Reforms under the EPPIP program have been successful in stimulating the PPP market and improving the quality of infrastructure projects in the Philippines, according to ADB Senior Trade Specialist Cristina Lozano. (Source: adb.org)Hanoi (VNA) - The AsianDevelopment Bank (ADB) has approved a 300 million USD policy-based loan tosupport the Philippines’ efforts to strengthen the framework under which theprivate sector can participate in the government’s infrastructure developmentprogramme.
ADB said the loan seeks to help and allowpublic-private partnership (PPP) infrastructure projects in the Philippines toflourish using private sector expertise and innovation.
PPPs can raise the quality of life for citizens by providing reliable publicservices through efficient infrastructure, said ADB Senior Trade Specialist CristinaLozano.
With its fast-growing economy, archipelagicgeography, expanding population, and rapid urbanization, the Philippinegovernment aims to raise infrastructure investments to 7.4 percent of grossdomestic product by 2022 from 5.1 percent in 2016.
The Build, Build, Build (BBB) programme,part of the medium-term Philippine Development Plan, is estimated to require atotal 168 billion USD in investments for 75 high-impact priority projectsnationwide.
To finance this, the government wants to use an optimal funding mix composed ofgovernment spending, official development assistance, and private capital.
Since 2010, the government has awarded atotal of 16 national PPP projects worth around 6.2 billion USD.
Classified in 2011 as an emerging countryin terms of PPP readiness, the Philippines now ranks seventh in the overallranking, joining India, Japan, and the Republic of Korea in the group ofdeveloped PPP markets, according to the 2014 Infrascope report of The EconomistIntelligence Unit. The PPP market review conducted by the Organisation forEconomic Co-operation and Development considers the Philippine PPP framework asuccess.-VNA
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