Duterte Admin to Pay Up On Belgian Belgian Deal Scuttled by PNoy If Needed


The Duterte admin will pay up on our international obligations particularly the controversial Belgian deal scuttled by former President Aquino if needed. Former President PNoy Aquino was responsible for the failure of the Laguna Lake Rehab Project which costs millions of dollars of losses to the Philippine government.


According to the Department of Finance (DOF) they will review the ruling by the World Bank arbitration court that requires the Philippines to shell out P800 million to the Belgian dredging firm for the cancellation of the Laguna Lake Project, and will pay up if needed.

Finance Sec. Carlos Dominguez III stated in an interview that "As President Duterte has said, we will always honor all our obligations. So we are reviewing the decision and as soon as we finish the review - if our review indicates that we should pay, we will pay," Sec. Dominguez said.

The controversial involvement of Pres. Aquino in the controversial Belgian deal was first revealed to the media by The Manila Times columnist Rigoberto Tiglao as he exposed the news of the January 23 decision of the World Bank's International Center for Investment Disputes (ICSID).

The decision revealed that former Pres. Aquino's unilateral cancellatoin in 2011 of the P18-billion flood-control project, awarded to Belgium's Baagerwerken Decloedt En Zoon (BDZ), was illegal and unfair.

Former President Arroyo's project could have reduced flooding in Metro Manila by 2012, the target completion date, and would have required little cash outlay from the Philippine government as BNP Paribas was willing to provide financing, Tiglao noted.

Source: The Manila Times


Duterte Admin to Pay Up On Belgian Belgian Deal Scuttled by PNoy If Needed Duterte Admin to Pay Up On Belgian Belgian Deal Scuttled by PNoy If Needed Reviewed by Phil Newsome on 2/07/2017 Rating: 5

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