Duterte’s water rants hit pitch to investors

Bloomberg

Soon after he became president of the Philippines in 2016, Rodrigo Duterte ordered government officials “to refrain from changing and bending the rules of government contracts.”
Halfway through his six-year term, Duterte’s commitment is under question. In December, the firebrand leader ordered the renegotiation of long-agreed contracts for Manila Water Co and Maynilad Water Services Inc to supply the capital until 2037. He also said his government will not pay billions of pesos to Manila Water for delayed tariff increases as ordered by a court, while threatening to jail owners of both water providers.
The sudden review highlights elevated regulatory risk in the Philippines compared to other regional markets, according to Fitch Solutions Inc.