Government officials on Thursday signed the implementing rules and regulations (IRR) of the Public-Private Partnership (PPP) Code.

The IRR was signed by National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, PPP Center Executive Director Cynthia Hernandez, Department of Finance Undersecretary Catherine Fong, Department of Budget and Management Undersecretary Joselito Basilio, Chief State Counsel Dennis Arvin Chan of the Department of Justice, Department of the Interior and Local Government Undersecretary Odilon Pasaraba, and Private Sector Representative to the PPP Governing Board Ferdinand Tolentino.

“This pivotal moment underscores the Marcos administration’s commitment to its Build-Better-More program of building and realizing high-quality, game-changing infrastructure projects that enable socioeconomic transformation,” Balisacan said during the signing of the IRR at The Mega Tower in Ortigas City.

The PPP Code and its IRR aim to strengthen and institutionalize PPPs in the country by providing a unified legal framework for all PPPs at both national and local levels.

This landmark legislation clarifies the ambiguities in the Build-Operate-Transfer Law, which was last amended in 1994, and other existing PPP legal frameworks.

The law will enable much-needed development across various sectors of the economy and accelerate the delivery of affordable, accessible, and efficient public services.

“The PPP Program is a major government initiative – in light of the tight fiscal space, it is an essential component of the President’s transformation agenda under the Philippine Development Plan 2023-2028,” Balisacan said.

“We are in a hurry to get strategic investments to increase our economy’s growth potential. The momentum for reform and action is strong, and we are pulling out all the stops for investors who wish to do business in one of the most promising economies in the region.”

PPP Center Executive Director, Undersecretary Ma. Cynthia Hernandez, meanwhile, expressed confidence that the PPP Code IRR reflects the needs and perspectives of all stakeholders.

“With the PPP Code IRR now signed, we are confident that its updated policy framework will strengthen the country’s investment ecosystem. This framework is designed to be efficient, fair, and promote stronger collaboration between the public and private sectors,” Hernandez said.

Republic Act 11966 or the PPP Code of the Philippines was signed into law on Dec. 5, 2023, and came into effect on Dec. 23.

The PPP Governing Board, acting as the PPP Code IRR Committee, was mandated to promulgate the IRR within 90 days from the effectivity of the law, or by March 23, 2024.

Since January, the committee has been conducting online and in-person consultations to solicit questions, suggestions, and recommendations from key stakeholders in the public and private sectors, development partners, and other organizations to craft and finalize the IRR.

After its signing, a copy of the IRR will be made available to the public on March 22.

The IRR will take effect 15 calendar days after publication or on April 6. (PNA)