ppp law review - philippines 2015

8/17/2019 PPP Law Review - Philippines 2015

1/24

THE PUBLIC-PRIVATE

PARTNERSHIP

LAW R EVIEW

EDITORSBRUNO WERNECK AND MARIO SAADI


2/24

LAW BUSINESS RESEARCH


3/24

THE PUBLIC-PRIVATE

PARTNERSHIP LAW R EVIEW

The Public-Private Parter!hi" La# Revie#

Re"r$%uce% #ith "er&i!!i$ 'r$& La# Bu!ie!! Re!earch Lt%(

Thi! article #a! 'ir!t "ubli!he% i The Public-Private Parter!hi" La# Revie# - E%iti$ )

*"ubli!he% i March +,) . e%it$r! Bru$ Werec/ a% Mari$ Saa%i0(

1$r 'urther i'$r&ati$ "lea!e e&ail

Nic/(Barette2lbre!earch(c$&

mailto:[email protected]:[email protected]


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THE PUBLIC-PRIVATE

PARTNERSHIP LAWR EVIEW

E%it$r!

BRUNO WERNECK AND MARIO SAADI

LAW BUSINESS R ESEARCH LTD


5/24

PUBLISHER

3i%e$ R$bert$

BUSINESS DE4ELOPMENT MANA3ER

Nic/ Barette

SENIOR ACCOUNT MANA3ERS

Katherie 5abl$$#!/a6 Th$&a! Lee

ACCOUNT MANA3ER

1elicit7 B$#

PUBLISHIN3 COORDINATOR

Luc7 Bre#er

MARKETIN3 ASSISTANT

D$&ii8ue De!tree

EDITORIAL COORDINATOR

Shai Ba!

HEAD O1 PRODUCTION

A%a& M7er!

PRODUCTION EDITOR

Ti&$th7 Beaver

SUBEDITOR

5aia 3$%$#!/a

MANA3IN3 DIRECTOR

Richar% Dave7

Publi!he% i the Uite% Ki9%$&

b7 La# Bu!ie!! Re!earch Lt%6 L$%$

:; Laca!ter R$a%6 L$%$6 W)) )


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THE MER3ERS AND AC


7/24

THE PRI4ATE WEALTH AND PRI4ATE CLIENT RE4IEW

THE MININ3 LAW RE4IEW

THE EECUTI4E REMUNERATION RE4IEW

THE ANTI-BRIBER AND ANTI-CORRUPTION RE4IEW

THE CARTELS AND LENIENC RE4IEW

THE TA DISPUTES AND LITI3ATION RE4IEW

THE LI1E SCIENCES LAW RE4IEW

THE INSURANCE AND REINSURANCE LAW RE4IEW

THE 3O4ERNMENT PROCUREMENT RE4IEW

THE DOMINANCE AND MONOPOLIES RE4IEW

THE A4IATION LAW RE4IEW

THE 1OREI3N IN4ESTMENT RE3ULATION RE4IEW

THE ASSET TRACIN3 AND RECO4ER RE4IEW

THE INTERNATIONAL INSOL4ENC RE4IEW

THE OIL AND 3AS LAW RE4IEW

THE 1RANCHISE LAW RE4IEW

THE PRODUCT RE3ULATION AND LIABILIT RE4IEW

THE SHIPPIN3 LAW RE4IEW

THE AC


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ACKNOWLED3EMENTS

The "ubli!her ac/$#le%9e! a% tha/! the '$ll$#i9 la# 'ir&! '$r their leare% a!!i!tace

thr$u9h$ut the "re"arati$ $' thi! b$$/>

ALLENS

1ASKEN MARTINEAU DUMOULIN LLP

HERBERT SMITH 1REEHILLS LLP

5UN HE LAW O11ICES

KILPATRICK TOWNSEND STOCKTON LLP

LIEDEKERKE

M M BOMCHIL

MAPLES AND CALDER

MATTOS 1ILHO6 4EI3A 1ILHO6 MARRE 5R E


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CONTENTS

Editors’ Prefae !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!" Bruno Werneck and Mario Saadi

C#a$ter % AR3ENTINA((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((() Maria Ines Corra and Leopoldo Silva Rossi

C#a$ter & AUSTRALIA((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((), David Donnelly, Nicholas Ng and Barton Donaldson

C#a$ter ' BEL3IUM((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((+,

Christel Van den ynden, !rank "udo, #urelien Vande$urie and

Mar%olein Beyns$erger

C#a$ter ( BRA)IL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!'( Bruno Werneck and Mario Saadi

C#a$ter * CANADA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(( Nicholas Shkordo&&, 'el(ut )"ohannsen and W *ho(as Barlo+

C#a$ter + CHINA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*, "ianan uan and u -in

C#a$ter .RANCE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!(

!rangois./uilhe( Vaissier, 'ugues Martin.Sisteron and #nna

Seniuta

C#a$ter , IRELAND(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((@) Mary Dunne

C#a$ter / 0APAN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!// Masanori Sato, Shigeki 0katani and usuke Suehiro

Contents

C#a$ter %1 MOFAMBI


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C#a$ter %% PARA3UA((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()+) "avier Maria 1ar2uet Villagra and )arin Basiliki Ioannidis der

C#a$ter %& PHILIPPINES((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()+ Marievic / Ra(os.#nonuevo and #rlene M Mane%a

C#a$ter %' TURKE2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!%(' 3eynel *ung, Nilu&er *urkgu and#sli )ehale #ltunyuva

C#a$ter %( UNITED KIN3DOM(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((() #drian Clough, 1aul Butcher and #nand /angadia

C#a$ter %* UNITED STATES((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((();, Ro$ert ' d+ards, "r, Randall ! 'a&er and Mark " Riedy

A$$e3di4 % ABOUT THE AUTHORS((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((():@

A$$e3di4 & CONTRIBUTIN3 LAW 1IRMS? CONTACT DETAILS ((( +,


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EDITORSG PRE1ACE

We are ver7 "lea!e% t$ "re!et thi! 'ir!t e%iti$ $' *he 1u$lic.1rivate 1artnership La+

Revie+4 De!"ite the ei!tece $' article! i vari$u! la# revie#! $ t$"ic! iv$lvi9 "ublic-

"rivate "arter!hi"! *PPP!0 a% "rivate 'iace iitiative! *i area! !uch a! "r$ect! a%

c$!tructi$6 real e!tate6 &er9er!6 tra!'er! $' c$ce!!i$aire!? c$r"$rate c$tr$l6 !"ecial

