Foreign investors push changes to BOT law

AFP FILE PHOTO

The Joint Foreign Chambers has reiterated its call for the “swift enactment” of amendments to the Build-Operate-Transfer (BOT) Law as this is deemed crucial in sustaining investor confidence in the country.

In a letter to Rep. Ronald M. Cosalan, chair of the House committee on public works and highways, the JFC noted that the private sector was cognizant of the great need for massive infrastructure investments to support and boost the growth of the Philippine economy.

“We recognize that the government’s Public-Private Partnership (PPP) Program provides the framework by which infrastructure development can be accelerated and properly tendered to interested and capable parties,” the JFC said in the letter. This was why it would be highly critical for the government to institutionalize the processes that have improved the PPP program over the past four years.

“While the PPP Program encountered some difficulties in its initial stages, it has since begun to catch up, with high-impact projects being steadily rolled out, catching the attention of domestic and international investors. We call on government to swiftly enact the amendments to the BOT Law that will institutionalize the PPP Center and its processes, which we believe will further strengthen our PPP framework and prevent hindrances to the implementation of critical public projects,” the JFC further added.

Earlier this month, the National Economic and Development Authority (Neda) Board chaired by President Aquino approved the rebidding of the P35.4-billion Cavite-Laguna Expressway, or Calax.

The Neda Board also approved five other infrastructure projects with a combined estimated cost of P337.4 billion. Among the six infrastructure projects approved were four public-private partnership (PPP) projects, including the Calax project, which will all be auctioned to private-sector investors.

The JFC—a coalition of the American, Australia-New Zealand, Canadian, European, Japanese and Korean chambers in the Philippines and the Philippine Association of Multinational Companies Headquarters Inc.—seeks and promotes the creation of an investor-friendly environment in the Philippines as a means to achieve inclusive growth. The group represents more than 3,000 member companies engaged in $230 billion worth of trade and some $30 billion worth of investments in the Philippines.

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