ppp law review - philippines 2015
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THE PUBLIC-PRIVATE
PARTNERSHIP
LAW R EVIEW
EDITORSBRUNO WERNECK AND MARIO SAADI
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LAW BUSINESS RESEARCH
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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$&
mailto:Nick.Barette@lbresearch.commailto:Nick.Barette@lbresearch.com
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THE PUBLIC-PRIVATE
PARTNERSHIP LAWR EVIEW
E%it$r!
BRUNO WERNECK AND MARIO SAADI
LAW BUSINESS R ESEARCH LTD
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PUBLISHER
3i%e$ R$bert$
BUSINESS DE4ELOPMENT MANA3ER
Nic/ Barette
SENIOR ACCOUNT MANA3ERS
Katherie 5abl$$#!/a6 Th$&a! Lee
ACCOUNT MANA3ER
1elicit7 B$#
PUBLISHIN3 COORDINATOR
Luc7 Bre#er
MARKETIN3 ASSISTANT
D$&ii8ue De!tree
EDITORIAL COORDINATOR
Shai Ba!
HEAD O1 PRODUCTION
A%a& M7er!
PRODUCTION EDITOR
Ti&$th7 Beaver
SUBEDITOR
5aia 3$%$#!/a
MANA3IN3 DIRECTOR
Richar% Dave7
Publi!he% i the Uite% Ki9%$&
b7 La# Bu!ie!! Re!earch Lt%6 L$%$
:; Laca!ter R$a%6 L$%$6 W)) )
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THE MER3ERS AND AC
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THE PRI4ATE WEALTH AND PRI4ATE CLIENT RE4IEW
THE MININ3 LAW RE4IEW
THE EECUTI4E REMUNERATION RE4IEW
THE ANTI-BRIBER AND ANTI-CORRUPTION RE4IEW
THE CARTELS AND LENIENC RE4IEW
THE TA DISPUTES AND LITI3ATION RE4IEW
THE LI1E SCIENCES LAW RE4IEW
THE INSURANCE AND REINSURANCE LAW RE4IEW
THE 3O4ERNMENT PROCUREMENT RE4IEW
THE DOMINANCE AND MONOPOLIES RE4IEW
THE A4IATION LAW RE4IEW
THE 1OREI3N IN4ESTMENT RE3ULATION RE4IEW
THE ASSET TRACIN3 AND RECO4ER RE4IEW
THE INTERNATIONAL INSOL4ENC RE4IEW
THE OIL AND 3AS LAW RE4IEW
THE 1RANCHISE LAW RE4IEW
THE PRODUCT RE3ULATION AND LIABILIT RE4IEW
THE SHIPPIN3 LAW RE4IEW
THE AC
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ACKNOWLED3EMENTS
The "ubli!her ac/$#le%9e! a% tha/! the '$ll$#i9 la# 'ir&! '$r their leare% a!!i!tace
thr$u9h$ut the "re"arati$ $' thi! b$$/>
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
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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
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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(
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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
ð$%$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 $r c a %e!i96 ð$%$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!(
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%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(
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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 $-
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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
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%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
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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! %$ $t have the
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ri9ht t$ 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 +,)(
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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$lve% i
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#$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!
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Phili""ie!Tel> + @:+ ,, ,, ;,,
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mailto:mgranonuevo@syciplaw.commailto:ammaneja@syciplaw.commailto:ammaneja@syciplaw.comhttp://www.syciplaw.com/mailto:mgranonuevo@syciplaw.commailto:ammaneja@syciplaw.comhttp://www.syciplaw.com/
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