"ur"$!e vehicle! a% 9$ver&et "r$cure&et6 t$ a&e but a 'e#06 there i! a ee% '$r a

%ee"er u%er!ta%i9 $' h$# %i''eret c$utrie! a%%re!! !"eci'ic &atter! $ thi! t$"ic( Thi!

b$$/ i! a iitial e''$rt t$ 'ul'il thi! ee%(

I +,)6 BraJil &ar/e% the ),th 7ear !ice the "ublicati$ $' it! Public-Private

Parter!hi" La# *1e%eral La# N$( ))6,;@+,)0( Our e"eriece #ith thi! la# i! !till ver7

recet6 e!"eciall7 i c$&"ari!$ #ith $ther c$utrie! #here %i!cu!!i$! $ PPP &$%el! a%

the ee% t$ attract "rivate ive!t&et it$ lar9e "r$ect! %ate! bac/ t$ the )@:,! a% ?@,!(

I vie# $' that6 #e h$"e a c$&"arative !tu%7 c$veri9 "ractical a!"ect! a% %i''eret

"er!"ective! $ "ublic-"rivate "arter!hi" i!!ue! #ill bec$&e a i&"$rtat t$$l '$r the

!tre9thei9 $' the &$%el #$rl%#i%e( We are certai thi! !tu%7 #ill bri9 ab$ut a better

%i!!e&iati$ $' be!t "ractice! i&"le&ete% b7 "rivate "r$'e!!i$al! a% 9$ver&et

auth$ritie! #$r/i9 $ PPP "r$ect! ar$u% the 9l$be(

Our c$tribut$r! have bee %ra# 'r$& the &$!t re$#e% 'ir&! #$r/i9 i the PPP

'iel% i their uri!%icti$! a% #e #$ul% li/e t$ tha/ all $' the& '$r their !u""$rt i

"r$%uci9 thi! 'ir!t e%iti$ $' *he 1u$lic.1rivate 1artnership La+ Revie+4

We !tr$9l7 believe that PPP! are a i&"$rtat t$$l '$r 9eerati9 ive!t&et! *a%

%evel$"&et0 a% creati9 e''iciec7 $t $l7 i i'ra!tructure6 but al!$ i the "r$vi!i$ $'

"ublic !ervice!6 !uch a! e%ucati$ a% health6 a! #ell a! "ri!$!6 &$it$ri9 urba area! a%

"ublic li9hti9( PPP! are al!$ a i&"$rtat &ea! $' c$&bati9 c$rru"ti$ i the $l% a%

ie''iciet &$%el $' %irect !tate "r$cure&et $' "r$ect!(

We h$"e 7$u e$7 thi! 'ir!t e%iti$ $' *he 1u$lic.1rivate 1artnership La+ Revie+a% #e !icerel7 e"ect that thi! b$$/ #ill bec$&e6 i the c$&i9 7ear!6 a c$&"rehe!ive

iterati$al 9ui%e t$ the aat$&7 $' PPP!( We al!$ l$$/ '$r#ar% t$ heari9 7$ur th$u9ht! $

thi! e%iti$ a% "articularl7 7$ur c$&&et! a% !u99e!ti$! '$r i&"r$vi9 'uture e%iti$! $'

thi! #$r/(

Br53o Wer3e6 a3d Mario Saadi

Matt$! 1ilh$6 4ei9a 1ilh$6 Marre7 5r e


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PHILIPPINES

Marievic / Ra(os.#nonuevo and #rlene M Mane%a5

I OVERVIEW

I lie #ith the !tate "$lic7 !et $ut i the Phili""ie! C$!tituti$ t$ rec$9iJe the

i%i!"e!able r$le $' the "rivate !ect$r i ati$al 9r$#th6 ec$ura9e "rivate eter"ri!e a%

"r$vi%e icetive! t$ attract ee%e% ive!t&et6 the Phili""ie 9$ver&et ha! l$9 re!$rte%

t$ "ublic-"rivate "arter!hi"! *PPP!0 t$ a%%re!! "r$ble&! $' ati$al itere!t( Eve be'$re the

eact&et $' !"eci'ic le9i!lati$ $ PPP arra9e&et! i )@@,6 the 9$ver&et etere% it$

PPP! i the )@:,! t$ re!"$% t$ a "$#er !h$rta9e( The 'ir!t buil%.$"erate.tra!'er *BOT0

a9ree&et #a! eecute% i )@:@ bet#ee the Nati$al P$#er C$r"$rati$ a% H$"e#ell

Eer97 Maa9e&et Lt% '$r the c$!tructi$ a% $"erati$ $' a "$#er !tati$ i Nav$ta!(+

I )@@,6 Re"ublic Act N$( @; *the BOT La#0 #a! eacte% t$ "r$vi%e a le9al

'ra&e#$r/ '$r PPP arra9e&et!6 "articularl76 thr$u9h BOT a% buil%-tra!'er *BT0

arra9e&et!( A&e%&et! t$ the BOT La# #ere itr$%uce% i )@@ thr$u9h Re"ublic Act

N$( ;;):6 #hich !erve! t$ br$a%e the t7"e! $' PPP !che&e! a% itr$%uce "r$vi!i$!

9$veri9 u!$licite% "r$"$!al!6 %irect e9$tiati$! a% !"ecial icetive! '$r certai

re9i!tere% "r$ect!(

With !"eci'ic la#! i "lace6 PPP! have bee u!e% t$ b$$!t the Phili""ie!?

i'ra!tructure %evel$"&et "r$9ra&&e6 iclu%i9 the e!tabli!h&et $' 'acilitie! '$r a9ri-

bu!ie!! %evel$"&et6 tra!"$rtati$ a% r$a% %evel$"&et6 #ater !u""l76

telec$&&uicati$ a% i'$r&ati$ tech$l$976 evir$&etal "r$tecti$6 "r$"ert7

)Marievic 3 Ra&$!-A$uev$ a% Arlee M Maea are "arter! at S7Ci" SalaJar

Hera%eJ 3at&aita(

+ Maria 5$7 4 Abreica6 C$tracti9 '$r P$#er> The Phili""ie Ca!e?6 available at ###(a%bi(

$r9'ile!+,,()+((c""(ca!e("hili""ie!("%' *la!t acce!!e% ,; 5auar7 +,)0(

http://www.adbi/http://www.adbi/


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%evel$"&et6 health a% e%ucati$6 t$ a&e a 'e#( O' the!e6 the tra!"$rtati$ a% r$a%

!ect$r! have $tabl7 bee attracti9 !ub!tatial "rivate ive!t&et #ith c$tract! iv$lvi9

c$!tructi$ $' hi9h#a7!6 c$!tructi$6 $"erati$ a% &aiteace $' rail#a7 !7!te&!6 a%

the %evel$"&et a% &$%eri!ati$ $' "$rt!(

II THE 2EAR IN REVIEW

Recetl76 the 9$ver&et ha! a#a%e% c$tract! '$r the '$ll$#i9 "r$ect!> the PPP '$r Sch$$l

