Trade and Industry (DTI) Secretary Alfredo E. Pascual welcomed the completion of the Public-Private Partnership (PPP) Code’s implementing rules and regulations (IRR), citing it as a “timely policy reform” to boost the country's economy.
“This policy reform is timely, as we aim to bolster our economy's resilience, create more job opportunities, and improve the overall quality of life for Filipinos," he said in a statement sent to reporters on Saturday, March 23, via Viber.
The DTI chief said that through the PPP Code and its IRR, "we are setting the stage for a new era of infrastructure development that is rapid but also inclusive and sustainable (and we) are committed to working hand in hand with our private sector partners to transform the Philippine economy, enhance our competitiveness, and ultimately achieve a more prosperous and equitable society,”
In particular, he highlighted the importance of the IRR of the PPP Code for infrastructure, which he described as the “backbone of economy growth and a catalyst for inclusive development.”
With the comprehensive IRR, the national government will be able to encourage and operationalize both local and foreign investments from the private sector, and pool expertise and innovation to construct critical infrastructures.
“Establishing a well-defined regulatory framework is crucial in building investor confidence. It assures them of the government's commitment to a fair, competitive, and accountable partnership environment,” remarked Pascual.
The IRR of the PPP Code will establish clear answers for the benefit of investors, ensuring transparency and efficiency in following policies and processes for public-private ventures.
“By providing a stable and predictable investment climate, we can attract more substantial local and international capital, technology, and expertise into our infrastructure projects,” he added.
Signed by President Ferdinand R. Marcos Jr. on Dec. 5, 2023, Republic Act No. 11966 or the PPP Code of the Philippines laid out the terms, conditions, and rules encompassing public-private ventures, agreements, and partnerships.
The coverage of the legislation includes “all contractual agreements between Implementing Agencies (IA) and Private Partner to finance, design, construct, operate, and maintain, or any combination or any combination or variation thereof, for infrastructure or development projects and services.”