fostering economic growth and development.

The PPP Act, a priority measure of President Marcos, aligns with the 8-Point Socioeconomic Agenda, which prioritizes job creation, trade and investment promotion, and infrastructure improvement.

“I thank our good sponsor Senator Joseph Ejercito, as well as Senate President Juan Miguel Zubiri and Senate Majority Leader Joel Villanueva, for working to pass this critical piece of legislation,” Diokno said.

"The DOF, together with the National Economic and Development Authority (NEDA) and the PPP Center, will continue to work with Congress to establish a stable and predictable PPP policy environment to pave the way for high-quality and cost-effective infrastructure in the country,” he added.

Upon approval, the proposed measure will consolidate existing legal frameworks, creating a unified system that provides clear guidance for investors engaging in PPP projects.

To facilitate a more effective and streamlined PPP approval process, the PPP Act will increase the approval threshold for projects that need the NEDA Board’s approval to P15 billion.

Furthermore, it removes the limiting provision of the “first-in-time” approach of unsolicited proposals, which will allow the government to review proposals for the same project simultaneously and choose the best candidate to be awarded the project.

The Act also provides for safeguards such as the creation of a Risk Management Fund for Contingent Liabilities, as well as the mandatory inclusion of dispute avoidance and alternative dispute resolution (ADR) mechanisms for quicker and more efficient rulings.

There is also a penal provision that is applicable to both private individuals or public employees to ensure accountability.

When undertaking PPP projects, the private proponent shares in associated risks for reasonable return on investment while contributing to the effort of nation building.

The PPP Act provides investors with Certainty of Tariff Regulation to reduce the investment risk of private proponents.

Transparency is also a key aspect of the measure as it provides for the public disclosure of tender documents and PPP contracts.

PPPs are contractual arrangements between the implementing agency and the private proponent for the financing, designing, constructing, operating and maintaining, or any combination thereof, of public infrastructure or development projects.

Related Tags

Department of Finance (DOF) PPP Public Private Partnerships Finance Secretary Benjamin E. Diokno
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