Recto invites private sector to invest in sustainable surface water sources

Finance Secretary Ralph G. Recto has invited the private sector to invest in sustainable surface water sources to help address the Philippines’ decades-long water problem.

“The Marcos, Jr. administration recognizes the urgent need to address these challenges head-on. And we call upon the private sector to work together with us in forging sustainable solutions through investments in surface water sources,” said Department of Finance (DOF) Undersecretary for the Privatization and Corporate Affairs Group (PCAG) Catherine L. Fong who delivered the Secretary’s speech on his behalf at an investment forum on February 13, 2024.

The forum, which was co-sponsored by the Office of the President (OP), the Department of Environment and Natural Resources (DENR), the Department of Finance (DOF), and the Department of Agriculture (DA), in collaboration with the British Embassy in the Philippines, highlighted investment opportunities in innovative and long-term water solutions to enhance the country’s water security and power generation.

Secretary Recto assured investors of President Ferdinand R. Marcos, Jr.’s strong commitment to championing PPPs, as evidenced by the swift enactment of the PPP Code of the Philippines.

“Along with the amendments to the Public Service Act, the PPP code rolls out a red carpet to investors, offering a stable, predictable, and competitive environment where high-quality PPP investments can thrive,” he stressed.

The PPP Code leverages over three decades of experience with the Build-Operate-Transfer Law and integrates best practices to streamline processes, reduce transaction costs, and enhance the ease of doing business for PPPs.

The Implementing Rules and Regulations (IRR) of the law are in the final stages and shall be released very soon.

Secretary Recto briefed potential investors on investment prospects for PPPs under the President’s Build Better More program, which consists of 198 high-impact Infrastructure Flagship Projects (IFPs) worth PHP 8.8 trillion (about USD 155 billion).

Of the total, 44 projects focus on water resources with an indicative investment amount of PHP 839.2 billion (about USD 14 billion).

“I invite you to take a closer look at these