The DoF said the contracts for 12 major public-private partnership projects have been reviewed to evaluate the risk of contingent liabilities which may arise later, possibly forcing the government or the projects’ users to pay more than initially agreed.
The DoF said in a statement on Tuesday that it reviewed the contracts for the Mactan-Cebu Airport Project, the Cavite-Laguna Expressway, the Clark International Airport Expansion Project and the Metro Rail Transit Line 3, as well as the concessions to supply water to the capital region held by Maynilad Water Services, Inc. and Manila Water Co.
The DoF said its privatization and special concerns office conducted the review. The office has recommended the creation of a specialized risk management office. These risks, he said, “have to be shouldered by the public in the form of more taxes or higher fees charged by the concessionaires for the use of their facilities until such time that these are turned over to the state.”
Finance Undersecretary Grace Karen Singson said that the government should make the assessment of risk, government guarantees, and contingent liabilities a permanent feature, such as a specialized risk management office at the project proposal level.
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