📈 Fed's first cut since 2020: Time to buy the dip? See Tech-focused stock picksUnlock AI Picks

Philippines adds new infrastructure deals to auction pipeline

Published 30/05/2014, 06:08
PAGE
-
AC
-

MANILA (Reuters) - 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 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 Benigno Aquino.

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 (PS:MPI), Ayala Corp (PS:AC) 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.

(Reporting by Siegfrid Alegado; Editing by Eric Meijer)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.