The country’s finance chief said the government has discovered another contract with “onerous” provisions that may be subject for review.
Carlos Dominguez, Department of Finance (DOF) secretary, said on the sidelines of a press conference at the DOF office in Manila yesterday he has endorsed to review all contracts that may have onerous provisions.
“In fact, we have one that we found. I will give you all the details (when it is ready),” Dominguez said.
Asked for further details, Dominguez said: “Real estate, something that has been more than 40 years old. (It’s) not (in) Manila.”
Dominguez was also asked if he is involved in the review of the Manila Light Rail Transit contract as well as the UP-Ayala Technohub deal.
“I haven’t been assigned that,” the finance chief said.
Last week, Dominguez said the review of the water concession agreements to update the contracts takes into account the “new realities” nowadays.
“We are in the process of discussing it with the concessionaires. Essentially, the problem is, how do we move that and other onerous items in the concession contract,” Dominguez said.
He said all of these privatization contracts were copied from the privatization efforts of Margaret Thatcher, former British prime minister, in the ‘80s.
“I have just been informed that even the English right now are looking at the contracts they gave for the water concessions and said (it) didn’t turn out exactly how they thought it should and they are also reviewing it,” Dominguez said. – A. Celis
