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Manila Bulletin devider Business devider Recto: PPP Code IRR to drive high-quality investments

Recto: PPP Code IRR to drive high-quality investments

Published Mar 23, 2024 05:10 am

The Department of Finance (DOF) said the Public-Private Partnership (PPP) Code is poised to usher in a steady stream of strategic and high-quality investments that will bring benefits to all Filipinos. 

Finance Secretary Ralph G. Recto said the timely release of the PPP Code's implementing rules and regulations (IRR) aligns well with the strong state of the country's economy, making it an ideal moment to attract investors.

“With the PPP Code IRR in place, we have unlocked the floodgates for a sustained flow of strategic investments that will deliver top-tier infrastructure and public services to the Filipino people,” Recto said in a statement.

Enacted on Dec. 5, 2023, the PPP Code established a stable, predictable, and competitive environment conducive to the success of high-quality PPP investments.

The new law also consolidated all legal frameworks, providing investors with a clear reference point for engaging in PPP projects.

Moreover, the PPP Code addressed the ambiguities present in the Build-Operate-Transfer (BOT) Law, last revised in 1994, by incorporating best practices to streamline processes, lower transaction costs, and improve the business environment for PPP ventures.

Aligned with the objectives of the Marcos administration to bridge the infrastructure funding gap and stimulate economic growth, the PPP Code will play a direct role in supporting these goals. 

Through the Build Better More program, the government aims to invest in 185 infrastructure flagship projects (IFPs) valued at P9.14 trillion, with 45 of them set to be funded through PPP arrangements.

“The PPP Code will empower us to optimize resource mobilization while harnessing the private sector’s expertise, including innovative techniques and cutting-edge technologies, to deliver cost-effective infrastructure projects and services across the country,” Recto said.

Since January, the PPP Code IRR Committee, of which the DOF is the Vice Chairperson, held 23 consultations and information sessions, gathering input from 840 comments across public, private, and development sectors.

These discussions were open, inclusive, and constructive and highlighted the crucial trust between the public and private sectors, which is essential for effective nation-building and development.

“I thank everyone who has worked hard to meticulously craft the IRR to be consistent with the law at the earliest possible time,’ Recto said.

“Your work has ensured that investor concerns are rightfully addressed and that our PPP framework aligns with the best practices globally,” he added.

He added that the PPP Code is only one aspect of the government’s comprehensive efforts to address policy and regulatory barriers, expedite investment approvals, and proactively identify creative solutions and opportunities to foster a more favorable business environment in the country.

The IRR was made available to the public last March 22, and will take effect 15 calendar days after publication.

Related Tags

Department of Finance (DOF) public private partnership PPP Code ralph recto Finance Secretary
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