TOWARDS NEW HORIZONS: THE ROLE OF PUBLIC PRIVATE PARTNERSHIP IN NATION

BUILDING

A CASE STUDY ABOUT THE NAIA EXPRESSWAY PROJECT

ABSTRACT

The study "Towards New Horizons: The Role of Public Private Partnership in Nation

Building" A Case Study About The NAIA Expressway Project seeks to educate its readers on the

critical role of public-private cooperation in improving the country's infrastructure, social services,

and economic growth. It also explains what PPP is and its various forms, the framework used in

these projects, the economic risks and benefits, and the main goal of this partnership. In order to

gain a better understanding of the PPP scheme, the study also focuses on the NAIA Expressway

project. Where it emphasizes identifying the challenges and constraints encountered during the

project as well as reaching a conclusion on whether PPP projects are truly beneficial to society.

Later in the study, a series of recommendations are presented in order to address the

shortcomings of the partnership in order to achieve the desired results from the project.

Keywords:

Public-private partnership (PPP), NAIA Expressway, Government, Socio-economic outcomes,

and Good-governance.
 TABLE OF CONTENTS

Abstract

I. Introduction

1. Background of the study

1.1 Project Type

1.2 Project Location

1.3 Project Status

1.4 Project Contractor

1.5 Type of PPP Arrangement

1.6 Project Timeline

1.7 Project Cost

II. Rationale

2.1 The Government and The Private Sector Motivation in Joining the Project

2.2 Economic Risk and Uncertainty

III. Regulatory and Legislative Framework

IV. Regulation's Impact On the Project's Economic Outcome

V. Cost-Benefit Analysis
VI. Conclusion and Recommendation

6.1 Recommendations

VII. Bibliography

I. INTRODUCTION

According to the World Bank, public-private partnerships, also known as PPPs, are a

mechanism for the government to procure and implement public infrastructure or services using

the public sector's resources and expertise. This is especially advantageous for developing

countries such as the Philippines, where the government lacks the resources and expertise to

carry out large infrastructure projects. This type of public-private partnership is seen as the

foundation for progress and nation building. The government will be able to pursue infrastructure

projects that would otherwise be unattainable due to financial constraints with the assistance of

private financing and technology. It is also believed that by entrusting projects to private firms,

common problems plaguing government services and projects, such as delays, poor quality

infrastructure, corruption, and the use of inefficient and outdated contracting techniques, will be

mitigated. The rationale is that public-private partnerships often result in increased transparency

and efficiency because the private sector has both experience and expertise in developing large

infrastructure projects.

Proper regulation and implementation of PPPs are expected to generate economic growth

because infrastructure projects will create jobs and boost local industries. Infrastructure projects,

particularly in transportation, will reduce travel times for both people and goods, resulting in

economic growth. Furthermore, increased cooperation between the government and the private

sector, as well as the construction of new infrastructure, will improve the country's standing on the

international stage. It will attract more foreign direct investment, which is necessary for the
Philippine economy's development. Aside from the benefits mentioned above, it is also important

to note that by saving money, the government will be able to serve more people, particularly the

poor. The funds saved from projects will be used to provide social services and to lift many people

out of poverty.

1. BACKGROUND OF THE STUDY

To alleviate the worsening traffic congestion in Metro Manila, late President Benigno

Aquino III established the Manila Urban Expressway System, which includes the Ninoy Aquino

International Airport Expressway, or NAIA Expressway. The primary goal of this project is to cut

the travel time of passengers using the country's premier airport in half while also connecting the

two major expressways serving Metro Manila.

 Image 1. NAIA Expressway (PPPC)

1.1 Project Type

The NAIA Expressway is a 4-lane, 7.75 km elevated expressway with a 2.22 km at-grade feeder

road that will provide access to NAIA Terminals I, II, and III and connect the Skyway and the

Manila-Cavite Toll Expressway. It begins at the existing Skyway and then follows the existing road

alignments over Sales Avenue, Andrews Avenue, Domestic Road, and NAIA Road, with entry/exit

ramps at Roxas Boulevard, Macapagal Boulevard, and PAGCOR City. The project entails: a) the

construction of Phase II; b) the construction of at-grade feeder roads leading to/from PAGCOR

Entertainment City; and c) the operation and maintenance of the expressway.

