MANILA May 30 The Philippines has added two new
infrastructure ventures to a pipeline of projects it will offer
to investors under a public-private partnership scheme, part of
government plans to boost economic growth and create jobs, a
senior state official said on Friday.
Since launching the public-private partnership (PPP) scheme
in late 2010, the government has awarded only seven projects
with a combined value of $1.4 billion.
The Philippines, however, needs $20 billion annually in
infrastructure investment to sustain economic growth, attract
direct investment and alleviate poverty, the Asian Development
Bank said in a report last year.
Manila has faced criticism from investors over the slow pace
of its infrastructure roll out, but argues it had to rework the
deals to prevent the corruption that has plagued similar
projects in the past.
Among the PPP contracts that could soon be up for auction is
the 18.7-billion pesos ($426 million) New Centennial Water
Source project, which aims to finance and construct dams to
ensure water security in the capital, Socioeconomic Planning
Secretary Arsenio Balisacan told Reuters in a telephone
interview on Friday.
The project was endorsed for bidding after approval on
Thursday night by an inter-agency board headed by President
Also approved for bidding was a contract to operate and
maintain Line 2 of Manila's elevated railway network.
On Wednesday, a consortium formed by Metro Pacific
Investments Corp, Ayala Corp and Macquarie
Group Ltd. submitted a lone bid for a 65 billion pesos contract
to upgrade and extend Manila's oldest elevated railway line,
currently the most expensive PPP project put to auction.
Under the current PPP pipeline, three other projects
totalling 141 billion pesos are up for bidding, including the
35-billion pesos Cavite-Laguna Expressway (CALAX) project.
($1 = 43.87 Philippine pesos)
(Reporting by Siegfrid Alegado; Editing by Eric Meijer)