WATER: MANILA- Duterte Offers New Deals to Manila Water Providers — But There’s a Catch
File Photo: A woman carries buckets of water from a water truck at their village which has been dry for the past few days in Quezon City, Philippines on Friday, March 15, 2019. (AP Photo/Aaron Favila) / By Andreo Calonzo
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Philippine President Rodrigo Duterte is giving Manila water providers the option of accepting new contracts written by the government – or see the state take over in areas where they operate.
Duterte decided to offer new agreements to Manila Water Co. and Maynilad Water Services Inc. after being presented with legal options on the water contracts at a Monday night Cabinet meeting, spokesman Salvador Panelo said in a briefing Tuesday. He added that the terms will be “very different” from those in the existing contracts, which Duterte said contained “onerous” provisions.
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“Should they refuse to accept the new agreements, the president will order the cancellation of the water contracts, order the nationalization of water services in their respective areas of operations and prosecute all of those involved,” Panelo said.
Duterte’s Water Rants Threaten Philippine Pitch to Investors
Manila Water rose 14% after the noon break in Manila. Maynilad owners DMCI Holdings Inc. and Metro Pacific Investments Corp. were up 2.4% and 2% respectively. The Philippine benchmark stock index rose 0.4%.
Bloomberg 20 hours ago
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