1.2 Project Location

The NAIA Expressway runs through the cities of Pasay and Parañaque, connecting the

Skyway to Ninoy Aquino Avenue, Macapagal Boulevard, New Seaside Drive, and the

ManilaCavite Expressway via Andrews Avenue, Electrical Road, and NAIA Road.
 Image 2. NAIA Expressway Project Alignment (DPWH)

1.3 Project Status

The NAIA Expressway project is in operation and maintenance.

1.4 Project Contractor

San Miguel Corporation, through its subsidiary Vertex Tollways Development

Incorporated is the project contractor for the NAIA Expressway (VTDI). In July 2013, the San

Miguel Corporation was awarded a 30-year contract after successfully bidding and paying a P 11

billion premium payment.

1.5 Type of PPP Arrangement

The NAIA Expressway PPP arrangement is a concession PPP with the contractual

arrangement of Build-Transfer-and-Operate (BTO) under the BOT law. By definition, a concession

PPP is a type of public-private partnership in which the government grants the private sector,

specifically private firms, the right to build, operate, and charge public users of a public good,
infrastructure, or service, in this case the NAIA Expressway, a fee or tariffs, also known as toll

fees. The government monitors and regulates these fees in accordance with public regulators and

concession contracts. The charges are imposed to recover debt service, fixed operating costs,

and return on equity.

1.6 Project Timeline

The NAIA Expressway project timeline is based on official Department of Public Works

and Highways data.

Sections Opening Date

Start of Construction January 2014

Phase IIA except CAVITEX area September 22, 2016

Phase IIB except Villamor Air Base Section December 21, 2016

Cavitex Section (Ramps 11 and 12) December 27, 2016

Circulo del Mundo Bypass Road December 30, 2016

Connectivity of NAIAx 1 to NAIAx 2 (Villamor April 2017

Air Base)
 Ramps going to/from Skyway (Ramps 1 and June 01, 2017

17)

Table 1. Project Timeline

1.7 Project Cost

According to data from the Department of Public Works and Highways, the expenditure of

the NAIA Expressway project is as follows:

Activities Amount (In Billion)

Civil Works P 10.977

Government Support P 7.093

Transaction Advisory Services P 0.014

Right-of-Way Acquisition P 3.977

Meralco P 0.200

Independent Consultant P 0.802

Variation Order P 2.100

 Total P 18.070

Table 2. Project Cost

II. RATIONALE

2.1 The Government and The Private Sector Motivation in Joining the Project

The public-private partnership provides an excellent opportunity for the government to

pursue infrastructure projects such as the NAIA Expressway without facing significant financial

constraints. Because of this type of collaboration, the government is now able to fund large

infrastructure projects through the private sector. This is especially beneficial in developing

countries; additionally, PPP projects improve efficiency and transparency, which are major

concerns in government-funded projects. If this project is well-executed, PPP projects like the

NAIA Expressway can provide a significant economic boost, public benefits, and overall progress

for the country. With all of this in mind, it is justifiable for the Philippine government to enter into

this type of partnership.

This public-private partnership is especially beneficial to the Philippines because, as a

developing country, funds for such projects are frequently scarce. Infrastructure, on the other
hand, is required to connect its islands and facilitate growth. In this case, the NAIA Expressway

was built to improve access to Ninoy Aquino International Airport, the country's largest and one

of the busiest in Asia. The NAIA Expressway project is an 8-kilometer toll road to the country's

largest international airport that aims to cut travel time by up to 50% by bypassing Metro Manila's

notoriously congested roads. That is expected to benefit 80,000 passengers per day.

The advantages of establishing NAIA Expressway are enormous, as it will alleviate the

burden on local passengers and tourists who use the NAIA terminals. Furthermore, the elevated

highway's construction will be viewed as a sign of progress in the country's lagging transportation

infrastructure. As a result, it will facilitate much-needed progress and provide a significant boost

to the country's transportation system.

As can be seen, the establishment of NAIA Expressway will provide numerous benefits to

the public and the government, that is why it is not surprising that the late President Aquino's

administration is willing to enter into a partnership with the private sector to build the project.

