Panelo allays investors' fears on contract review !-- --
? "There is nothing to worry on the part of the businessmen, whether foreign or local, because the government will not be reckless to step into any contract that is not contrary to law," Panelo said at a press briefing.? "You don't have to worry about the review because if there is nothing (unlawful about) your contracts, there is nothing to worry about.
The President will certainly respect the sanctity of contracts except only when (there are) provisions (that appear) to be contrary to law, contrary to public interest and public policy," he said. Panelo said any pronouncement that the government would examine, evaluate or review onerous contracts is not something that businessmen should be afraid of "because it is the duty of the government precisely to protect the interest of the Filipino people.
"? The administration has vowed to look into all business deals signed during previous administrations to determine if there are contracts unfair to the government.? Last month, Duterte slammed water concessionaires
" He threatened to file graft, economic sabotage and plunder charges against them. The President said the concession contracts were disadvantageous to the public because they prohibit the government from stopping water rate hikes and allow water firms to collect damages for losses that stem from regulatory actions.
? The concession deals with
The
? The administration is also probing a lease contract between Chevron Philippines and a subsidiary of state-run
? Last week, Duterte warned owners of Maynilad and
© Pakistan Press International, source