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Philippines Justice Secretary asks for review of Duterte banana lease contract

Justice Secretary Vitaliano Aguirre II of the Department of Justice in the Philippines has ordered a review of the 25-year lease contract between the Bureau of Corrections (BuCor) and Tagum Agricultural Development Inc. (Tadeco) after receiving complaints that the firm’s annual payments—both lease and profit sharing—were only a fraction of the prevailing market rate.

“We’re planning to revisit the agreement. I’ve received some complaints on how the deal was grossly disadvantageous to the government,” Aguirre told the Inquirer.

Aguirre, who declined to reveal where the complaints were coming from, admitted it would be difficult to renegotiate the terms at this point, considering that there was still 12 years remaining in the contract.

“It will be difficult but we will try our best,” said Aguirre, who noted that the contract was renewable for another 25 years.

source: newsinfo.inquirer.net
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