On 5 December 2023, the Public-Private Partnership (PPP) Code of the Philippines (“PPP Code“) was enacted into law.
The PPP Code was enacted to further the State’s policy to provide an enabling environment for the private sector to mobilize its resources to finance, design, construct, operate, and maintain infrastructure or development projects and services. The PPP Code provides for, among others, (i) a unified framework for both national and local PPP projects, (ii) stricter timelines for the evaluation and approval of PPP projects, and (iii) updated thresholds and requirements for approval of national and local PPP projects.
On 21 March 2024, the Implementing Rules and Regulations of the Public-Private Partnership (PPP) Code of the Philippines (“PPP Code IRR“) were approved. The PPP Code IRR will take effect on 6 April 2024.
