It’s about time: Pernia wants to see BOT law overhaul
The law has become too outdated for his taste.
National Economic and Development Authority (NEDA) Secretary Ernesto Pernia would very much appreciate it if Congress finally passes the long-delayed reforms to the country’s Build-Operate-Transfer law.
Pernia lamented that the law has endured over 20 years since its passage in 1993, saying that its provisions are not responsive to the times especially with the infrastructure acceleration program being pursued by the Duterte administration.
“(It is) among our priority regulations, so as to raise the efficacy of private sector participation and to keep policies attuned to the changing business environment,” Pernia said during his speech at the 3rd Asian Public Governance Forum on Public-Private Partnerships.
The new bill pushed by the economic managers includes recognizing joint ventures as a valid contractual arrangement, a faster approach to unsolicited proposals, and real property tax exemption for “projects of national significance.”
Will Congress hear him out? Wait and see.