Tadeco states it is open to a review of their banana lease contract
“Even during the past administrations, the company has always been open to any call for adjustments in the benefits that the government derives from the joint venture, as well as the benefits, that go to the community and the inmates,” Tadeco President Alexander N. Valoria said in a statement.
“In the past when government asked for adjustments, the company readily accommodated them, noting that the times are changing, although the contract provides for escalation clause,” Valoria added.
According to the DOJ, the JVA was “disadvantageous” and “unfavorable” to the government, stating that the annual payments of Tadeco to the government as obligated under the deal are only a fraction of the prevailing market rate.
source: businessmirror.com.ph
