Duterte's threats against business are driving investment away

Philippine president's railing against liberal oligarchs puts off multinational companies

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The correct thing for Duterte to do would have been to contest any questionable contracts in court. © AP

In an attempt to protect the public interest against those he calls "oligarchs," Philippine President Rodrigo Duterte recently threatened to overturn decades-old water supply contracts held by prominent businessmen the Ayala brothers and Manuel Pangilinan, known for their liberal leanings.

Duterte has repeatedly complained about water shortages in dry seasons and the relatively high prices of privatized basic services in the Philippines without providing any concrete alternatives.

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