I'ra!tructure Pr$ect *Pha!e I a% II0 the Metr$ Maila S/7#a7 . Sta9e Pr$ect the

NAIA E"re!!#a7 Pr$ect *Pha!e II0 the M$%eriJati$ $' the Phili""ie Orth$"e%ic Ceter

*the MPOC Pr$ect0 the Aut$&atic 1are C$llecti$ S7!te& the Macta.Cebu Iterati$al

Air"$rt Pa!!e9er Ter&ial Buil%i9 *the MCIA Pr$ect0 a% the LRT Lie ) Cavite

Ete!i$6 O"erati$! a% Maiteace Pr$ect *LRT) Pr$ect0(

The 9$ver&et al!$ c$&&ece% the "ublic bi%%i9 '$r the Ite9rate% Tra!"$rt

S7!te& *S$uth a% S$uth#e!t Ter&ial0 the Bulaca Bul/ Water Su""l7 Pr$ect the La9ua

La/e!h$re E"re!!#a7 Di/e Pr$ect the LRT Lie + O"erati$ Maiteace Pr$ect the

Ne# Ceteial Water S$urce Kali#a Da& Pr$ect the $"erati$!6 &aiteace a%

%evel$"&et "r$ect iv$lvi9 the Ne# B$h$l *Pa9la$06 La9ui%i9a6 Puert$ Price!a6

Dava$6 Bac$l$% a% Il$il$ air"$rt! the Dava$ Sa!a P$rt M$%eriJati$ Pr$ect a% the

Re9i$al Pri!$ 1acilitie!(

I $r%er t$ ehace "artici"ati$ i PPP "r$ect!6 i +,)6 the 9$ver&et "lae% t$

iclu%e a c$ti9et liabilit7 'u% $' ab$ut , billi$ Phili""ie "e!$! i it! bu%9et t$ a!#er '$r u'$re!ee !tate liabilitie! br$u9ht ab$ut b7 PPP "r$ect! *e(9(6 "a7&et '$r ri9ht! $' #a7

$r ter&iati$0( Al!$6 PPP! have bee iclu%e% i the Ive!t&et Pri$ritie! Pla6 #hich !et!

'$rth the area! $' ive!t&et '$r #hich the Phili""ie 9$ver&et "r$vi%e! icetive!6 '$r the

7ear! +,) a% +,)(

III 7ENERAL .RAMEWORK

i T8$es of $59:i-$ri"ate $art3ers#i$

U%er the BOT La# a% it! +,)+ Revi!e% I&"le&eti9 Rule! a% Re9ulati$! *the BOTRe9ulati$!06 the "rici"al c$tractual arra9e&et! '$r PPP! iclu%e BOT6 BT6

The Buil%.O"erate.A%.Tra!'er Ceter6 The Phili""ie PPP Pr$9ra&?6 available at ###(

"hili""iec$!ulatela($r9Tra%e,+bPri&er+,-+,The+,Phili""ie+,PPP+, Pr$9ra&("%' *la!tacce!!e% ; 5auar7 +,)0(

The Public-Private Parter!hi" Ceter6 Li!t $' PPP "r$ect!6 available at htt">"""(9$v( "hQ

"a9ei% *la!t acce!!e% + 5auar7 +,)0(

PriJ P Ma9tuli!6 3$v?t t$ E!tabli!h 1u% '$r U'$re!ee PPP Debt!?6 *he 1hilippine Star, available at

htt">"""(9$v("hQ"), *la!t acce!!e% ; 5auar7 +,)0(

O''ice $' the Pre!i%et6 +,) Ive!t&et Pri$ritie! Pla Me&$( Or%er N$( @ *) N$ve&ber +,)0

O''ice $' the Pre!i%et6 +,) Ive!t&et Pri$ritie! Pla Me&$( Or%er N$( ; *+: Oct$ber +,)0(

http://ppp.gov/http://ppp.gov.ph/?p=14430http://ppp.gov/http://ppp.gov.ph/?p=14430


14/24

buil%.$#.$"erate *BOO06 buil%.lea!e.tra!'er *BLT06 buil%.tra!'er.$"erate

*BTO06 c$tract.a%%.$"erate *CAO06 %evel$".$"erate.tra!'er *DOT06 rehabilitate.

$"erate. tra!'er *ROT06 rehabilitate.$#.$"erate *ROO0( Other c$tractual !che&e!

&a76 h$#ever6 be u%erta/e u"$ a""r$val b7 the Pre!i%et( O' the PPP "r$ect! a#ar%e% i

+,)6 the ); billi$ "e!$ MCIA Pr$ect a% the (@ bili$ "e!$ MPOC Pr$ect are BOT "r$ect!6 #hile the billi$ "e!$ LRT) Pr$ect6 the )( billi$ "e!$ NAIA E"re!!#a7

Pr$ect a% the +( billi$ "e!$ S/7#a7 Sta9e Pr$ect are BTO "r$ect!(

ii T#e a5t#orities

The PPP Ceter 6; a a9ec7 $' the Nati$al Ec$$&ic a% Devel$"&et Auth$rit7 *NEDA06

i! a !"eciali!e% b$%7 #ith "articular '$cu! $ PPP!( It c$$r%iate! a% &$it$r! PPP "r$ect!

i&"le&ete% u%er the BOT La#6 a!!i!t! i&"le&eti9 a9ecie! *IA!0 a% l$cal 9$ver&et

uit! *L3U!0 i the "re"arati$ a% %evel$"&et $' "r$ect! a% !erve! a! a re"$!it$r7 $'

i'$r&ati$ $ the !tatu! $' "r$ect!6 c$"ie! $' u!$licite% "r$"$!al! a% $ther relate%

%$cu&et! receive% b7 IA! a% L3U!(

PPP "r$ect! are al!$ !ubect t$ a""r$val b7 %i''eret b$%ie! a! '$ll$#!> *)0 NEDA?!

