The government is doubling down on its Public-Private Partnership (PPP) Program in a bid to bolster economic growth amidst fiscal constraints, the National Economic and Development Authority said on Thursday.

In the opening remarks during the ceremonial signing of the Implementing Rules and Regulations (IRR) of the PPP Code of the Philippines, NEDA Secretary Arsenio Balisacan emphasized the urgency to attract strategic investments to augment the country's economic growth potential.

"The PPP Program is a major government initiative—in light of the tight fiscal space, it is an essential component of the President’s transformation agenda under the Philippine Development Plan (PDP) 2023-2028," Balisacan said.

"We are in a hurry to get strategic investments to increase our economy’s growth potential. The momentum for reform and action is strong, and we are pulling out all the stops for investors who wish to do business in one of the most promising economies in the region," Balisacan added.

Highlighting the opportunities within the PPP Program, Balisacan noted that there are currently 119 projects in the pipeline, collectively valued at approximately P2.4 trillion. These projects span various sectors, including physical and digital connectivity, property development, and social infrastructure.

Balisacan, echoing sentiments expressed by other economic managers, emphasized the government's commitment to facilitating a conducive environment for investment.

"We are rolling out the red carpet for investment because the President is in a hurry to get things done," he said.

"Members of the Cabinet have taken this directive to heart: the government is going all out to institute reforms, address policy and regulatory roadblocks, fast-track approvals, and identify novel solutions and opportunities to enhance the business climate," he added.

Undersecretary Ma. Cynthia Hernandez, the Executive Director of the PPP Center, expressed confidence that the PPP Code IRR reflects the needs and perspectives of all stakeholders.

“With the PPP Code IRR now signed, we are confident that its updated policy framework will strengthen the country’s investment ecosystem. This framework is designed to be efficient, fair, and promote stronger collaboration between the public and private sectors,” Hernandez said.

Republic Act No. 11966, also known as the PPP Code of the Philippines, was signed into law on 5 December 2023 and came into effect on 23 December. The PPP Governing Board, acting as the PPP Code IRR Committee, was mandated to promulgate the IRR within 90 days from the effectivity of the law, or by 23 March 2024.

Since January, the committee has been conducting online and in-person consultations to solicit questions, suggestions, and recommendations from key stakeholders in the public and private sectors, development partners, and other organizations to craft and finalize the IRR.

After its signing today, the copy of the IRR will be available to the public on 22 March 2024. The IRR will take effect 15 calendar days after publication or on 6 April 2024.