European investors listen to Aquino’s PPP pitch at the Sofitel Hotel in Brussels
BRUSSELS—President Aquino played salesman Tuesday and invited European businessmen to invest in various Private-Public Partnership (PPP) projects underway, urging them to “contribute to the rise of Asia’s next tiger.”
In a gathering of potential investors at the Sofitel Hotel here, the President described a new business climate under his watch, one that claims to offer a “clear potential for profitability” and “a level playing field.”
“Today, I am confident in telling you: take a look at what we have to offer,” he told them.
“There is indeed a wealth of opportunity in the Philippines, and we hope to forge partnerships with you in the near future—partnerships where all parties involved will benefit, and will contribute to the rise of Asia’s next tiger.”
The President’s sales pitch came with a glossy booklet detailing investment opportunies in the Philippines and with the words, “Now is the best time to invest” there.
“Under the hallmark of good governance, the Philippine government guarantees that the private sector will be able to do business in an environment that nurtures fair and transparent transactions,” it said.
It outlines a “robust pipeline of PPP projects” such as the P122.8-billion Laguna Lakeshore Expressway Dike Project, the P35.4-billion Cavite Laguna Expressway Project, and the P64.9-billion Light Rail Transit Line 1 Cavite Extension Project.
“Under our administration, we get the infrastructure we need quicker than if we remained reliant on our budget process,” Mr. Aquino said.
“On top of that, investors can see a clear potential for profitability, so much so that they provide incentives for government in the form of premiums. The state is thus afforded the best possible bid because of a level playing field, which engenders fair competition among interested parties.”
Mr. Aquino said business permits could now be obtained in three days, compared to the three-month, 10-step process before he took office.
“Streamlining the process of setting up shop in the Philippines eliminated opportunities for corruption and redounded to savings in the time and energy of companies,” he said.
“Unfortunately, for the past three administrations, the scales were unbalanced: every incentive was seemingly put on the table just to be able to attract investors—from commercial development rights, to subsidies. Not to mention the fact that only six solicited projects were awarded in the 18 years before we entered office in 2010.”
From December 2011 until this month, he said his administration had either awarded or signed off on eight solicited PPP projects worth P62.6 billion.
The President described PPP projects as “ideal ventures” owing to the mutal benefit they promise to private companies and government.
“Private enterprise can profit by putting their expertise and knowledge to good use; government is able to complete large-scale projects at a more opportune time for the people,” he said.