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Palace allays fears of investors: Don’t worry about the review of contracts

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By Prince Golez

Malacañang has assureed local and foreign businessmen that President Rodrigo Duterte would respect the sanctity of contracts.

Presidential Spokesperson Salvador Panelo issued this remark as he allayed fears of investors in the country following Duterte’s order to review all contracts entered into by the government.

“But let me allay the fears of foreign investors, as well as Filipino businessmen. You don’t have to worry about the review [of contracts ’cause there’s nothing to worry about with your contracts,” said Panelo.

“The President will certainly respect the sanctity of contracts except only for provisions which appear to be contrary to law, contrary to public interest and public policy. Otherwise, wala ‘yan, ganoon pa rin ‘yan,” he added.

Panelo said it is the duty of the government to protect the interest of the people in every agreement it enters.

“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 concluded.

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