Advertisement

Finance asks LGUs to tap P2.58-b fund for projects

The Finance Department said local government units planning to undertake big-ticket projects through the public-private partnership scheme can tap a P2.58-billion revolving facility managed by the PPP Center.

The department said Monday the facility could be useful for checking the viability, preparation of bid documents and monitoring the progress of LGUs’ chosen ventures.

The Project Development and Monitoring Facility can also be utilized not only by LGUs but also by other national government agencies for fund support in conducting pre-feasibility and feasibility studies, project structuring, preparation of bid documents and project monitoring for PPP initiatives.

Managed by the PPP Center, the facility also provides probity advisory services to ensure fairness, accountability and transparency in the procurement process for PPP projects.

The facility started with a P300-million revolving fund and a $6 million (P300 million) initial contribution from the Australian government. The Australian grant is administered by the Asian Development Bank.

The fund  has since grown to about P2.58 billion as of end-July, according to a report by the Privatization Office to Finance Secretary Carlos Dominguez III at a recent DOF executive committee meeting.

According to the PPP Center website, the PDMF helped provide support to 35 projects, of which 10 were awarded as of July 31, 2017.

The PPP Center formed the Project Preparation and Transaction Advisors Panel, a pool of experts that provides the services granted by the PDMF for potential PPP projects.

The panel consists of 22 firms, which include Jones Day (USA), Castalia Ltd. of New Zealand, KPMG Service Pte. Ltd. (Singapore), McKinsey & Co. (Philippines), CPCS Transcom (Canada), International

Technical Assistance Consultants, SL (Spain), Deloitte Touche Tohmatsu India LLP (India) and BDO LLP (United Kingdom) in coordination with Philippines-based law offices and accountancy firms.

The PPP governing board, the overall policy-making body for all PPP-related matters, including the PDMF, is chaired by the head of the National Economic and Development Authority, with the secretary of the DOF as vice chairperson.

Topics: Department of Finance , public-private partnership , LGUs
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA
Advertisement