The proposed law seeks to institutionalize, strengthen, and set guidelines for PPP projects. (INQUIRER.net FILE PHOTO)
MANILA, Philippines — The proposed Public-Private Partnership Act got a step closer to becoming law on Wednesday when both chambers of Congress ratified the bicameral conference committee report on the corresponding Senate and House bills.
The report used Senate Bill No. 2233 as the working draft, with several provisions of House Bill No. 65727 being incorporated.
The proposed law seeks to institutionalize, strengthen, and set guidelines for PPP projects.
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One of the provisions included in the final version was Section 3 of HB No. 6572, which seeks to amend Section 21 of the National Internal Revenue Code of 1997.
If not vetoed by the president, Section 21 of the Internal Revenue Code will include the following annual income classification of taxpayers:
- micro: less than P3 million
- small: P3 million to P20 million
- medium: P20 million to P1 billion
- large: P1 billion
Last June 14, President Ferdinand Marcos Jr. certified the bill as urgent as it could “enhance private sector participation in national development programs that will support critical infrastructure development considering the limited fiscal capability of the government.”
With the ratification of the bicam report, the bill only needs to be forwarded to Malacañang for the president’s signature.