President Ferdinand Marcos Jr. has declared the Senate measure proposing the Public-Private Partnership Act urgent.

In a letter dated May 31, Marcos asked Senate President Juan Miguel Zubiri, through Executive Secretary Lucas Bersamin, to certify the prompt approval of Senate Bill 2233.

The proposed PPP Act establishes criteria for PPP projects that can be funded "partly through direct government appropriations or official development assistance from foreign governments or institutions."

A public-private partnership (PPP) is a cooperative agreement between the government and the private sector to finance, create, and operate a government service or business initiative.

PPP initiatives are typically viewed as options when the government's funding resources for local infrastructure or development projects are limited.

The act also formalizes the PPP Center, which was established by Executive Order No. 8 in 2010, and empowers the PPP Center to serve as the central monitoring agency for all PPP projects in the country.

It also intends to ensure that the government can stick to its own goals and satisfy the commitments it makes to PPP projects.

In 2022, the House version of the PPP Act hurdled the final reading.

Albay, 2nd District Rep. Joey Salceda estimates that the proposed PPP Act will make at least P27 trillion in financial resources from banks and at least P600 billion annually in just the "large conglomerates" for infrastructure projects accessible.