Don’t worry about review of contracts, Palace assures businessmen

MANILA, Philippines — Malacañang on Thursday assured businessmen that there is nothing to worry about the review of contracts, saying President Rodrigo Duterte respects its “sanctity” as long as its provisions do not go against the law.

“Let me allay the fears of foreign investors as well as Filipino businessmen. You don’t have to worry about the review. Kasi (Because) if there’s nothing wrong with your contract, there’s nothing to worry about,” Palace spokesman Salvador Panelo said in a press briefing.

“The President will certainly respect the sanctity of contracts except only [if] the very provisions… appears to be contrary to law, contrary to public interest and public policy. Otherwise, wala ‘yan (that’s nothing), ganun pa rin ‘yan (it will be the same),” he added.

The National Economic and Development Authority (NEDA) earlier said the recent moves of the Duterte administration to review business contracts have caused concern from the business sector and credit rating agencies.

“Everything is being considered but there is nothing to worry on the part of the businessmen whether foreign or locals. Because the government will not be reckless to step into any contract that is not contrary to law,” Panelo said.

“Any pronouncement that says that the government will 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,” he added.

The President has ordered the review of government contracts with private companies that are deemed disadvantageous to the people and even vowed to “correct” these contracts before stepping down.

Among these contracts allegedly with “onerous” provisions is the agreement with water concessionaires Manila Water Company Inc. and Maynilad Water Services Inc.

Edited by KGA