MANILA, Philippines - Australia’s top diplomat in the Philippines said that Australian companies’ interest in the government’s Private-Public Partnership (PPP) program, is a sign of confidence in the Philippine economy.
Ambassador Rod Smith said in an interview at the annual journalists’ reception hosted by the Australian Embassy on Tuesday evening that the Australian business community is interested in the 10 priority projects under the PPP.
“There is broadly a lot of interest on the part of the Australian business community in looking for opportunities. It’s a sign of confidence in Philippine economy and in the prospects for growth in the policy settings the Aquino administration has put in place for investments and working actively to promote PP. I think there is potential for Australian companies to become involved,” Smith said.
The PPP program is a contractual arrangement between government and the private sector to deliver public infrastructure and/or public services. The project shall be structured in such a way that the private sector gets a reasonable rate of return from its contribution to the project while optimizing risk allocation between the parties, minimizing costs, and realizing the project’s developmental objectives.
Selected government projects will be offered to the private sector for funding, based on project readiness and preparation, responsiveness to the sector’s needs, and high implementability.