President Ferdinand Marcos Jr. has declared the Senate bill proposing the Public-Private Partnership (PPP) Act as urgent.
The president said the passage of Senate Bill No. 2233 would address the"urgent need" to increase the participation of the private sector in national development programs that support important infrastructure development of the government.
"The bill, if enacted, will increase much needed development across various sectors and accelerate the delivery of public services in order to spur economic growth and elevate millions from dire poverty," Marcos told Senate President Juan Miguel Zubiri in a letter made available to the media on Wednesday.
PPP ventures are also considered as alternatives when the government has insufficient financing for local infrastructure or development projects. Albay 2nd district Rep. Joey Salceda said the proposed PPP Act will make accessible at least ₱27 trillion in financial resources from banks and at least P600 billion annually from just the"large conglomerates" for infrastructure projects.
The push from Marcos would allow the Senate to discuss it in plenary and approve it on third and final reading on the same day.
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