Ive!t&et C$$r%iati9 C$&&ittee *ICC0 &u!t a""r$ve ati$al "r$ect! c$!ti9 u" t$ ,,

&illi$ "e!$! a% *+0 u"$ the rec$&&e%ati$ $' the ICC6 the NEDA B$ar% &u!t a""r$ve

ati$al "r$ect! c$!ti9 &$re tha ,, &illi$ "e!$! a% e9$tiate% "r$ect! *re9ar%le!! $'

the a&$ut0( 1$r l$cal "r$ect!6 a""r$val b7 the "r$"er l$cal le9i!lative b$%7 i! re8uire%(

The "r$"$!e% PPP c$tract i! !ubect t$ revie# b7 the O''ice $' the 3$ver&et

C$r"$rate C$u!el6 O''ice $' the S$licit$r 3eeral $r a7 $ther etit7 "re!cribe% b7 la# a!

the !tatut$r7 c$u!el $' the "r$curi9 etit7( The hea% $' the IA $r L3U c$cere% a""r$ve!

the revie#e% PPP c$tract( The De"art&et $' 1iace &u!t al!$ revie# the %ra't c$tract $'

"r$ect! $' ati$al 9$ver&et a9ecie!6 l$cal "r$ect! iv$lvi9 'u%! $' the ati$al

9$ver&et a% l$cal "r$ect! re8uiri9 ICC a""r$val(

iii 7e3era: re;5ire


15/24

c$r"$rati$! $r a!!$ciati$! $r9ai!e% u%er Phili""ie la# #ith at lea!t , "er cet $' it!

ca"ital $#e% b7 Phili""ie! citiJe! *+0 the "artici"ati$ $' '$rei9 ive!t$r! i the

9$veri9 b$%7 $' a7 "ublic utilit7 eter"ri!e !hall be li&ite% t$ their "r$"$rti$ate !hare i

it! ca"ital a% *0 all the eecutive a% &aa9i9 $''icer! $' !uch c$r"$rati$ $r a!!$ciati$

&u!t be citiJe! $' the Phili""ie!( M$re$ver6 !uch 'rachi!e6 certi'icate $r auth$ri!ati$ '$r $"erati$ $' a "ublic utilit7 i! li&ite% t$ a "eri$% $' , 7ear!(

While there are $ value thre!h$l%! '$r PPP c$tract!6 a%%iti$al re9i!trati$

re8uire&et! $r a""r$val! are i&"$!e% $ certai c$tractual !che&e!6 !uch a! "re!i%etial

a""r$val '$r BOO "r$ect! a% c$tract arra9e&et! $ther tha th$!e li!te% i Secti$ + $'

the BOT La#(

IV BIDDIN7 AND AWARD PROCEDURE

U%er the BOT La#6 a PPP c$tract &a7 be i&"le&ete% thr$u9h "ublic bi%%i9 $r b7 the

!ub&i!!i$ $' a u!$licite% "r$"$!al(

i E4$ressio3 of i3terest

A "ublic bi%%i9 &a7 be iitiate% thr$u9h "re-8uali'icati$ $r !i&ultae$u! 8uali'icati$

"r$cee%i9!( I a "re-8uali'icati$ "r$cee%i96 u"$ a""r$val $' the "ara&eter! a% ter&! $'

a PPP "r$ect6 the IA $r L3U !hall "ubli!h a $tice iviti9 "r$!"ective "r$"$et! t$ "re-

8uali'7 a% bi%( The ivitati$ !hall be> *)0 "ubli!he% $ce ever7 #ee/ '$r three c$!ecutive

#ee/! i at lea!t t#$ e#!"a"er! $' 9eeral circulati$ a% i at lea!t $e l$cal e#!"a"er $' 9eeral circulati$ i the re9i$6 "r$vice6 cit7 $r &uici"alit7 i #hich the "r$ect! are t$ be

i&"le&ete% a% *+0 c$tiu$u!l7 "$!te% $ the #eb!ite $' the IA $r L3U c$cere%6 i'

available6 a% the PPP Ceter %uri9 the "eri$% !tate% ab$ve( I' the t$tal "r$ect c$!t a&$ut!

t$ ,, &illi$ "e!$! $r &$re6 the ivitati$ &a7 al!$ be "ubli!he% i at lea!t $e iterati$al

"ublicati$ a% the IA $r L3U c$cere% !hall i!!ue $''icial $ti'icati$ $' the !a&e t$

re9i!tere% "r$"$et! $' a "r$ect( O the $ther ha%6 #he ei9ecie! $' !ervice !$ re8uire6

the IA $r L3U &a7 $"t t$ c$%uct a !i&ultae$u! 8uali'icati$ #hereb7 the ivitati$ t$ bi%

call! '$r the !ub&i!!i$ $' 8uali'icati$ re8uire&et! a% bi% "r$"$!al!(:

I b$th "re-8uali'icati$ a% !i&ultae$u! 8uali'icati$ "r$cee%i9! a! #ell a! #ithu!$licite% "r$"$!al!6 a "re-bi% c$'erece !hall be c$%ucte% at lea!t , cale%ar %a7! be'$re

the !ub&i!!i$ $' bi%! '$r "r$ect! c$!ti9 le!! tha ,, &illi$ "e!$! a%

:Ae A6 Ti&elie! '$r Publicl7 Bi%S$licite% Pr$ect! u%er the Revi!e%

I&"le&eti9Re9ulati$! $' RA N$( @;6 the BOT Re9ulati$! *citi9 Secti$ (;6 Rule 6

BOT IRR0( the Ti&elie! '$r Public Bi%%i9(


16/24

a &ai&u& $' , cale%ar %a7! be'$re the !ub&i!!i$ $' bi%! '$r "r$ect! c$!ti9 ,,

&illi$ "e!$! a% ab$ve(

ii Re;5est for $ro$osa:s a3d 53so:iited $ro$osa:s

I "re-8uali'icati$ "r$cee%i9!6 "r$!"ective bi%%er! have at lea!t ) cale%ar %a7! 'r$& thela!t %ate $' "ublicati$ $' the ivitati$ t$ "re-8uali'7 a% bi% t$ "re"are their re!"ective "re-

8uali'icati$ re8uire&et!6 #hich iclu%e the le9al re8uire&et!6 e"eriece $r trac/ rec$r%6

a% 'iacial ca"abilit7 $' "r$!"ective "r$ect "r$"$et!( The!e !hall be evaluate% b7

relevat "re-8uali'icati$6 bi%! a% a#ar%! c$&&ittee *PBAC06 #hich #ill %eter&ie the "re-

8uali'ie% a% %i!8uali'ie% "r$ect "r$"$et! #ithi a "eri$% $' +, cale%ar %a7! a'ter the

%ea%lie '$r !ub&i!!i$ $' the "re8uali'icati$ %$cu&et!( The bi%%er! !hall the !ub&it their

bi%! $ $r be'$re the %ea%lie !ti"ulate% i the i!tructi$ t$ bi%%er!( The bi%! !hall be i at

lea!t t#$ evel$"e!6 the 'ir!t c$taii9 the techical "r$"$!al a% the !ec$% the 'iacial

