Duterte unfazed by investors’ threat to withdraw

MANILA, Philippines — President Duterte is unfazed by threats that some investors might leave the country due to his order to renegotiate government contracts with two major water concessionaires. 

In an interview with ABS-CBN anchor Ted Failon, Duterte invoked his mandate to serve and protect the interest of the greater majority and not the business groups.

Duterte said he does not mind losing investors’ confidence as long as the contracts are right.

“You thought they will be getting out of the Philippines? Fine, go out, be my guest. I will not be intimidated or even fear the possibility of reduced investment in this country,” he said. 

“What I am after is justice for Filipino people. For all I care, they can all withdraw, but I still need to maintain a matter of dignity for us,” Duterte said.

He vowed to have all contracts prejudicial to Filipinos corrected before he steps down in 2022.

Duterte said he ordered the Office of the Solicitor General to review all contracts and make sure these are not disadvantageous to the people.

“All contracts that are prejudicial to the Filipino people will be corrected. ’Yan ang maaasahan mo (you can count on that), within the limited time left for me in office, I will correct everything, including contracts that are not in the best interest of the Filipino people,” Duterte said.

The President issued the statement as government lawyers are drafting new contracts for Maynilad and Manila Water.

He said the renegotiations would not spare the water firms from charges.

“They appear to be enriching themselves at the expense of the Filipino people. My issue is you agree to this new contract but I cannot give a guarantee that no charges will be filed,” he said.

Duterte lashed out at a shareholder of the Maynilad Water Services Inc. over a remark on the renegotiated contracts. 

Rather than talking about the water concession issue, the President urged the shareholder to focus on problems about poorly-built buildings. 

“The other day, he talked about water concessions. You have a problem, deal first with problems regarding your workers. If I get peeved, I will not grant you any permit to dig,” Duterte said in Filipino the other night in Pigcawayan, Cotabato, where he led the distribution of agricultural assistance for farmers in Region 12.

DM Consunji Inc. (DMCI) is the developer of a five-story building that collapsed when a magnitude 6.5 earthquake hit Davao in October. Nine persons were killed in the incident.

The President was referring to Isidro Consunji, chairman of DMCI Holdings Inc., who said he did not know where the President was coming from about his rants on the water contracts. 

Consunji said “it is good that we’re negotiating, but it would be up to Maynilad’s board of directors whether it would accept the new contract being offered by the government.”

DMCI Holdings has a 25.24 percent stake in Maynilad, along with Japanese firm Marubeni Corp. The remaining balance is held by other shareholders.

Consunji said the previous contract was not drafted by the private sector, with Maynilad having “zero input” in it.