Philippines leads global emerging markets with 230-project PPP pipeline

By Francis Allan L. Angelo

The Philippines has secured the top spot in the global pipeline for public-private partnerships (PPPs) among emerging markets, with 230 projects currently awaiting development.

This figure represents the highest number of planned ventures in the dataset analyzed by the Future Investment Initiative (FII) Institute in its Impact Report 2026, titled “Public-Private Partnerships: Financing the Future”.

Saudi Arabia leads with 98 projects, followed by Kyrgyzstan with 80, Bangladesh with 71, and Peru with 54.

The report underscores a dramatic shift in how nations are funding critical infrastructure as global economic conditions move away from the era of easy money.

With governments facing shrinking fiscal maneuvering room due to rising public debt and persistent inflation, the global infrastructure financing gap is projected to reach USD 15 trillion by 2040.

The shortfall has accelerated the adoption of the PPP model worldwide, with spending across low- and middle-income countries reaching USD 100.7 billion in 2024, a 16 percent year-on-year increase.

GOVERNMENT ROLES

Richard Attias, Chief Executive Officer of the FII Institute, emphasized the organization’s role in this transition. “We are more than conveners of dialogue,” Attias stated. “We are activists for action, connecting those who can make decisions and turn ideas into investments and partnerships with one another”.

The report suggests that sovereign wealth funds are increasingly acting as “market seeders” to de-risk early-stage projects.

H.E. Khalid bin Abdulaziz Al-Falih, Saudi Arabia’s Minister of Investment, noted that the state’s role must evolve as sectors mature.

“There comes a point where governments and sovereign funds must begin to ‘scale back’ their direct spending, allowing the private sector to take the lead in rolling out and optimizing mature value chains,” Al-Falih said.

TRUST GAP

However, the report highlights a significant “trust gap” that poses a delivery risk for these projects: only 23 percent of citizens surveyed believe that PPPs “equally benefit everyone,” compared to 41 percent of business and government leaders. Bob Willen, Global Managing Partner and Chairman at Kearney, argued that despite these challenges, partnerships remain essential.

“They’re becoming one of the few models that can deliver resilience, affordability, innovation, and scale all at once,” Willen said.

For the Philippines, sustaining its massive pipeline will depend on transparent contracting and performance metrics that show tangible community benefits, pivoting from a “fund and own” mentality to one where the state steers engagement while private capital scales execution.