President Ferdinand R. Marcos Jr.’s marching order to revise the Implementing Rules and Regulations (IRR) of the Build-Operate-and-Transfer (BOT) Law has been accomplished within his first 100 days in office.

The revised IRR is effective on October 12, 2022, following its approval by the BOT Law IRR Committee during its Committee Meeting on September 15, 2022 and publication on September 27, 2022.

“The revised Implementing Rules and Regulations of the Build-Operate-and-Transfer Law will allow us to mobilize private sector resources as an engine for capital and a catalyst for growth. This move will produce exponential returns for our country that will span generations to come,” Finance Secretary Benjamin Diokno said.

The amendments are intended to address stakeholder concerns about the financial viability and bankability of public-private partnership (PPP) projects, as well as clarify ambiguous provisions that might have caused delays in the PPP process.

Centered on transparency and accountability, the revised IRR determines the true cost of infrastructure or development projects to the government, consumers, and taxpayers.

This ensures that the benefits and risks of PPP projects are shared equitably among all parties while protecting national interests.

The revisions empower various regulatory agencies by giving them the freedom to carry out their duties and responsibilities, while introducing new oversight mechanisms to safeguard compliance with PPP obligations by both implementing agencies and private sector applicants.

“Projects that fit into the approved master plans and connect regions would be given priority to ensure that all Filipinos benefit from economic growth,” Secretary Diokno added.

Government efforts to address pressing concerns on inflation, poverty, and the lingering socio-economic effects of the pandemic through PPPs will be strengthened.

###