Partners Lian Yok Tan and Nima Fath provide their perspectives on the PPP landscape in the Philippines, Indonesia and Dubai as part of Partnerships Bulletin and P3 Bulletin's third annual report into the world’s biggest emerging markets pipelines.
Lian Yok Tan believes the Philippines is becoming a model for emerging markets. "The government and various agencies, particularly the PPP Centre, have worked together to address the issues that plague smaller municipal projects. Rather than speculative listings, incoming projects are said to exhibit clearer commercial revenue models and bankable risk allocations." In Indonesia, she points to the government's new waste-to-energy (WTE) programme as evidence that procurement models are evolving. Recent regulatory reforms have streamlined partner selection, transferred land acquisition responsibilities to government and provided greater revenue certainty for investors – these changes could become templates for future PPP sectors.
Commenting on the Dubai pipeline, Nima Fath said: “What matters is whether the business cases for the proposed projects are robust, whether the allocation of risk is acceptable to sponsors and lenders, and whether projects consistently reach financial close. Dubai, and indeed the broader UAE, has strong foundations for this.”
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