政府采购信息报/网2017年2月21日消息 菲律宾政府和社会资本合作中心（PPPC） 最近与菲律宾证券交易所（PSE）签署了一项协议备忘录（MOA），以加强双方合作 和信息交流，推进实施正在进行的PPP名单申请工作。该备忘录规划了PPP中心和证 券交易机构的合作和协调框架，以及PPP公司在股票市场进行交易的实施细则，这 被认为是为PPP项目开发进行融资的一个替代资源和途径。
被PPP公司称为“可行性附加条款和公开条例”的这个新文件，是菲律宾股票交易 所根据与费尔迪南德·A·派克森主任领导下的PPP中心达成的协议基础上出台的。 派克森主任在签字仪式上敲响了钟声，宣布PPP股票向投资者发行开始。
根据这个新出台的“附加条款和公开条例”，被授予了PPP项目合同的PPP公司或者 拥有PPP合同的公司或联合体组成的特定项目公司（SPC）可以申请加入名单。这些 公司可以从证券交易所最低三年的行业纪录和证券交易历史的规定之外，获得豁免 ，加入证券交易主板，但是获得授予PPP合同的最低项目金额至少为50亿菲律宾比 索。公司只能在完成了建设工程或者项目的一个阶段后，才能申请加入名单。公司 列入名单时限是无限的，贯穿项目特许期，但合同期限最少要有15年。
PPP中心主任派克森解释说，因为PPP项目继续展开，基础设施项目的规模和复杂性 持续增长，预计地方银行部门将完全不能吸纳和支持如此庞大的PPP项目资金需求 。2015年，PPP中心开始与证券交易所和证券交易委员会（SEC）合作，着手推出几 项动议，引入菲律宾资本市场协助PPP项目。
"今后几年，我们期待推出大量的基础设施工程项目，我们确实希望各地银行向更 多PPP参与方和玩家扩展信贷服务，同样的，我们也需要更多的大型跨国企业联合 体，包括外国银行和资本市场投资我们的大型PPP项目。"他又说。
PPP Center, Philippine Stock Exchange sign MOA on Guidelines for PPP Listings
February 21, 2017
PPP Center, PSE sign MOA on PPP Listings panel discussion
The Public-Private Partnership Center together with the Philippine Stock Exchange (PSE) recently signed a Memorandum of Agreement (MOA) to reinforce its collaboration for information sharing to implement the processing of listing applications. The MOA outlines the framework for cooperation and coordination between the PPP Center and the PSE in implementing the listing rules for PPP companies where the equities market is considered as an alternative source of funding in the development of PPP projects.
PPP Listing Guidelines
Dubbed as the Supplemental Listing and Disclosure Rules Applicable to a PPP Company, this new PSE product was launched on the trading floor with PPP Center led by its Executive Director Ferdinand A. Pecson, who rang the bell, signaling the opening of the PPP securities to investors.
With the supplemental listing and disclosure rules in place, a PPP company may apply for listing under the guidelines if it is a corporation with a PPP contract awarded or a Special Purpose Company (SPC) incorporated by the corporation or consortium holding a PPP contract. These companies are exempted from the minimum 3-year track record and operating history required by the PSE to list in its main board. The awarded PPP contracts should have at least a project cost worth Php5 billion. The company can only apply for listing when it has completed its construction works or a phase in the project. The life of the listed company is considered co-terminus with the project concession period, but with a minimum contract of 15 years.
Anticipating the financing demand for PPPs
PPP Center chief Pecson explained that the as the PPP program continues to rollout infrastructure projects of increasing scale and complexity, it is anticipated that the local banking sector will be entirely unable to absorb or support the demand for funding of PPP projects. In 2015, the PPP Center together with the PSE and the Securities and Exchange Commission (SEC) embarked on several initiatives that assessed the Philippine capital market for PPPs.
“Accessing the capital markets through the listing of equities and issuance of bonds are some of the financing options currently being explored to address this funding issue,” Executive Director Pecson said.
“We expect a large number of infrastructure projects to be rolled out in the next few years. We actually see local banks spreading their lending services more widely among PPP parties/players. There is also an increased likelihood of conglomerates tapping into foreign banks and the capital market to fund large-scale PPP projects,” he added.
For his part, PSE Chairman Jose T. Pardo conveyed his confidence in the new listing product for PPPs.
“As you know, other territories have had this fund raising mechanism for some time. While we are only catching up, the timing is also ideal given government’s stance on PPP projects, as it committed to accelerate infrastructure spending. And with several PPP projects in the pipeline, we hope to see PPP companies tap the stock market for their capital raising exercise,” the PSE chair said.
PPP Listings rules explained
In a separate briefing on the PPP listing rules, a panel discussion was conducted with PPP Center Deputy Executive Director (DED) Eleazar E. Ricote, PSE Chief Operating Officer (COO) Roel Refran, and Securities and Exchange Director Vicente Graciano Felizmenio, Jr., of the Markets and Securities Regulation Department as resource persons. Members from the banking industry, construction and other PPP players were present during the briefing.
For his opening remarks, DED Ricote shared his expectations of the PPP listing.
“It is our hope that this framework will encourage eligible PPP companies to tap the financial markets, and broaden the investor base, allowing more people to pool their resources towards the successful operations and maintenance of PPP projects,” he sshared.
Meanwhile, in his closing remarks, PSE president Hans Sicat Hans expressed his optimism for the upcoming PPP listing applications.
“We agreed to help facilitate the process of listing applications under the PPP listing program. We hope that this initiative will further help PPP companies in terms of their view on listing on the PSE,” he said.