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Ramos defends ‘take or pay’ proviso, blames Cory crisis 04/21/2012

Saturday, April 21, 2012

Ramos defends ‘take or pay’ proviso, blames Cory crisis

04/21/2012
The camp of former President Fidel Ramos defended the much criticized take or pay provisions in power supply contracts the government signed with independent power producers (IPPs) was necessary as incentives to investors to put up power plants during his term citing “unfavorable circumstances” that he hinted as being caused by his predecessor, former President Cory Aquino.

Ramos spokesman Nick Lagustan wrote The Tribune saying that the rationale for the “take or pay” provision is that “at the onset of the Ramos administration, in addition to the crippling power crisis, it was confronted with a zero economic growth rate, dysfunctional, telecommunications and transport sectors, fragmented political environment, a growing fiscal deficit pushing up inflation and interest rates to double-digit levels, and large public debt, all of which discouraged private domestic and foreign investments.”

Ramos assumed the presidency in 1992 succeeding Aquino, the mother of the current President..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20120421hea2.html

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