The Philippine real estate infrastructure industry now has a new partner—the government. President Benigno Aquino III recently announced the creation of the new Public-Private Partnership Center. This hub for private investment targets infrastructure development projects worth at least P180 billion for next year.
Dubbed the PPP Center, the organization seeks to organize private investments and streamline approval processes. Regularly, new Philippine real estate infrastructure projects take years to complete and approve. The new approval scheme in PPP, Aquino says, will take only six months—a significant departure from standard practice. Because of this, the Center is expected to help the country meet its target of seven- to eight-percent growth in GDP in 2011.
Although the PPP mainly targets land infrastructure projects such as airports and roads, it will no doubt be helpful to the Philippine real estate industry. When roads, flood control, and railways are improved upon, the value of surrounding homes and land tends to rise.