However, it is also necessary to comprehend the primary reason for the private sector's interest

in this project, particularly that of the San Miguel Corporation and its subsidiary Vertex Tollways

Development Inc. (VTDI). To understand public-private partnerships, there are two common

forms: Availability PPP where the private sector provides a public good, service, or product at

constant capacity to the implementing agency (IA) for a given fee (capacity fee) and a separate

charge for usage of the public good, product or service (usage fee) (PPPC). The other type of

PPP is a concession PPP, in which the private sector is granted the right to build and operate a

public infrastructure of service, as well as the right to collect fees or tariffs that are regulated by

the government. NAIA Expressway falls under the category of Concession PPP, with Vertex

Tollways Development Inc. winning the contract to build and operate the project. The SMC Vertex

Tollways Development Inc. will pay 11 billion pesos to fund the NAIAX project, with the

government covering the remainder. Since it is a concession PPP, the SMC is entitled to the Build-
Transfer-and-Operate (BTO) scheme, which allows them to charge toll fees to passengers who

wish to use the NAIX. Toll fees generate funds that are used to maintain and operate the project,

as well as to generate a return on equity for the company's investment. One of the reasons SMC

decided to enter the contract is the right to operate NAIAX and charge toll fees. Not only will the

firm receive their investment, but they will also receive a high return on investment. The

government is also a part of the scheme, which reduces the risk of investment.

2.2 Economic Risk and Uncertainty

There is risk and uncertainty in every business, and public-private partnerships are no

exception. As a result, the government provides certain guarantees in order to attract private

financing, such as: guaranteed return on investment, guaranteed market and sales, fiscal

incentives, full cost recovery including on inflation and currency fluctuation, and even unheard of

sweeteners such as subsidies for production input (the fuel cost subsidy of Napocor’s independent

power producers comes to mind) (IBON Foundation 2010). These government initiatives make

PPP projects almost immune to fiscal difficulties because private firms are guaranteed to receive

their investment and, more surprisingly, their profits. Though it is true that this type of partnership

benefits the private partner, the government is at a disadvantage because the money spent on

these guarantees is tax payer money. It is one of the main reasons why SMC and its subsidiary

Vertex Tollways Development Inc. decided to participate in the NAIA Expressway project. It is due

to the fact that the project is a type of investment with little to no risk and a guaranteed high return

on investment.
III. REGULATORY AND LEGISLATIVE FRAMEWORK

Public-private partnerships are viewed as a mutually beneficial agreement between the

government and the private sector; however, without the proper legal framework in place to

implement and regulate this policy, abuse and disadvantages may occur. It is more

disadvantageous for the government because these projects are financed with public funds. In

some cases, where no proper regulatory measures are in place, PPP projects are delayed,

corrupted, and may be cancelled even though state funds are already in use.

To prevent abuses, the Philippine government enacts laws and regulatory measures, one of

which is Section 20, Article II of the 1987 constitution, which states, "The State recognizes the

indispensable role of the private sector, encourages private enterprise, and provides incentives

to needed investments." This prompts Congress to pass two primary laws that will serve as the

legal and regulatory framework for public-private partnerships, which are the Republic Act No.

9184 or the Government Procurement Reform Act (RA 9184) for the procurement of goods,

supplies and services, and Republic Act No. 6957 as amended by Republic Act No. 7718 or the

Philippine Build-Operate-and-Transfer (BOT) law. In these two Republic Act No. 7718 or (BOT)

law is the one who is more focused in the PPP framework for infrastructure and development.

The Republic Act No. 7718 is subjected to a series of amendments and revisions, one of which

resulted in the creation of a framework for contractual arrangements. These broad contractual

arrangements are classified into nine (9) categories: build-operate-and-transfer (BOT), build-and-

transfer (BT), build-own-and-operate (BOO), build-lease-and-transfer (BLT), build-transfer-and-

operate (BTO), contract-add-and-operate (CAO), develop-operate-andtransfer DOT), rehabilitate-

operate-and-transfer (ROT), and rehabilitate-own-and-operate (ROO).

However, the BOT law does not limit the number of contractual arrangements that can be listed.

Other variants or forms of contractual arrangements that are approved by the Philippine President

may qualify as a PPP under the said law. Furthermore, other recognized contractual modes

include concession and management contracts.

The aforementioned BOT law also allows the government to take significant steps to

ensure public interest in these types of arrangements. One example is in the procurement

process, where a framework is created to ensure the protection of public interest. In procurement,

the government requires any private firms interested in participating in these PPP projects to bid.

Bidding is a method of obtaining the most advantageous contracts from all firms interested in

participating in PPPs. The firm’s financial capability is frequently the primary consideration in the

bidding process. Moreover, the bidding process is a fair process in which democratic and legal

values are upheld because anyone with the necessary qualifications can participate, and it also

ensures that the public interest as well as state funds are used as efficiently as possible.

