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Manila Bulletin devider Business devider NEDA hails passage of PPP Act bill

NEDA hails passage of PPP Act bill

Published Sep 26, 2023 08:31 am

At A Glance

  • The National Economic and Development Authority welcomes the approval of the Public-Private Partnership Act on its third and final reading.<br>With 20 affirmative votes, the upper chamber passed the Senate Bill No. 2233, or the proposed PPP Act, which aims to facilitate trade, attract investments, and enhance infrastructure.<br>The bill acts as the unified legal framework for all PPPs at the national and local levels, which will cover all types of PPP arrangements, including joint ventures and toll operations agreements.<br>The measure aims to create a stable and predictable environment for the public and private sectors by reducing transaction costs and improving the ease of doing business regarding PPPs.<br>When passed into law, the PPP Act will give the PPP Center additional powers and functions to be the major agency that monitors all PPP projects nationwide.

The National Economic and Development Authority (NEDA) has welcomed the approval of the Public-Private Partnership (PPP) Act on its third and final reading.

With 20 affirmative votes, the upper chamber on Monday, Sept. 25, passed the Senate Bill No. 2233, or the proposed PPP Act, which aims to facilitate trade, attract investments, and enhance infrastructure.

The PPP Act is one of the 20 priority measures President Marcos requested for a December passage.

The bill acts as the unified legal framework for all PPPs at the national and local levels, which will cover all types of PPP arrangements, including joint ventures and toll operations agreements.

The measure also aims to create a stable and predictable environment for collaboration between the public and private sectors by reducing transaction costs and improving the ease of doing business regarding PPPs.

The bill also features reforms that will address the ambiguities in existing laws regulating PPPs and bottlenecks and challenges affecting the implementation of PPPs.

When passed into law, the PPP Act will institutionalize the PPP Center that was created under Executive Order No. 8 in 2010.

It will give the PPP Center additional powers and functions to be the major agency that monitors all PPP projects nationwide.

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National Economic and Development Authority (NEDA) public private partnership
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