"r$"$!al(

1$r !i&ultae$u! 8uali'icati$ "r$cee%i9!6 the 8uali'icati$ re8uire&et! a% bi%

"r$"$!al! are c$&"$!e% $' three evel$"e!( The 'ir!t evel$"e c$tai! the 8uali'icati$

%$cu&et! c$rre!"$%i9 t$ the re8uire&et! the !ec$% c$tai! the techical "r$"$!al a%

the thir% evel$"e c$tai! the 'iacial "r$"$!al(

I ca!e $' u!$licite% "r$"$!al!6@ a "rivate "r$"$et !ub&it! a c$&"lete "r$"$!al t$

the relevat IA $r L3U6 #hich !hall ac/$#le%9e recei"t $' the "r$"$!al #ithi !eve

cale%ar %a7! a% !hall a%vi!e the "r$"$et #ithi , cale%ar %a7! #hether $r $t the

"r$"$!al i! c$&"lete( Withi )+, %a7! recei"t $' the c$&"lete "r$"$!al b7 the IA $r L3U6 it

!hall evaluate the "r$"$!al a% i'$r& the "r$"$et $' #hether it acce"t! $r reect! the

"r$"$!al( The IA $r L3U &a7 acce"t a u!$licite% "r$"$!al 'r$& a "r$ect "r$"$et6

"r$vi%e% that all the '$ll$#i9 c$%iti$! are &et> *)0 !uch "r$ect! iv$lve a e# c$ce"t $r

tech$l$97), $r are $t "art $' the li!t $' "ri$rit7 "r$ect! *+0 $

@Secti$ )(6 Rule )6 BOT Re9ulati$!( U!$licite% "r$"$!al!? re'er t$ "r$ect

"r$"$!al!!ub&itte% b7 the "rivate !ect$r6 $t i re!"$!e t$ a '$r&al !$licitati$ $r re8ue!t

i!!ue% b7 a IA $r L3U a% $t "art $' the li!t $' "ri$rit7 "r$ect! a! i%eti'ie% b7 the IA! $r

L3U!6 t$ u%erta/e i'ra!tructure $r %evel$"&et "r$ect! that &a7 be etere% it$ b7 a IA $r

L3U !ubect t$ the re8uire&et! $r c$%iti$! !et $ut i Rule ), $' the BOT Re9ulati$!(

),Pur!uat t$ Secti$ ),(+6 Rule ),6 BOT Re9ulati$!6 t$ be c$!i%ere% a e# tech$l$976? the

!a&e &u!t "$!!e!! at lea!t $e $' the '$ll$#i9 attribute!>a a rec$9i!e% "r$ce!!6 %e!i96

&eth$%$l$97 $r e9ieeri9 c$ce"t that ha! %e&$!trate% it! abilit7 t$ !i9i'icatl7 re%uce

c$!tructi$ c$!t!6 accelerate "r$ect eecuti$6 i&"r$ve !a'et76 ehace "r$ect "er'$r&ace6

ete% ec$$&ic li'e6 re%uce c$!t! $' 'acilit7 &aiteace a% $"erati$!6 $r re%uce e9ativeevir$&etal i&"act $r !$cial $r ec$$&ic %i!turbace! $r %i!ru"ti$! either %uri9 the "r$ect

i&"le&etati$ a% c$!tructi$ "ha!e $r the $"erati$ "ha!e $ a "r$ce!! '$r #hich the "r$ect

"r$"$et $r a7 &e&ber $' the "r$"$et c$!$rtiu& "$!!e!!e! eclu!ive ri9ht!6 either

#$rl%#i%e $r re9i$all7 $r c a %e!i96 &eth$%$l$97 $r e9ieeri9 c$ce"t '$r #hich the

"r$"$et $r a &e&ber $' the "r$"$et c$!$rtiu& $r a!!$ciati$ "$!!e!!e! itellectual

"r$"ert7 ri9ht!(


17/24

%irect 9$ver&et 9uaratee6 !ub!i%7 $r e8uit7 i! re8uire% a% *0 the IA $r L3U ha! ivite%

b7 "ublicati$6 '$r three c$!ecutive #ee/!6 i a e#!"a"er $' 9eeral circulati$6

c$&"arative $r c$&"etitive "r$"$!al! a% $ $ther "r$"$!al i! receive% '$r a "eri$% $' ,

#$r/i9 %a7!( H$#ever6 i the evet a$ther "r$"$et !ub&it! a l$#er "rice "r$"$!al6 the

$ri9ial "r$"$et !hall have the ri9ht t$ &atch that "rice #ithi , #$r/i9 %a7!(

iii E"a:5atio3 a3d =ra3t

1$r "ublic bi%%i9!6 the 'ir!t-!ta9e evaluati$ iv$lve! the a!!e!!&et $' the techical6

$"erati$al6 evir$&etal6 a% 'iaci9 viabilit7 $' the "r$"$!al a! c$taie% i the

bi%%er?! 'ir!t evel$"e! #ith re9ar% t$ the "re!cribe% re8uire&et! a% ba!ic "ara&eter!

"re!cribe% i the bi%%i9 %$cu&et!( The !ec$% !ta9e evaluati$ !hall iv$lve the

a!!e!!&et a% c$&"ari!$ $' the 'iacial "r$"$!al! $' the bi%%er!( 1$ll$#i9 the

evaluati$!6 the PBAC !ub&it! it! rec$&&e%ati$ t$ the hea% $' the IA $r L3U( U"$

a""r$val $' the rec$&&e%ati$6 the hea% $' the IA $r L3U #ill i!!ue a $tice $' a#ar% t$ a

#ii9 "r$"$et( Subect t$ c$&"liace #ith the "$!t-a#ar% re8uire&et! i the $tice $'

a#ar%6 the PPP c$tract !hall be eecute% a% !i9e% b7 the #ii9 bi%%er a% the hea% $'

the IA $r L3U(

I the ca!e $' u!$licite% "r$"$!al!6 the IA $r L3U 'ir!t evaluate! the u!$licite%

"r$"$!al a% #ill %eci%e t$ acce"t $r reect it( I' the IA $r L3U acce"t! the u!$licite%

"r$"$!al6 a letter $' acce"tace !hall be i!!ue%6 a% the "r$"$et !hall be 9rate% $ri9ial

"r$"$et? !tatu!( The hea% $' the IA $r L3U the e%$r!e! the !a&e t$ the ICC6 #hich !hall

%eter&ie the rea!$able rate $' retur a% $ther "ara&eter! '$r e9$tiati$( The a""r$vi9

b$%7 !hall evaluate the rec$&&e%ati$ &a%e b7 the ICC a% !hall '$r&all7 a%vi!e the IA $r

