y over to the government. Under certain circumstances (i.e., transport projects), these funds may be accrued by charging the public tolls. In other settings, consortium may recoup its original investment by charging the government a previously agreed upon rate to operate the facility (Tiglao, 1992, p. 56). In fact, some variants of the BOT concept do not even require eventual project transfer (BOT theory, 1992, p. 5). Under these circumstances, consortia might go on earning a return on their original investment almost indefinitely. Where transfer is included in the BOT contract, however, it may occur at either some pre agreed price, or at no cost whatsoever (Tiglao, 1992, p. 56).
While BOT has proven itself to be remarkably effective at making certain difficult projects feasible, it is anything but a "panacea" (Barrett, 1987, p. 124). Although, as far as project finance, it is one of the most innovative tools available, BOT does not have the greatest track record. For example, perhaps the most glamorous BOT proje
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