Finance Secretary Ralph Recto invited investors to participate in public-private partnerships (PPPs) to address the Philippines’ long-standing water challenges.
Recto recently briefed potential investors on investment prospects for PPPs under the President’s Build Better More program, which consists of 198 high-impact infrastructure flagship projects (IFPs) worth P8.8 trillion (about $155 billion).
Data showed that of the total, 44 projects focus on water resources with an indicative investment amount of P839.2 billion (about $14 billion).
“I invite you to take a closer look at these projects and uncover the myriad of opportunities awaiting your partnership with us,” Recto said.
Recto assured investors of President Ferdinand Marcos, Jr.’s strong commitment to championing PPPs, as evidenced by the swift enactment of the PPP Code of the Philippines.
“Along with the amendments to the Public Service Act, the PPP Code rolls out a red carpet to investors, offering a stable, predictable and competitive environment where high-quality PPP investments can thrive,” he said.
The PPP Code leverages over three decades of experience with the Build-Operate-Transfer Law and integrates best practices to streamline processes, reduce transaction costs and enhance the ease of doing business for PPPs.
The implementing rules and regulations (IRR) of the law are in the final stages and will be released soon, he said.
The Department of Finance said to further strengthen the PPP environment in the country, it has been refining the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to better address investor concerns and tailor-fit incentives for more strategic investments.
It said it is also advocating for the passage of the Department of Water Resources Bill to harmonize water policies, programs and projects and ensure the proper management and development thereof.
“At present, there are over 30 agencies with redundant roles managing the country’s water resources. Their overlapping functions result in disjointed planning and uneven policy execution. These ultimately impede the stability of the nation’s water supply,” Recto said.
The proposed department will serve as the primary agency responsible for the comprehensive and integrated water resources development and management in the Philippines.
Recto also assured investors of the Philippines’ strong economic foundation, positioning it as the best place for investments.
“In the Philippines, we offer you an economy that is geared for a period of rapid expansion despite external headwinds,” he said.
The Philippines posted the strongest growth among major Asian economies in 2023 with a gross domestic product expansion of 5.6 percent.
