Public-private partnership to help boost Aquino government coffers
The administration of President Benigno S. Aquino III could benefit from pursuing public-private partnerships (PPP) through the Bases Conversion and Development Authority (BCDA) to boost the coffers of the cash-strapped government, BCDA President and Chief Executive Officer Narciso Abaya said yesterday.
Abaya said PPP through government entities like the BCDA “provides a ray of hope to help augment the revenues generated by the government” amid the shortfall in the collection targets of the Bureaus of Internal Revenue and Customs for the month of July.
Executive Secretary Paquito N. Ochoa, Jr. said that these developments "complement current initiatives aimed at enabling the Department of Finance to hit and possibly exceed its revenue targets,” adding that exploring public-private partnerships through the maximization of our assets is one way we can raise much-needed funds for the government.
According to Abaya, BCDA is equipped with the experience and expertise to properly and profitably dispose of government assets within its jurisdiction. BCDA has raised P46.495 billion in disposition proceeds as of December 2009, he added.
Under the law, bulk of the proceeds from the disposition of former military camps and base lands will go to the AFP Modernization Fund to cover the military’s replication and relocation expenses.
Recently, SM Land, Inc. (SMLI) submitted an unsolicited proposal to develop a 33.1-hectare property in Fort Bonifacio. Under the offer, SMLI will give an upfront cash of P2 billion and P25.9 billion secured revenues over 20 years. On top of these, SMLI has committed to advance the replication expenses of military facilities of the Philippine Navy, the Philippine Marines and the Philippine Army, which are presently occupying the property.
The BCDA has already published a notice of invitation for the submission of comparative proposals to challenge the unsolicited proposal of SMLI for the Bonifacio South property.
Abaya said that there is also a plan by BCDA to facilitate the construction of two major infrastructure projects in partnership with the Ayala Land, Inc. and the Campos Group, the cost of which will be shouldered by the private sector. The twin projects, which are expected to improve access from Bonifacio Global City to the eastern, northern and southern areas of Metro Manila and vice versa, have a combined project cost of P500 million.
Finance officials are under pressure to tap new sources of revenues for the government after the budget deficit hit an all-time high of P229.4 billion, or almost 70 percent of the total target of P325 billion for the entire 2010.
While July revenues amounted to P102.9 billion, or 4.6 percent higher than the P98.4 billion posted the previous 12 months, collection was still short of P7.6 billion.
“Every government agency must pitch in to address the deficit. We must institute austerity measures to streamline government and eliminate wastage,” Ochoa said. (PCOO)
P-Noy welcomes Pakistan envoy to RP
President Benigno S. Aquino III welcomed today Pakistani Ambassador Mohsin Razi during the latter’s courtesy call at the Yellow Room of the Premier Guest House in Malacanang.
Accompanying Razi was Foreign Affairs Secretary Alberto Romulo.
Assigned in the Philippines since October last year, Razi has already visited several parts of the country to elevate bilateral and economic relations during his tour of duty here.
The Philippines and Pakistan which established foreign relations in 1949, have been pushing for interfaith dialogue as one of the innovative approaches towards peace and development particularly in Mindanao.
From 2006 to 2008, the two countries jointly presented in the UN General Assembly three resolutions entitled "Promotion of Interreligious and Intercultural Dialogue, Understanding and cooperation for Peace" which were all adopted by the UN.
Pakistan also supports the Philippines' bid to become an observer in the Organization of the Islamic Conference (OIC).
On the other hand, the Philippines is eyeing Pakistan as among the bright prospects in the global halal market being the second largest Muslim country in the world.
Under the Medium-Term Philippine Development Plan (MTPDP), Mindanao is envisioned to become the country’s center for halal food production in tapping export markets for halal food products. (PCOO)
Palace confident of hostage probe body findings
Malacanang today expressed confidence that the investigating body looking into the botched Quirino Grandstand hostage rescue would be able to get to the bottom of the case and pinpoint responsibility in the incident which left eight Hong Kong nationals dead.
In a news briefing, Presidential Spokesman Edwin Lacierda underscored the importance of the findings of the Incident Investigation and Review Commission (IIRC) which he said President Benigno S. Aquino III will use as a basis in giving justice to those who perished in the Aug. 23 crisis.
“We are letting the investigation committee take its course. It has been a very credible investigation process and we will wait for the report and the conclusions and the recommendations of the investigation committee,” he said.
Meantime, Lacierda appealed for everyone’s patience and restraint and let the investigation take its course.
“Let’s wait for the report of the investigation committee to come out and it will be submitted to the President and the President will study the recommendations,” he said. “The fact that there is an investigating committee…will show who were responsible for the incident.” (PCOO)
