The implementing rules and regulations (IRR) of the Public-Private Partnership (PPP) Code will be flexible to adopt to the changing times, according to Secretary Frederick Go of the Office of thea Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).
In his speech at the induction of officers of the Chamber of Real Estate Builders Associations on Friday, Go encouraged developers to take a look at the 185 infrastructure flagship projects worth over P9 trillion of the government “because these infrastructure projects are highly related to real estate and you might find some of them interesting..”
Go said the IRR, which takes effect April 6, will encourage private sector investments.
The PPP Code which was signed into law last December updates the 29-year old build, operate transfer law.
The Code consolidates all legal frameworks and creates a unified system for investors to refer to when engaging in PPP projects.
Go added that OSAPIEA “assisted in ensuring the final version of this code would revitalize PPPs (and)… encourage unsolicited joint ventures as a PPP.”
“We believe (it) is critical to promote the best ideas (to) come forward for the delivery of high quality and cost effective infrastructure projects,” he said.
Alfredo Pascual, secretary of the Department of Trade and Industry noted the critical importance of the newly enacted PPP Code and IRR in accelerating infrastructure development, saying these “serve as a cornerstone in our strategy to mobilize private sector investment, innovation, and expertise in building world-class infrastructure.”
Pascual in a statement said a well-defined regulatory framework is crucial in building investor confidence as businesses are assured of a fair, competitive, and accountable partnership environment.
At the signing ceremonies on March 21, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the law will enable much-needed development across various sectors of the economy and accelerate the delivery of affordable, accessible, and efficient public services.
Finance Secretary Ralph Recto in a separate statement said the signing of the PPP Code will open the floodgates for a non-stop influx of strategic and high-quality investments that will benefit all Filipinos.
