Finance dept flags Chevron deal for Batangas land as 'onerous'

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MANILA -- The government has uncovered another alleged "onerous" deal with a private firm, this time involving a lease agreement between Chevron Philippines and a unit of the state investment arm, Nat

MANILA -- The government has uncovered another alleged "onerous" deal with a private firm, this time involving a lease agreement between Chevron Philippines and a unit of the state investment arm, National Development Co, the Department of Finance said Tuesday.

Finance Secretary Carlos Dominguez, an NDC board member, described the deal with the firm formerly known as Caltex Philippines as "another government contract with onerous provisions." Government lawyers are renegotiating concession contracts with Metro Manila's two water distributors, Manila Water and Maynilad Water Services Co.

An attached agency of the DOF, the Privatization and Management Office, uncovered the alleged "onerous" terms of the Chevron deal during a review to decide whether or not the lease would be renewed, the statement said.

 

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