Section 34Sec./Art. 34

Implementing Rules and Regulations (IRR). - The IRR Committee shall be composed of the members of the PPP Governing Board. The Secretary of NEDA shall serve as the Chairperson, and the PPP Center as the Secretariat.

The members of the PPP Governing Board may designate their respective alternates whose acts shall be considered the acts of their principals.

The IRR Committee shall promulgate the IRR within ninety (90) calendar days from the effectivity of this Code, after a public consultation with relevant stakeholders including the Department of Public Works and Highways, the Department of Transportation, other key Implementing Agencies, LGUs, and the Joint Congressional Oversight Committee created under Section 33 of this Code. The IRR shall include, among others, the procedures for approval of PPP Projects, processing of Unsolicited Proposals, evaluation of bid proposals, and protests; framework for supervision and monitoring of PPP Projects, and mechanism for setting the Reasonable Rate of Return; and list of Government Undertakings that may be granted to a PPP Project, in order to carry out the provisions of this Code in the most expeditious manner.

The IRR Committee may promulgate, after due public consultation, amendments to the IRR, consistent with the provisions of this Code. Amendments to the IRR shall take effect fifteen (15) calendar days after its complete publication in the Official Gazette or in a newspaper of general circulation.