Organization calls for streamlining investment laws

MANILA, Philippines (Xinhua) - The Joint Foreign Chambers (JFC) is calling for the implementation of amendments to the Build-Operate-Transfer (BOT) Law by streamlining the mechanisms to improve the Public-Private-Partnership (PPP) Program.

In a letter addressed to the Philippine Congress's House Committee on Public Works and Highways today, the JFC pointed out the need of the private sector's recognition that massive investment infrastructure is needed to bolster 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 stated in a letter addressed to Congressman Ronald Cosalan, chairman of the Public Works and Highways Committee.

The JFC is a coalition of the American, Australian, Canadian, European, New Zealand, Japanese and South Korean Chambers of Commerce in the Philippines and the Philippine Association of Multinational Companies Headquarters, Inc.

It comprises over 3,000 member companies represented in $230 billion worth of trade and $30 billion in investments in the Philippines.

Build-Operate-Transfer and Public-Private Partnership schemes are employed in the creation of various types of infrastructure projects in the Philippines that pertain to water and energy generation facilities and transportation infrastructure such as toll roads, rail and light rail train facilities, and airports.

Among the most prominent BOT projects in the Philippines are the Metro Rail Transit 3 and commuter train systems in Metro Manila.