THE National Economic and Development Authority (NEDA) reiterated that plans are underway to review implementing rules and regulations (IRR) of the Build-Operate-Transfer (BOT) Law.
During the Management Associations of the Philippines Economic Briefing and General Membership Meeting, Socioeconomic Planning Secretary Arsenio Balisacan said that reviewing the amended BOT Law IRR would address the issues raised in various fora that the rules are hindering investors from participating in public-private partnerships (PPPs).
Bangko Sentral ng Pilipinas Governor Felipe Medalla (right) and Socioeconomic Planning Secretary Arsenio Balisacan (left) speak during the Management Associations of the Philippines Economic Briefing and General Membership Meeting on Friday, August 19, 2022. PHOTO BY RENE H. DILAN
A previous Manila Times report, citing Finance Secretary Benjamin Diokno, mentioned that amending some of the provisions in the IRR of the BOT would attract the private sector to join in the country’s Build, Build, Build program.
“Given our current fiscal constraints, we will use PPPs to harness the private sector’s expertise, resources and capacity to substantially upgrade the country’s infrastructure,” said Balisacan.
The NEDA, Balisacan said, would prioritize solicited projects that fit into approved master plans and connect leading and lagging regions to ensure that the benefits of economic growth are inclusive.
He also underscored the private sector’s significant role in bringing in the necessary investments that will lead to high-quality job creation.
Meanwhile, the NEDA chief told the members of the private sector that President Ferdinand “Bongbong” Marcos Jr. has given his marching orders.
“The relevant agencies in the executive shall facilitate more trade opportunities and ensure the proper implementation of our amended economic liberalization laws,” said Balisacan.
He added that the government is mindful of the private sector’s significant role in increasing productivity, driving innovation, creating job and market opportunities, and addressing the long-standing and emerging issues our country faces.
NEDA also highlighted that public order and safety, peace and security must serve as the country’s foundation for economic activity to flourish.
“There is no compelling reason to believe our country cannot reach its long-term ambitions. We can make it happen through robust partnerships between the public and private sectors,” added Balisacan.