Investors behind Philippines projects ’100%’ but wary
Major foreign investors have challenged the Aquino government of the Philippines to make conditions for public-private partnerships (PPP) more secure, saying they would keen to sign up for the projects but not while some terms remained unclear.
Representatives from Chambers of Commerce of the United States, European Union and Japan said they were behind the PPPs “one hundred per cent,” but that the Philippines needed to do more to secure business’ confidence that the country is now a safe place to invest money.
Austen Chamberlain of the Philippines’ American Chamber of Commerce in the Philippines said “You want to be confident that you’ll get your return, that someone’s not going to cancel your contract, that someone’s going to increase your expenses without you knowing it.”
The representatives also called for faster action on new partnerships, 10 of which are transport infrastructure projects scheduled to begin this year but are still waiting to be finalized. The new government is also reviewing some PPPs formed under the previous administration, making other investors nervous.
According to the Manila Times, the 10 private-public partnerships due to begin in 2011 are:
the P70 billion South extension of the Light Right Transit Line 1; P11.3 billion East extension of LRT 2; P7.7-billion privatization of LRT 1; P6.3 billion privatization of the Metro Rail Transit Line 3; P11.8-billion Cavite-Laguna Expressway; P10.6 billion second phase of the Ninoy Aquino International Airport Expressway; P7.6 billion New Bohol Airport; P7.5 billion Puerto Princesa Airport; P3.2 billion new Legaspi (Daraga) Airport; and the P1.5 billion privatization of the Laguindingan Airport.
($US1 = P43.52)
source & article: The Manila Times
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