L3U $' it! a""r$val $r %eial $' the "r$"$!al( Ne9$tiati$! bet#ee the IA $r L3U a% the

$ri9ial "r$"$et !hall the c$&&ece #ith the IA $r L3U bei9 re8uire% t$ !ub&it a re"$rt

t$ the ICC a% a""r$vi9 b$%7 $' the re!ult! $' it! e9$tiati$ #ithi !eve cale%ar %a7!

a'ter the e9$tiati$ "eri$%( A'ter the i!!uace $' a certi'icati$ $' !ucce!!'ul e9$tiati$6 the

PBAC !hall "ubli!h the ivitati$ '$r c$&"arative "r$"$!al!( Therea'ter6 the "r$ce%ure '$r the

a#ar% $' the PPP "r$ect '$r a u!$licite% "r$"$!al i! the !a&e a! i a "ublic bi%%i96 ece"t

that i the evet that a c$&"arative "r$"$et !ub&it! a "rice "r$"$!al better tha that

!ub&itte% b7 the $ri9ial "r$"$et6 the latter !hall have the ri9ht t$ &atch !uch "rice "r$"$!al(


18/24

V THE CONTRACT

i Pa8 ))

))State 9uaratee!The BOT La# a% the BOT Re9ulati$! "r$vi%e '$r the '$ll$#i9

9uaratee !tructure! i 'av$ur $' "r$"$et!> %irect 9$ver&et 9uaratee!6 9$ver&et

u%erta/i9! a% ive!t&et icetive!(

Direct 9$ver&et 9uaratee! are a9ree&et! #hereb7 the 9$ver&et $r a7 $' it!

IA! $r L3U! 9uaratee! t$ a!!u&e re!"$!ibilit7 '$r the re"a7&et $' %ebt ari!i9 'r$& a

l$a %e'ault %irectl7 icurre% b7 the "r$"$et %uri9 the i&"le&eti9 the "r$ect(

3$ver&et u%erta/i9! are '$r&! $' c$tributi$ $r !u""$rt ete%e% t$ the

"r$"$et b7 the 9$ver&et $r it! IA! $r L3U!6 iclu%i9 but $t li&ite% t$ c$!t !hari96cre%it ehace&et!6 %irect 9$ver&et !ub!i%ie!6 %irect 9$ver&et e8uit76 "er'$r&ace

u%erta/i9!6 le9al a!!i!tace a% !ecurit7 a!!i!tace(

Ive!t&et icetive! are c$tributi$! $r !u""$rt ete%e% t$ the "r$"$et b7 the

9$ver&et6 IA! $r L3U! a! !et '$rth u%er a""licable la# !uch a! the O&ibu! Ive!t&et

C$%e $' )@:;6 Ree#able Eer97 Act $' +,,:6 T$uri!& Act $' +,,@6 MiiH7%r$electric

P$#er Icetive! Act $r L$cal 3$ver&et C$%e(

C$tractual arra9e&et $r !che&e Re"a7&et !che&e

BOT6 CAO6 DOT a% ROT C$llecti$ $' rea!$able t$ll!6 'ee!6 a% char9e! '$ra 'ie% ter&6 #hich !hall $t ecee% , 7ear!(

C$llecti$ $' rea!$able t$ll!6 'ee!6 a% char9e! '$ra 'ie% ter&

BOO a% ROO U"$ ree#al $' it! 'rachi!e $r c$tract #ith theIA $r L3U6 the "r$"$et i! all$#e% t$ c$tiuec$llecti9 t$ll6 'ee!6 char9e! a% retal! '$r the$"erati$ $' the 'acilit7 $r the "r$vi!i$ $' the

!ervice(

BTO

O"ti$ )> A""r$"riate a&$rti!ati$ a% c$llecti$$' rea!$able t$ll!6 retal! a% char9e! #hile$"erati9 the 'acilit7 $ behal' $' the IA $r L3U6#hich &a7 be %irectl7 a""lie% t$ the a&$rti!ati$(M$re$ver6 the 'acilit7 $"erat$r &a7 be re"ai% b7 theIA $r L3U thr$u9h a &aa9e&et 'ee "r$vi%e% ithe &aa9e&et c$tract(

O"ti$ +> Directl7 c$llect t$ll!6 retal! a% char9e!'$r a 'ie% ter&(

BT a% BLT Re"a7&et thr$u9h a&$rti!ati$( NEDA B$ar% a""r$ve%auth$ri!e% c$tractualarra9e&et!!che&e! $t eu&erate% u%erSecti$

Re"a7&et thr$u9h a7 $' the !che&e!rec$&&e%e% b7 the ICC a% a""r$ve% b7 the NEDA B$ar%(

N$te> Where a""licable6 the "r$"$et &a7 li/e#i!e be re"ai% i the '$r& $' reveue !hari9 $r $ther$&$etar7 "a7&et! *i(e(6 9rat $' c$&&ercial %evel$"&et ri9ht!6 9rat $' a "$rti$ $r "erceta9e $' the reclai&e% la%6 !ubect t$ c$!tituti$al re8uire&et! $r a7 $ther $-


19/24

iii Distri95tio3 of ris6

I 9eeral6 Phili""ie PPP "r$ect! '$ll$# the ri!/ all$cati$ "rici"le that the ri!/ !h$ul% be

a!!i9e% t$ the "art7 be!t able t$ c$tr$l $r i'luece it! $ccurrece $r &aa9e the

c$!e8uece! $' the ri!/!( Thu!6 c$&&ercial ri!/! *e(9(6 %e&a% ri!/6 !u""l7 ri!/6 $"erati$al

ri!/6 'iaci9 ri!/0 are t7"icall7 all$cate% t$ the "rivate !ect$r #hile le9al6 "$litical $r re9ulat$r7 ri!/ are all$cate% t$ the 9$ver&et *e(9(6 a""r$val $' rate! $r tari'' a%u!t&et!6

cha9e i la#6 &aterial a%ver!e 9$ver&et acti$0( I !$&e i!tace!6 the "artie! &a7 a9ree

t$ !hare certai ri!/!( 1$r i!tace6 PPP a9ree&et! &a7 "r$vi%e that the 9$ver&et #ill

$l7 be liable '$r certai ri!/! *e(9(6 &orce (a%eure ri!/0 a'ter a "articular &$etar7 thre!h$l%

ha! bee reache%(

i" Ad>5st


20/24

%uri9 #hich the "rivate etit7 #ill be all$#e% t$ $"erate $r lea!e the 'acilit7 a% char9e it!

