The National Economic and Development Authority expressed confidence that more financially viable and solid Public-Private Partnership projects will be delivered following the publication of the Revised 2022 Implementing Rules and Regulations of the Build-Operate-Transfer Law last 27 September.

"The PPP projects arising from the revised 2022 IRR of the BOT law will further aid the government in fostering development across the country's critical sectors amidst global headwinds and fiscal constraints. He added that the new IRR seeks to balance private and public interests toward meeting the country's development goals." Socioeconomic Planning Secretary and BOT IRR Cabinet-level Committee chairperson Arsenio Balisacan said.

Address growth constraints

"Through the new IRR, the government will utilize PPP projects to address the binding constraints to growth and job creation in sectors such as manufacturing, tourism, IT-BPOs, and the creative industry. Considering our current fiscal position, private sector resources and technical expertise will be harnessed to introduce innovations and upgrade the country's vital infrastructure such as logistics, transportation, telecommunications and water," Balisacan added.

He pointed out that PPP will enable investment in projects connecting leading and lagging regions, which will improve the competitiveness of domestic industries and reinforce the virtuous cycle of attracting even more investments in various sectors.

Harnessing private resources will also allow the public sector to allocate more public resources for social protection measures that will bolster the purchasing power of Filipino families.