Finance Secretary Benjamin Diokno on Wednesday noted private sector participation to be a critical factor in the Philippines’ economic recovery prospects. 

“The participation of the private sector will be critical in our economic resurgence…Just recently, we approved the revisions to the 2022 Implementing Rules and Regulations of the Build-Operate-Transfer [BOT] Law,” Diokno said in a statement.

“This will be key in our bid to unlock the many benefits of public-private partnerships [PPP],” he added.

The finance chief detailed that in the near term, the BOT Law will allow the Philippines to sustain its momentum in infrastructure spending despite budgetary constraints. 

Over the medium term, it will reap high-multiplier effects for the economy, he added.

Diokno also said that the renewed commitment to PPPs and the newly-enacted economic liberalization laws will support the government’s infrastructure program.

“We have inherited a number of game-changing reforms that will help us build a more business-friendly environment for both domestic and foreign investors,” said Diokno. 

Diokno shared that Congress has demonstrated its full support for the government’s Medium-Term Fiscal Framework (MTFF), which will ensure the alignment of the government’s legislative agenda with its macroeconomic targets for 2022 to 2028.