u!er! the a""r$"riate retal!6 'ee!6 $r t$ll!(

"i Ear:8 ter


21/24

a9$6 $-rec$ur!e "r$ect 'iaci9 i! $# bei9 &a%e available t$ PPP "r$"$et!( It al!$

hel"! that Phili""ie ba/i9 re9ulati$! have icrea!e% the a""licable !i9leb$rr$#i9

li&it!( Thu!6 PPP "r$ect! that u!e% t$ be 'iace% b7 Phili""ie ba/! '$r 'ive 7ear! #ith a

&ai&u& l$a $' billi$ "e!$! hal' a %eca%e a9$ ca $# ta/e a%vata9e $' "r$ect

'iaci9 $' :, billi$ "e!$! #ith )-7ear &aturit7(I ter&! $' 'iaci9 !tructure6 $9$i9 PPP "r$ect! are re8uire% t$ &aitai a %ebt-

t$-e8uit7 rati$ $' :,>+,( Thu!6 PPP "r$"$et! ca $btai 'iaci9 '$r a! &uch a! :, "er

cet $' the "r$ect c$!t h$#ever6 their abilit7 t$ ta" it$ the re!$urce! $' Phili""ie ba/!

lar9el7 %e"e%! $ the 8ualit7 $' the !ecurit7 $''ere%( Where PPP "r$ect! iv$lve the

$"erati$ $' "ublic utilitie! $r the c$!tructi$ $' !$cial i'ra!tructure li/e !ch$$l! a%

h$!"ital!6 the !ecurit7 "ac/a9e i! u!uall7 li&ite%( 1$r i!tace6 the relevat c$ce!!i$

a9ree&et! relati9 t$ the MCIA a% the MPOC "r$ect! c$tai e"re!! "r$hibiti$ $

&$rt9a9i96 "le%9i9 $r h7"$thecati9 the 'acilitie! c$!tructe% b7 the c$ce!!i$aire!(

A"art 'r$& har% !ecurit76 l$a c$llateral u!uall7 ta/e the '$ll$#i9 '$r&!> a

A!!i9&et $' Reveue!> PPP c$tract! 9eerall7 all$# c$ce!!i$aire! t$ a!!i96 #ith the

"ri$r c$!et $' the 9$ver&et6 their reveue! a% receivable! t$ the le%er $r6 i' the "r$ect

l$a! are !7%icate%6 t$ a c$&&$ !ecurit7 tru!tee a""$ite% b7 the !7%icate $' le%er! t$

act '$r a% $ their behal'( T$ ca"ture a% ri9-'ece all "r$ect reveue!6 it i! u!ual '$r

le%er! t$ re8uire the e!tabli!h&et $' a ca!h #ater'all acc$ut char9e% i 'av$ur $' the

le%er!( $ Le%er!? !te"-i ri9ht!> Pr$babl7 the &$!t i&"$rtat !ecurit7 that ca be 9ive t$

the le%er! are !te"-i ri9ht!6 #hich ve!t $ the le%er! the abilit7 t$ $&iate a !ub!titute $r

!ucce!!$r c$ce!!i$aire '$r the "r$ect u"$ $ccurrece $' a evet $' %e'ault u%er thec$ce!!i$ a9ree&et $r the 'iaci9 a9ree&et( Ste"-i ri9ht! &a7 var7 i ter&! $'

"r$ce%ure a% le9th $' cure a% $&iati$ "eri$%! acr$!! the c$ce!!i$ a9ree&et!

relati9 t$ the vari$u! PPP "r$ect! but the eerci!e there$' i! al#a7! !ubect t$ "ri$r a""r$val

$' the 9$ver&et( 3$ver&et a""r$val #ill t7"icall7 be 9rate% '$r a! l$9 a! the

9$ver&et i! !ati!'ie% that the !ub!titute $r !ucce!!$r c$ce!!i$aire ha! the techical

c$&"etece a% 'iacial re!$urce! ee%e% t$ c$tiue the "r$ect( M$re$ver6 a""licable

ati$alit7 re8uire&et! &u!t be c$&"lie% #ith( c A!!i9&et $' "r$ect %$cu&et!> T$

e!ure 'ull i&"le&etati$ $' the !te"- i ri9ht! a!!i9e% t$ the le%er!6 a c$rre!"$%i9

a!!i9&et $' it! ri9ht! a% re&e%ie! u%er all "r$ect %$cu&et! i! al!$ &a%e b7 the

c$ce!!i$aire i their 'av$ur( T$ '$rti'7 !uch a!!i9&et6 it i! $t uu!ual '$r the le%er! t$

re8uire %irect a9ree&et! #ith the c$ce!!i$aire?! c$uter"artie! u%er the "r$ect

a9ree&et! t$ create a "rivit7 bet#ee the& a% the le%er! a% eable the latter t$ have

%irect acce!! t$ the c$uter"artie! i the e'$rce&et $' the a!!i9e% ri9ht! a% re&e%ie!(

d Ple%9e $' !hare!> Sice the creati$ $' lie! $ "r$ect a!!et! i! 9eerall7 "r$hibite%6

le%er! &a7 have i%irect acce!! t$ !uch a!!et! thr$u9h a "le%9e $ all the !hare! $'

the c$ce!!i$aire( With the "ri$r c$!et $' the 9$ver&et6 a "le%9e b7 the

!"$!$r! $' their !hare! i the c$ce!!i$aire &a7 be all$#e%( H$#ever6 there i! $e

"eculiarit7 $' Phili""ie la# that ea!il7 &a/e! a "le%9e the lea!t attractive $' all the

t7"e! $' !ecurit7 that ca be "r$vi%e% t$ the le%er!( U%er Phili""ie la#6 a7

'$recl$!ure $' the "le%9e eti9ui!he! the l$a a% le%er! %$ $t have the


22/24

ri9ht t$ rec$ver a7 %e'iciec7 i ca!e the "r$cee%! 'r$& the '$recl$!ure $' the "le%9e

are i!u''iciet t$ 'ull7 "a7 the $ut!ta%i9 balace $' the l$a( e S"$!$r!? !u""$rt> M$!t6 i'

$t all6 PPP "r$ect! are 'iace% $ a $- $r li&ite% rec$ur!e ba!i!( H$#ever6 PPP !"$!$r!

