RCBC chief economist Michael Ricafort (PNA file photo)
MANILA – The implementing rules and regulations (IRR) of the Public-Private Partnership (PPP) Code will help fast-track the approval and implementation of various infrastructure projects in the country, an economist said.
"This would help expedite the evaluation, approval, and rollout process for various infrastructure projects at the national and also at the local levels, as well as with the private sector," Rizal Commercial Banking Corporation chief economist Michael Ricafort said in a Viber message on Friday.
Ricafort said the PPP Code will provide greater flexibility and will allow the private sector to be better involved in infrastructure projects.
According to Ricafort, the PPP Code will also "harmonize the various laws that may govern infrastructure projects, such as in tackling right of way issues among others."
Signed into law last Dec. 5, the PPP Code of the Philippines seeks to provide a more competitive and enabling environment for PPPs.
The law was among the government’s priority legislative measures for approval last year.
The law which took effect last Dec. 23, is also expected to address bottlenecks and challenges that affect the implementation of PPPs.
Under the law, the IRR Committee is tasked to issue the PPP Code’s IRR within 90 calendar days from its effectivity.
The IRR of the PPP Code is expected to be issued by March 23 this year and will take effect by the early second quarter. (PNA)
