The government expressed optimism on the prospects of Public-Private Partnership (PPPs) projects, following the completion of the implementing rules and regulations (IRR) for the PPP Code.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the completion of the IRR underscores the government’s commitment to sustaining the infrastructure push under the “Build-Better-More” program aimed at social and economic transformation.
The PPP Code and its IRR aim to strengthen and institutionalize PPPs in the country by providing a unified legal framework for all PPPs at both national and local levels. This landmark legislation clarifies the ambiguities in the Build-Operate-Transfer Law, which was last amended in 1994, and other existing PPP legal frameworks.
“The PPP Program is a major government initiative—in light of the tight fiscal space, it is an essential component of the President’s transformation agenda under the Philippine Development Plan [PDP] 2023-2028,” Balisacan said.
“We are in a hurry to get strategic investments to increase our economy’s growth potential. The momentum for reform and action is strong, and we are pulling out all the stops for investors who wish to do business in one of the most promising economies in the region,” he said.
NEDA identified 119 projects in the pipeline, with 95 at the national level and 24 at the local level, collectively worth about P2.4 trillion.
The PPP Code will enable much-needed development across various sectors of the economy and accelerate the delivery of affordable, accessible and efficient public services.
Undersecretary Ma. Cynthia Hernandez, executive director of the PPP Center, expressed confidence that the PPP Code IRR reflects the needs and perspectives of all stakeholders.
“With the PPP Code IRR now signed, we are confident that its updated policy framework will strengthen the country’s investment ecosystem. This framework is designed to be efficient, fair and promote stronger collaboration between the public and private sectors,” Hernandez said.
Republic Act No. 11966, also known as the PPP Code of the Philippines, was signed into law on Dec. 5, 2023, and came into effect on Dec. 23.