The Philippines will soon launch its public-private partnership program, which aims to accelerate the financing, construction and operation of key government infrastructure projects, Finance Secretary Cesar Purisima said Friday.
In a press conference held at the sidelines of the 17th Association of Southeast Asian Nations (ASEAN) Summit being held at the National Convention Center here, Purisima said the conference will be held from Nov. 18 to 19.
This is part of the program of the President to really address the three main issues that has held back the economic growth of the Philippines in the past 20 years,” Purisima said enumerating these issues as the infrastructure gap, corruption and bureaucracy policies.
“We are looking back at over 15 years of experience in PPP in the Philippines and we’re making adjustments to make sure that moving forward, we avoid some of the problems that we faced in the past years,” Purisima said.
Principally the changes will be on focusing more on solicited projects that are more transparent compared to unsolicited projects; guaranteeing regulatory risks, when possible; and creating a financing environment that will allow proponents to get funding up to 25 years.
The PPP program was created through President Aquino’s issuance of Executive Order No. 8 transferring the Build-Operate-Transfer Center under the helm of the National Economic and Development Authority (NEDA) in a bid to hasten the implementation of public-private partnership programs.
The center, which was named Public-Private Partnership Center of the Philippines, aims to accelerate the financing, construction and operation of key government infrastructure projects.
The center is expected to extend assistance to all local government units and other government instrumentalities in the implementation of projects, provide advisory services in project preparation and development, recommend policies with regard to program implementation, monitor all projects and programs, and manage and administer the revolving fund to be called the Project Development and Monitoring Facility. (PNA)