The govenment will update the implementing rules and regulations of the Build-Operate -Transfer Law is slated for an overhaul to improve the investment climate and attract more private investors Public-Private Partnerships project, Finance Secretary Benjamin Diokno said.
“We are planning to, in fact, amend some of the provisions in the IRR (of) the PPP to really attract the private sector to participate in the ‘Build, Build, Build’ program,” Finance Secretary Benjamin Diokno said.
Infrastructure development remains a top priority of the Marcos administration to drive employment, agriculture, tourism and overall economic growth.
Part of the broadband plan is to interconnect the archipelago and sustain infrastructure investments at five to six percent of gross domestic product (GDP) annually until 2028, Diokno added.
Mass transit gets preference
Infrastructure development will focus on mass transit, railway systems, and adding more airports and seaports.
Meanwhile, Diokno said the Duterte administration had turned over to the Marcos administration several big ticket and shovel-ready projects.
The Department of Public Works and Highways has listed on its website the priority projects under PPP, which include several expressways across the country.
The secretary said the rapid expansion of the economy will generate higher tax revenues that will be used to finance infrastructure development.
“Better tax administration through digitalization in both the Bureau of Customs and the Bureau of Internal Revenue can substantially increase government revenues,” Diokno added.
Better service delivery
He added the plan to rightsize the bureaucracy can lead to more efficient government operations and better delivery of public services.
Diokno cited the approval of the amendments to the almost century-old Public Service Act as a complementary reform that would encourage investors to come in and implement some of the projects under PPP.