Thursday, November 4, 2010

PNoy launches public-private partnership program in November

Tacloban City (November 1) -- A proof that the President is really serious about the promotion of public-private partnership is the announcement by Finance Secretary Cesar Purisima that the public-private partnership program will be launched in the month of November.

In a press conference held at the sidelines of the 17th Association of Southeast Asian Nations (ASEAN) Summit held at the National Convention Center in Hanoi, Secretary Purisima said the conference will be held from November 18 to 19.

The public-private partnership program which aims to accelerate the financing, construction and operation of key government infrastructure projects, is part of the program of the President to really address the three main issues that has held back the economic growth of the Philippines in the past 20 years, Secretary Purisima said enumerating the issues as the infrastructure gap, corruption and bureaucracy policies.

Secretary Purisima said that they have looked back at over 15 years of experience in PPP in the Philippines and they are making adjustments to ensure that moving forward, some of the problems that were faced in the past years will be avoided.

He mentioned that principally the changes will be on: focusing more on solicited projects that are more transparent compared to unsolicited projects; guaranteeing regulatory risks, when possible; and creating a financing environment that will allow proponents to get funding up to 25 years.

The PPP program was created through President Aquino's issuance of Executive Order Number 8 transferring the Build-Operate-Transfer Center under the helm of the National Economic and Development Authority (NEDA) in a bid to hasten the implementation of public-private partnership programs.

The center, which was re-named Public-Private Partnership Center of the Philippines, aims to accelerate the financing, construction and operation of key government infrastructure projects.

(Source: Philippine Information Agency)

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