MANILA, Philippines — President Marcos signed on Tuesday the PPP Code of the Philippines and the Internet Transactions Act of 2023 while in isolation after testing positive for COVID.
Marcos said the two new laws show the country’s commitment and readiness to accelerate its development and embrace the digital economy.
In particular, the newly enacted Public-Private Partnership (PPP) Code is expected to provide the Philippines with high-quality infrastructure needed to propel economic growth.
Finance Secretary Benjamin Diokno lauded the newly signed PPP Code which is expected to enhance collaboration and lay the foundation for better quality infrastructure projects and services for Filipinos.
“By encouraging stronger collaboration with the private sector, the law promotes innovation in processes, efficient resource mobilization, and the delivery of high-quality and cost-effective infrastructure projects and services in the country,” Diokno said.
“This is a testament to the government’s commitment to promoting stronger collaboration between the public and the private sectors,” he said.
The new law will establish a stable and predictable environment for collaboration of both public and private sectors and address the gaps in infrastructure financing.
It will also consolidate all legal frameworks and create a unified system for investors to refer to when engaging in PPP projects.
Similarly, the PPP Code effectively clarifies the ambiguities in the existing Build-Operate-Transfer Law which was last amended nearly three decades ago.
The PPP Code was a priority measure of the Marcos administration and is supportive of the eight-point socioeconomic agenda of the government as it prioritizes job creation through the promotion of trade and investments and improving infrastructure.
“The Philippines has a private sector-led economy and it plays an indispensable role in building the foundations to propel the economy’s long-term growth and development,” Diokno said.
Under the flagship Build Better More program, the government will invest in 197 infrastructure projects worth P8.7 trillion.
About 41 of these flagship projects will be financed through PPPs.
Moreover, the PPP Code streamlines the project implementation process, updates approval thresholds for national PPP projects, and promotes autonomy in implementing local PPP projects while ensuring alignment of local projects to national development plans.
The law likewise improves the framework for unsolicited proposals and establishes a predictable tariff regime to protect public interests.
Further, the law gives the PPP Center more powers and functions to work toward a more efficient and effective performance of its mandate.
The law also institutionalizes the PPP Governing Board, Project Development and Monitoring Facility, and the new Risk Management Fund for a more sustainable Philippine PPP program.