$r "r$"$et! are t7"icall7 &a%ate% t$ bear the bur%e $' a7 c$!t $verru! $r a7 !h$rt'all

i the a""licable &aitaii9 balace! re8uire% u%er the ca!h #ater'all acc$ut!( S$&e'iaci9 a9ree&et! all$# !"$!$r! t$ 'u% their !"$!$r !u""$rt $bli9ati$! thr$u9h ca!h6

c$r"$rate 9uaratee $r a !ta%b7 letter $' cre%it i!!ue% b7 a ba/ acce"table t$ the le%er!(

VII RECENT DECISIONS

I +,)6 the Phili""ie Su"re&e C$urt rule% ivali% the Di!bur!e&et Accelerati$ Pr$9ra&6

#hich #a! %e!i9e% t$ accelerate "ublic !"e%i9 a% icrea!e ec$$&ic 9r$#th b7 ive!ti9

!avi9!? 9eerate% b7 the 9$ver&et 'r$& u"r$9ra&&e% 'u%!( Thi! %eci!i$ hi%ere% the

9$ver&et 'r$& accelerati9 "ublic !"e%i9 b76 a&$9 $ther!6 'r$t-l$a%i9 PPP-relate%

"r$ect! %ue '$r i&"le&etati$()

VIII OUTLOOK

Alth$u9h PPP activit7 i the Phili""ie! ha! bee 'airl7 active i +,)6 it i! e"ecte% that it

#ill c$tiue t$ bec$&e &$re eciti9 i the 7ear! t$ c$&e6 e!"eciall7 #ith the a""r$val b7

the NEDA $' e# i'ra!tructure "r$ect! '$r "ublic bi%%i9(

A$$e3di4 %

ABOUT THE AUTHORS

MARIEVIC 7 RAMOS-ANONUEVO

SyCip Sala6ar 'ernande6 7 /at(aitan

With $ver +: 7ear! $' le9al "ractice6 Marievic 3 Ra&$!-A$uev$ ha! ac8uire% !ub!tatial

e"eriece a%vi!i9 &a$r l$cal a% '$rei9 cliet! i the 'iel%! $' ba/i96 "r$ect 'iace6

"rivati!ati$6 i'ra!tructure6 '$rei9 ive!t&et!6 &er9er! a% ac8ui!iti$!6 c$r"$rate

rehabilitati$ a% re!tructuri96 !ecuritie!6 a% la% ac8ui!iti$ a% %evel$"&et(

She #$r/e% $ the 'iaci9 $' the Maila N$rth T$ll#a7 Pr$ect iv$lvi9 the

rehabilitati$ a% e"a!i$ $' the N$rth LuJ$ E"re!!#a7 #here !he re"re!ete% a

!7%icate $' le%i9 i!tituti$! that iclu%e% &ultilateral a% e"$rt cre%it a9ecie! a%

c$&&ercial ba/!(

M! A$uev$ #$r/e% $ the e8uit7 'iaci9 '$r the ac8ui!iti$ b7 the Nati$al 3ri%

C$r"$rati$ $' the Phili""ie! $' the c$ce!!i$ t$ $"erate a% rehabilitate the ati$al

tra!&i!!i$ 9ri% a% !ub-tra!&i!!i$ a!!et! $' the Nati$al Tra!&i!!i$ C$r"$rati$( Thi!

) #raullo v4 #2uino, 3(R( N$( +,@+:;6 ) 5ul7 +,)(


23/24

i! !ai% t$ be the bi99e!t a% &$!t !i9i'icat "rivati!ati$ ever t$ be c$%ucte% b7 the

Re"ublic $' the Phili""ie!(

She i! curretl7 re"re!eti9 the vari$u! le%i9 !7%icate! that have ete%e% $r

c$&&itte% t$ ete% 'iaci9 '$r the $9$i9 Metr$ Maila S/7#a7 . Sta9e Pr$ect *)

billi$ Phili""ie "e!$!06 the Macta-Cebu Iterati$al Air"$rt Pr$ect *+( billi$ "e!$!06the NAIA E"re!!#a7 Pr$ect *;( billi$ "e!$!06 a% the M$%eriJati$ $' the Phili""ie

Orth$"e%ic Ceter Pr$ect *+(@ billi$ "e!$!0 u%er the "ublic-"rivate "arter!hi" "r$9ra&&e

$' the Phili""ie 9$ver&et(

ARLENE M MANE0A

SyCip Sala6ar 'ernande6 7 /at(aitan

Arlee M Maea i! a &e&ber $' the 'ir&?! !"ecial "r$ect!6 ba/i96 'iace a% !ecuritie!

a% alterative %i!"ute re!$luti$ %e"art&et!( She ha! bee iv$lve% i


24/24

#$out the #uthors

re%eri9 re9ulat$r76 tra!acti$ a% bu!ie!! a%vice6 c$%ucti9 %ue %ili9ece a%

%$cu&eti9 hi9h-value %eal! iv$lvi9 ive!t&et!6 ac8ui!iti$! a% %ive!t&et!6

ca"italc$r"$rate re!tructuri96 c$&&ercial le%i9 a% "r$ect 'iaci9 i6 a&$9 $ther!6

"ublic i'ra!tructure6 "$#ereer976 $il a% 9a!6 a% &ii9(

She ha! bee active i the bi%%i96 i&"le&etati$ a% 'iaci9 $' Phili""ie PPP "r$ect! a% her "r$ect! iclu%e the bi%%i9 a% 'iaci9 $' the Maila LRT) Ete!i$6

O"erati$! a% Maiteace Pr$ect a! #ell a! the bi%%i9 $' the Macta Cebu Iterati$al

Air"$rt E"a!i$6 O"erati$! a% Maiteace Pr$ect6 the LRT+ O"erati$! a%

Maiteace Pr$ect a% the Bulaca Bul/ Water Su""l7 Pr$ect( She ha! al!$ a%vi!e%

lea%i9 Phili""ie c$9l$&erate! $ their iv$lve&et i $ther PPP "r$ect!6 iclu%i9 the

Metr$ Rail Tra!it Lie a% the NLE-SLE C$ect$r R$a% Pr$ect(

A!i%e 'r$& her le9al "ractice6 M! Maea ha! acte% a! c$!ultat t$ a u&ber $'

'ir&! i relati$ t$ i%u!tr7 !tu%ie!6 'ea!ibilit7 a% bu!ie!! "la!6 &ar/eti9 a% bra%i9

!trate976 a! #ell a! bu!ie!! &$%el '$r&ulati$ i the telec$&&uicati$!6 $ut!$urci96 retail

a% tech$l$97 i%u!trie!(

S2CIP SALA)AR HERNANDE) @ 7ATMAITAN

S7Ci"La# Ceter

), Pa!e$ %e R$a!

Ma/ati Cit7 )++

Phili""ie!Tel> + @:+ ,, ,, ;,,

1a> + :); :@

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mailto:[email protected]:[email protected]:[email protected]://www.syciplaw.com/mailto:[email protected]:[email protected]://www.syciplaw.com/

ppp law review - philippines 2015

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