FINANCE Secretary Benjamin Diokno said on Wednesday that the public-private partnerships are crucial to the country’s economic recovery.
Diokno made the announcement after he announced the approval of revised rules for the Build-Operate-Transfer (BOT) Law.
During a forum organized by the Financial Executives Institute of the Philippines, the Finance secretary said the private sector’s participation would be the key to unlocking the many benefits of public-private partnerships.
“The Department of Finance stands ready to support and collaborate with the private sector in transforming the Philippine business landscape into one that is genuinely inclusive, sustainable and future-proof,” said Diokno.
He said the BOT Law will enable the government to continue funding infrastructure projects despite financial limitations.
Diokno added that the BOT Law, along with other more liberalized economic policies like the Foreign Investment Act and the Public Service Act, would help the economy grow in the coming years.
“We have inherited [several] game-changing reforms that will help us build a more business-friendly environment for both domestic and foreign investors,” Diokno said.
PPP to ‘boost’ public-private projects in PH
A government official said earlier this week that PPPs would also boost more projects across the country.
Ma. Cynthia Hernandez, PPP Center executive director, said adopting an improved PPP Law would clarify how the local government entities carry out the projects.
“We have a lot of meetings with LGUs (local government units) on PPP, and they signify they want to do PPPs,” Hernandez said.
She added that majority of PPP projects in which LGUs are interested are in the transportation and water industries.
The government has so far awarded 199 PPP projects totaling P2.32 trillion, 88 of which are at the national level and 111 at the local level.
Seventy-four PPP projects worth P2.258 trillion are in the works.
By Tiziana Celine Piatos October 13, 2022
