By ASJ
The Department of Finance (DOF) has called on the private sector to partner with the government and invest in sustainable surface water sources to help address the Philippines’ decades-long water problem.
This was the statement of Finance Secretary Ralph G. Recto in his speech delivered by Finance Undersecretary Catherine Fong at an investment forum last week.
“The Marcos administration recognizes the urgent need to address these challenges head-on. And we call upon the private sector to work together with us in forging sustainable solutions through investments in surface water sources,” he said.
The forum, which was co-sponsored by the Office of the President, DOF, Department of Environment and Natural Resources, and the Department of Agriculture, in collaboration with the British Embassy in the Philippines, highlighted investment opportunities in innovative and long-term water solutions to enhance the country’s water security and power generation.
Recto also assured investors of President Marcos’ strong commitment to championing Public-Private Partnership (PPPs) with the swift enactment of the PPP Code of the Philippines which rolls out a stable, predictable, and competitive environment for high-quality PPP investments.
The Finance chief briefed potential investors on investment prospects for PPPs under the President’s Build Better More program, which consists of 198 high-impact Infrastructure Flagship Projects (IFPs) worth PHP8.8 trillion or about USD155 billion.
Of the total, 44 projects focus on water resources with an indicative investment amount of PHP839.2 billion or about USD14 billion.
On top of this, the DOF is also advocating for the passage of the Department of Water Resources Bill to harmonize water policies, programs, and projects and ensure the proper management and development thereof.
“At present, there are over 30 agencies with redundant roles managing the country’s water resources. Their overlapping functions result in disjointed planning and uneven policy execution. These ultimately impede the stability of the nation’s water supply,” Recto said.
The proposed department shall serve as the primary agency responsible for the comprehensive and integrated water resources development and management in the Philippines.