The bidding process is also monitored and regulated by implementing agencies, which

include provisions to protect the interests of the public as well as the firms that participate in the

process. These include adhering to the principles of transparency and equal treatment of bidders,

guaranteeing the professionalism and legitimacy of the process, and preventing instances of

bribery and corruption. Adequate competitive tension for bidders ensures that many bidders will

participate in the process in order to obtain the best deal with all participants. Finally, it is important

to reduce costs and delays without sacrificing the quality of the bidding process. Also it includes

the actual bidder selection process.

IV. REGULATION'S IMPACT ON THE PROJECT'S ECONOMIC OUTCOME

 The outcome of the NAIA Expressway demonstrates the benefits of government

intervention in public-private partnership projects. With government regulation in the bidding

process, the only one who gets the contract is the one who will give the public sector the best

possible project outcome. As previously stated, during the bidding process for the proposed NAIA

Expressway, a large number of prospective bidders from the largest firms and conglomerates

offered various proposals to win the contract. ACI Consortium, a subsidiary of the Ayala Group of

Companies, IL & FS Transportation Network, Manila North Tollways Corp., and Optimal

Infrastructure Development Corporation from San Miguel Corporation are among the prequalified

bidders in the first round of bidding process. In the second phase of the bidding process, only

two contenders remained, namely Manila North Tollways Corp. and Optimal Infrastructure

Development Corporation from San Miguel Corporation, and with these two, the one who offers

the best bid is the San Miguel Corporation, making them the project's contractor.

The bidding process also resulted in a positive economic outcome for the Philippine government,

as they saved a significant amount of money. Partly because the project is intended to receive a

6.5-billion-pesos subsidy from the PAGCOR City (Philippine Amusement and Gaming

Corporation). It means that in order to secure the bid, both Manila North Tollways Corporation

and Optimal Infrastructure Development Corporation (SMC) could choose between a lower

subsidy than the aforementioned 6.5 billion pesos or a cash out to the government. The two

companies decided not to choose the subsidy, that is why they decided to pay the government in

cash. It means that the contracting party willing to pay a higher cash out will have won, amounting

to more than the P15.86 billion cost of the NAIA Expressway project.

With all of the data in hand, it is clear that government regulation in PPP projects is benefiting the

economy. It is because the government saves money that can be used for other projects.

Furthermore, the bidding process ensures that the government, particularly the public sector,

receives the best offer from the bidders. To conceptualize the savings made during the second
phase of bidding, Manila North Tollways Corporation offers a 305 million peso bid, while the other

contender, Optimal Infrastructure Development Corporation (SMC), offers a higher 11 billion

pesos bid.

The data reveals a significant disparity between the winning bidder and its competitor, and it

provides a clearer picture of how much money is saved through the bidding process. The

Philippine government drastically reduced its spending on the project, allowing the funds to be

used to fund other government activities that will help the economy.

V. Cost-Benefit Analysis

The NAIA Expressway is one of the late President Benigno Aquino III's flagship

infrastructure projects, with over 18 billion pesos spent and invested by both the government and

the private sector. Despite the project's uncertainties and constraints, the benefits outweigh any

difficulties encountered. One of its advantages is the ease of travel it provides for passengers

using the Ninoy Aquino International Airport. With an average of 80,000 passengers per day

benefiting from this project, their travel time is cut in half because they are now bypassing

notoriously congested local roads. Saving time for travel also means that the government can

save some of the billions of dollars that are currently being wasted in Metro Manila traffic.

Furthermore, the benefits will not be limited to locals because with increased travel and

transportation accessibility, tourists from all over the world will be drawn to the country. The

economic benefits of the aforementioned project are enormous because it sends a clear message

to foreign investors that the Philippine government and economy are doing well. As a result, it

could benefit from foreign direct investment.

 Image 3. Source: Department of Finance, citing data from the World Bank

Apart from the benefits to the government and the public sector, the project sector, specifically

San Miguel Corporation, will benefit from their investment in the project. According to the 30-year

contract signed by Vertex Tollways Development Inc., the company is authorized to operate and

collect toll fees on the NAIA Expressway through the PPP Concession program under the BOT

law with the contractual arrangement of Build-Transfer-and-Operate (BTO). The tolls collected

are intended to be used for repair and maintenance, debt service recovery, and return on

investment. In the long run, the private contractor of the project will see high returns on their

investment because, in addition to the 80,000 daily passengers, it is expected to grow in the

coming years. The reason for this is its proximity to the country's premier airport as well as the

PAGCOR Entertainment City, which houses the country's finest hotels and casinos. Furthermore,

the toll generated will provide revenue to the government because tolls are subject to a 12 percent

value added tax (VAT).

