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Public-private partnership bill nears House nod
A proposed public-private partnership bill hurdled the scrutiny of the House Committee on Ways and Means.
If enacted into law, it will unlock “trillions” in corporate and private sector funds towards infrastructure projects in the country, “to supplement the country’s public resources.”
Members of the committee noted that there is at least P27 trillion in financial resources available in the banking sector, and at least P600 billion annually in just the large conglomerates, every year for private sector financing of PPPs.
They added that the “expertise, operational flexibility, and network of the private sector will be crucial in completing high-priority, big-ticket projects.”
“More than just the financing, it’s the private sector’s ability to get things done. We need that,” the authors said.
The House public works committee approved the substitute bill which was workshopped by the Presidential Legislative Liaison Office and other executive agencies with the Committee.
The proposal sets clearer rules and definitions on unsolicited and solicited proposals, the approval mechanisms, governing institutions for PPPs, contract terms, and others.