MANILA – The first Public-Private Partnership (PPP) project of a local government unit has been approved by the Investment Coordination Committee–Cabinet Committee (ICC-CC).
The ICC approved the P400 million Tanauan City Public Market Redevelopment Project, which involves the construction of a commercial mall building and separate wet and dry public market facilities.
The project will be a 25-year concession including one-year construction period.
The redeveloped public market aims to create jobs for the local communities in the city and nearby municipalities as well as improve storage and market facilities for local business.
It is also expected to reduce traffic in the area by significantly improving the turnaround time for transporting goods and wares to and from the public market.
“This is the first LGU-PPP project approved by the ICC and we look forward to more local PPP initiatives facilitated by the Center’s PPP capacity building strategy for local governments,” said PPP Center executive director Cosette Canilao.
The Tanauan City government plans to start the bidding process within January and expects to award the contract to a private partner by March this year.