The NAIA Expressway (NAIAX) Matrix

Route VAT Inclusive Class 1 Class 2 Class 3

 Short Segment ₱ 35.00 ₱ 69.00 ₱ 104.00

Full ₱ 45.00 ₱ 90.00 ₱ 134.00

Table 3. NAIA Expressway Toll Fee (TRB)

VI. Conclusion and Recommendation

The concept of cooperation is exemplified by the public-private partnership, in which

various sectors of society band together for the good of the nation. In this case, the NAIA

Expressway project serves both the public and private sectors. The project is also thoroughly

examined in terms of the government's primary consideration on its policy, its impact on the

national economy, how the government uses its limited resources efficiently and equitably, and

finally, the government's efforts in ensuring the public interest and people's welfare. The following

conclusions were reached as a result of extensive research.

The NAIA Expressway is one of the late President Benigno Aquino III's flagship projects

that aims to alleviate traffic congestion near the county's largest airport. The project, however, is

expensive, and the government lacks the resources to fund it. That is why, through the PPP

scheme, they open the project to the private sector. San Miguel Corporation won the contract after

opening the bidding process by offering an 11 billion premium payment. The project contract is a
PPP concession program under BOT law with a Build-Transfer-and-Operate contractual

arrangement (BTO). Where the San Miguel Corporation has the right to operate, maintain, and

collect toll fees for the aforementioned project.

The government's primary consideration in developing policies for the NAIA Expressway

project is how to attract private firms to participate in the project. In that regard, they opted to

provide incentives that are far too lucrative for them to pass up. Furthermore, by partnering with

the private sector, the government will be able to redirect resources to other projects in desperate

need. The cooperation policy also gave the impression that the Philippine government is a

business-friendly entity where the public and private sectors always work together to solve

society's most pressing problems. In summary, the main motivation for government policies is the

well-being of its citizens, and hence the creation of a business-friendly environment in which

foreign investors can invest their money.

On the economic front, the NAIA Expressway represents an excellent opportunity for the

government to accelerate economic growth. It is anticipated that after the project's contraction,

80,000 daily passengers will benefit from reduced travel time by half. Because of the principles of

supply and demand, it is expected that the number of passengers using NAIA will increase as the

airport becomes more accessible. When supply is created, demand will follow, and many local

and international passengers are expected to arrive. It will be a significant boost to the country's

economy because tourism will generate thousands of jobs and profit for local businesses.

Furthermore, not only will the tourism sector benefit from this project, but it is also expected that

the NAIA Expressway will send a positive signal to foreign investors about the Philippines'

commitment to improving travel accessibility throughout the archipelago. It is also worth noting

that the project supported the local construction industry by creating thousands of jobs.

The proper implementation of the PPP scheme allows the Philippine government to use

its limited resources more efficiently and fairly. This is due to the efforts of various implementing
and regulatory agencies to ensure that everything follows the master plan. Despite the fact that

this excessive and reckless spending is avoided, the project is one year behind schedule. The

Department of Public Roads and Highways' slow acquisition of right of way, as well as the removal

of Manila Electric Company power lines and posts, are to blame. Having said that, the government

agencies in charge of overseeing the project's progress do their jobs well, but the slow acquisition

of right of way caused delays.

Despite all of the positive outcomes, the project has its share of controversy, one of which

is the subsidies and incentives provided by the government to the project's contractor. These

initials include tax breaks and guarantees that SMC's investment will be returned even if the

project fails. Furthermore, the government's decision to guarantee even the company's profits has

some critics concerned that it is a policy that relies on the private sector, putting the public at a

disadvantage.

Given that the country ranks 117th least corrupt nation out of 180 in the anti-corruption

index, it is not surprising that PPP projects are also subject to a slew of corruption allegations.

Beginning with the use of standard materials, delays in contracting, financing issues, and

unfavorable contracting to firms with ties to the governing body. These allegations of corruption

and abuse are one of the reasons why the government should regulate this type of scheme. One

of these is the establishment of a legal framework, such as the Republic Act No. 7718 or the

Philippine Build-Operate-and-Transfer (BOT) law. As well as the proper implementation of bidding

processes based on the principles of transparency, equality, and democratic values to ensure that

only those deserving of projects are awarded contracts. The government must also prioritize the

public's interest above all else.

