By Francis Allan L. Angelo
Finance Secretary Ralph G. Recto expressed his enthusiasm for the recently signed implementing rules and regulations (IRR) of the Public-Private Partnership (PPP) Code as this could usher in a continuous stream of strategic investments that promise widespread benefits for the Philippines.
Recto highlighted the timeliness of the signing, coinciding with a period of vigorous economic growth in the country, thereby presenting an attractive proposition for potential investors.
“We are leaving no opportunity untapped to entice investors to come to the Philippines. 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,” he said.
The PPP Code, enacted on December 5, 2023, is designed to create a stable and competitive environment conducive to high-quality PPP investments. It serves as a comprehensive reference by unifying all legal frameworks and updating the Build-Operate-Transfer (BOT) Law, thereby integrating contemporary best practices.
This code is directly in line with the administration’s goal to close the infrastructure funding gap, supporting economic development under the Build Better More program. Out of the 185 planned infrastructure flagship projects, valued at PHP 9.14 trillion, 45 are earmarked for PPP financing.
Secretary Recto further explained, “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.”
The drafting of the IRR involved extensive collaboration, featuring 23 consultations and information sessions that reflected the inputs of 840 comments from diverse sectors. This inclusive process underscores the essential trust between public and private sectors for successful national development.
Recto extended his gratitude to those involved in crafting the IRR, ensuring that investor concerns are addressed and that the Philippines’ PPP framework is on par with global best practices.
He also noted that the PPP Code represents a portion of broader governmental efforts to overcome policy and regulatory barriers, accelerate investment approvals, and identify creative opportunities to cultivate an improved business climate in the Philippines.
The IRR signing was a collaborative effort involving key government officials, including NEDA Secretary Arsenio Balisacan and representatives from various departments and the private sector.
Set for public release on March 22, 2024, the IRR will officially take effect 15 days after its publication, marking a significant stride in the country’s infrastructural and economic landscape.
