THE 17th City Council passed on final reading Tuesday the amendments to the ordinance promoting public-private partnerships (PPP) in the financing, construction, operation and maintenance of local government infrastructure and developments projects.

Councilor Jimmy Dureza proposed the amendments on joint ventures, which provide conditions to co-venturers or parties involved in joint venture arrangement.

The proposal also provides the City may also contract a loan, avail of official development assistance, secure grants, issue bonds, debentures, securities, collaterals, and notes, the proceeds of which can be earmarked for any joint venture arrangement.

Under the approved ordinance, the City can only allocate a portion of its funds when a joint venture project is focused on education and disaster response or reconstruction related.

The City Government may also extend goodwill, free carry, grant a franchise, grant of rights through concession, right of way, equity, subsidy or guarantee, provide cost sharing and credit enhancement mechanisms, exercise police power, give tax incentives or tax holidays, perform devolved powers, expropriate and reclassify and enact or integrate zoning ordinances.

The City will serve as a minority equity or shareholder while the private sector will be the majority equity or shareholder, except in the case where 50 percent of the outstanding capital stock or contribution is owned or made by the city. (With reports from KVC)