MANILA, Philippines - The Securities and Exchange Commission (SEC) has approved the rules on the listing of public-private partnership companies on the stock exchange.

The move is in line with the Duterte administration’s program to sustain economic growth.

Under the approved rules, a PPP company may apply for listing if it is a corporation which was awarded a PPP contract or a special purpose company incorporated by the awarded company or consortium.

A PPP company seeking to list may apply for listing even if it does not have the required minimum three-year track record and operating history.

The PPP project shall not be less than P5 billion as indicated in the financial bid and that existing shareholders of the PPP company prior to initial listing are prohibited from offering their shares in the PPP company during the initial public offering period.

A listed PPP company must also submit to the exchange a business plan which may include its plans for liquidation and winding up should its contract expire or be terminated.

Through PPP or public-private partnership securities, the private sector can raise much needed capital for infrastructure from the equities market or the bond markets.

The PPP program is the Aquino administration’s flagship program for infrastructure projects such as roads, bridges and railways.

The government has so far awarded $4.2 billion worth of projects since the program was launched in 2010.

There are at least three PPP projects that are still in the immediate pipeline. These include the P74.5 billion Ninoy Aquino International Airport development project, the P50.15 billion Light Rail Transit Line 4, the P64 billion LRT Line 6 and the P122.8-billion Laguna Lakeshore Expressway Dike project.