The government will present new contracts to  Manila Water and Maynilad Water Services for their approval and if they refuse, their present contracts will be cancelled.

Presidential Spokesperson Salvador Panelo, in a televised press conference on Tuesday, said the new contracts will not have what the government deemed as onerous provisions.

Quoting President Rodrigo Duterte in the Cabinet meeting on Monday night, Panelo said;” There is always a time for reckoning, that time has come.”

Panelo did not give details of the agreement given to Manila Water and Maynilad but he said ”terms will be very different from the previous ones.”

Before the noon break, Manila Water was the most active share at the Philippine Stock Exchange, gaining 72 centavos to P10.32. DMS