By and large, public-private partnerships are essential to the development of the Philippine

economy, as evidenced by the NAIA Expressway project. When the public and private sectors

work together to produce benign results. Though the current framework for this partnership is still
in its early stages, the future outlook is promising. If the right steps are taken, the Filipino people

can look forward to a brighter future.

6.1 Recommendations

The study's findings lead to the conclusion that this type of collaboration between the

government and the private sector is beneficial in terms of producing economic development and

improving public services. Nonetheless, the policies and implementation of this scheme are still

in their early stages, which is why the following recommendations have been developed in order

to maximize the project's results.

Recommendation 1: The government should develop a more comprehensive policy

framework that includes the definition of roles in the public and private sectors. This framework

should be founded on legislative statutes and instruments. Where transparency, accountability,

equality, and adherence to democratic principles are essential. Furthermore, the framework

should be a mutual agreement between the two parties in which the public interest is prioritized

without jeopardizing the private sector's agenda.

Recommendation 2 - Dealing with these types of projects should also address social

issues. This type of arrangement should consider its implications for the masses, particularly the

poor, whose concerns are frequently ignored. For example, will the NAIA Expressway benefit the

urban poor? The answer is unknown because government data only states that it will reduce travel

time for NAIA passengers and PAGCOR Entertainment City users. It is critical for the government

and private sector to be proactive in dealing with these types of issues; there should be a

framework that states the implications for the poor. One example is how some of the profits

generated by this project should be invested in social services or how it can be used to lift people

out of poverty by creating jobs and occupations related to the project. The government should
develop more pro-poor PPP projects, not just those that serve the middle to upper echelons of

society.

Recommendation 3 - Although procurement regulations are in place, there is still much

work to be done, beginning with closing numerous loopholes exploited by some private firms and

corrupt government officials. One example is the excessive amount of money and bureaucracy

imposed by regulatory bodies, which results in favorable deals for some companies. Some

government PPP projects are only designed to serve a few conglomerates, resulting in the

formation of monopolies. Monopolies have price control over their services because they have no

competitors, putting consumers and the general public at a disadvantage. On top of that, bribery

and corruption are all too common in government contracts and projects. It also demonstrates

that the country is still in the early stages of this plan.

Recommendation 4 - Capacity building is also required, particularly for government

officials and employees involved in this project, in addition to the creation of legal and structural

frameworks. Competency is required because they are dealing with public funds, and these types

of transactions are also complicated, requiring countless studies to ensure that the outcome is

mutually beneficial. They must be knowledgeable in project management, legal and financial

matters, and project planning. A clear understanding of the entire process is required to avoid

deficiencies and, more importantly, to avoid making policies that are private-oriented rather than

public-oriented.

Recommendation 5 - As things come to a close, the government should consider the

series of incentives it provided to the private sector. Though it is widely agreed that the

government should make these projects more lucrative in order to attract private financing, the

IBON Foundation points out in a 2010 article that this "pertinent inceptive" and regulatory risk

insurance is excessive and may lead to more debt. As they stated, it is a "More public debt, less

government responsibility" scheme because the government policy is unprecedented and

unrealistic because not only is the investment guaranteed, but so is the profit. Surprisingly,

currency fluctuations and fuel subsidies are also included. Though no avail incentives are

required, they should be kept to a minimum in the public interest. Because these contracts are

business transactions, it is unrealistic to expect that risk is almost completely mitigated, and as a

result, their excessive subsidies disadvantage the government and the public sector.

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cited by TOWARDS NEW HORIZONS: THE ROLE OF PUBLIC PRIVATE PARTNERSHIP IN

NATION BUILDING A CASE STUDY ABOUT THE NAIA EXPRESSWAY PROJECT. (2022). A

Primer to Public-Private Partnerships in Infrastructure Development, Module 3 Government

Involvement in PPPs. Retrieved from

https://www.unescap.org/ttdw/ppp/ppp_primer/module_3__government_involvement_in_ppps.ht

ml

The graph for the Philippine Foreign Direct Investment is source from:

Rivas, R. (2021). CONTEXT: Just how strict is the PH Constitution on foreign investments?.

Retrieved from https://www.rappler.com/business/context-how-strict-1987-

philippineconstitution-foreign-investments/