Senate of the Philippines
December 27, 2011
Senator Edgardo J. Angara is pushing for a measure that will boost private sector investment in the country by filling the gaps in the present Build and Operate Transfer (BOT) Law (Republic Act 7718).
Angara has filed Senate Bill No. 3090, entitled “An Act Enhancing the Public Private Partnership (PPP) in Infrastructure Development in the Philippines”.
“The Aquino administration has among its priorities the strengthening of public private partnerships in the country, and rightly so,” assessed Angara, Vice Chair of the Senate Committee on Finance. “However, difficulties and shortcomings in policy and fiscal conditions have considerably dampened the interest in such ventures.”
“There is a need to revive private sector participation in the financing of various large-scale projects, infrastructure and services, so that the burden of national growth and development can be shared by government and private companies alike,” said the veteran lawmaker.
The new law, as proposed by Angara, seeks to establish a legal framework that provides for adequate protection of rights and the consistent enforcement of contracts–two conditions that, when fully implemented, are expected to greatly encourage private sector investment. The bill also seeks to uphold competitive bidding as the core of government procurement policy.
“We all want more investors to take part in our projects,” said Angara. “It is precisely in view of this that we ought to work to make our country and its laws hospitable to them. By doing this, we create a fiscal environment that is beneficial to both investors and to the public at large, who are on the receiving end of the services and infrastructure projects that we are undertaking.”