Metro Manila (CNN Philippines, June 14) — President Ferdinand Marcos Jr. has declared the Senate bill proposing the Public-Private Partnership (PPP) Act as urgent.
The president said the passage of Senate Bill No. 2233 would address the “urgent need” to increase the participation of the private sector in national development programs that support important infrastructure development of the government.The bill, if enacted, will increase much needed development across various sectors and accelerate the delivery of public services in order to spur economic growth and elevate millions from dire poverty,” Marcos told Senate President Juan Miguel Zubiri in a letter made available to the media on Wednesday.The House of Representatives approved its version of the PPP Act in December.Under the proposed Senate bill, PPP refers to a contractual agreement between the government and the private sector for the “financing, designing, constructing, operating and maintaining, or any combination thereof, of infrastructure or development projects which are typically provided by the public sector, where each party shares in the associated risks.PPP ventures are also considered as alternatives when the government has insufficient financing for local infrastructure or development projects.Albay 2nd district Rep. Joey Salceda said the proposed PPP Act will make accessible at least ₱27 trillion in financial resources from banks and at least P600 billion annually from just the “large conglomerates” for infrastructure projects.
