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Razon told: Enter Manila Water at your own risk

RAZON

RAZON

Ports magnate Enrique Razon Jr. is entering at his own risk with his move to acquire control of the embattled Manila Water Co. Inc., according to Cabinet Secretary Karlo Nograles.

Despite the entry of Razon in the water firm, Nograles said the government will pursue the crafting of new water agreements after President Duterte denounced the alleged onerous contracts with Metro Manila’s two water concessionaires. The new water agreements, he insisted, must be beneficial to the nation.

“Parang enter at your own risk ‘yun eh, ‘di ba? Kasi binili niya ‘yung mga stocks – binibili mo ‘yang stocks, pumapasok na siya dito sa Manila Water, pero ang message lang naman ng administration is that: Okay pero your own risk ‘yan kasi tuloy-tuloy pa rin ‘yung inutos ni Pangulo,” he said.

“Right now, nire-review ‘yung contract at magkakaroon ng panibagong stipulations doon sa contract na ibibigay dito sa Manila Water, na ‘yung dating kontrata na ginawa ninyo ay onerous at disadvantageous sa Filipino public kaya hindi puwedeng magpatuloy ang ganitong klaseng kontrata. Ang puwede nating gawin ay gumawa ng bagong kontrata na hindi naman dehado ang taumbayan,” he said.

Razon-led Prime Metroline Holdings Inc. reportedly bought a 25 percent stake in Ayala-led Manila Water amid a government review of the alleged onerous water contracts. It secured a 51 percent or majority voting rights in the beleaguered water company after it infused P10.7 billion in additional capital. (Genalyn Kabiling)

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