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Global Lessons in Public Private Partnerships

Financing Policy Options to Mitigate Transport Project Risks in the Southeast Asian Region

Rommel C. Gavieta
The Journal of Structured Finance Spring 2008, 14 (1) 1-8; DOI: https://doi.org/10.3905/jsf.2008.706234
Rommel C. Gavieta
Vice president at Metro Rail Transit Corporation in Pasig City, Philippines, a research associate at the York Center for Asian Research at York University in Toronto, Canada, and an associate professor and coordinator at the Graduate School of Business at De La Salle University in Makati City, Philippines.
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Abstract

There are three light rail transit systems (LRT) operating in Metro Manila. A financing structure comparison of the LRT-3 project, a public-private partnership project, and the LRT-2 project, a publicly administered project, showed that the high cost and time overruns of the public project compared to the PPP marginalize the advantages of the low financing rates of overseas development agency (ODA) loans in the public project. Because of increasing demand for efficient public transit service, there is increasing interest in PPPs to ensure the sustained operation of the LRT-3 line. Among the lessons learned from a comparison of these two projects are that linking private-sector investment payments to system availability helps manage operating and maintenance risks, and that linking payment of the maintenance fee to the maintenance provider to system availability also helps to manage operating and maintenance risks. Among the policies that should be considered to foster the development of financially viable transit systems are to strengthen public institutions that develop and implement transit-oriented development with a mission of linking urban growth to development of transit service or catchment areas, to seek a balance between public-sector fiscal discipline and private-sector investment in the development of metro-wide transit systems, and to champion good governance to prevent public-sector hostile expropriation or reverse privatization as experienced in Bangkok, Kuala Lumpur, and Manila.

TOPICS: Project finance, emerging

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The Journal of Structured Finance
Vol. 14, Issue 1
Spring 2008
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Global Lessons in Public Private Partnerships
Rommel C. Gavieta
The Journal of Structured Finance Apr 2008, 14 (1) 1-8; DOI: 10.3905/jsf.2008.706234

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Global Lessons in Public Private Partnerships
Rommel C. Gavieta
The Journal of Structured Finance Apr 2008, 14 (1) 1-8; DOI: 10.3905/jsf.2008.706234
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