On 29 March 2006, the Revised Implementing Rules and Regulations (“Revised IRR”) of Republic Act No. 7718, otherwise known as the amended Philippine Build-Operate-Transfer Law (“BOT Law”), was published in a newspaper of general circulation. Prepared by the BOT IRR Committee composed of 9 Cabinet Secretaries, the Revised IRR shall take effect fifteen (15) days after said publication, or on 13 April 2006.

Recognizing the indispensable role of the private sector as the main engine for national growth and development, the Philippine Congress enacted in 1989 the first Philippine BOT Law, Republic Act No. 6957, which authorized all Philippine government infrastructure agencies to enter into contracts with any duly pre-qualified private contractor for the financing, construction, operation and maintenance of any financially viable infrastructure facilities.

In 1994, RA 6957 was amended by RA 7718. Among the noteworthy amendments introduced were: (a) defining the projects that may be implemented under the BOT Law; (b) Providing more schemes through which to implement projects; (c) Allowing unsolicited proposals; and (d) Specifying investment incentives. The Revised IRR, on the other hand, is the third of the rules passed by government in order to implement the BOT Law. Among the significant revisions may be found in the provisions on Unsolicited Proposals.