Panelo: Investors in PH must be ‘cautious,’ ensure contracts not against Filipinos’ interests

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Investors should be more cautious in venturing into contracts amid government plans to rescind deals with allegedly onerous provisions, a Palace official said Monday

In the wake of President Rodrigo Duterte’s tirade against two Metro Manila water concession agreements, Presidential Spokesman Salvador Panelo said allegedly irregular government contacts will be reviewed and scrapped if necessary.

Panelo tried to allay business community concerns about the latest water controversy, saying they should even be pleased to know the government does not tolerate any deals that harm public interest. “So, magiging cautious sila. ‘Pag nag-invest sila, alam nila ‘yung tamang terms na hindi masisira ‘yung kanilang negosyo ,” he said.

The President instead threatened to sue the people behind the allegedly irregular water deals for economic sabotage. He protested that the country’s sovereignty was bargained away in the contracts after the government was barred from interfering in water rate adjustments and required to pay indemnity in case of such interference.

 

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