Comment from a reader on "Investors And Retirees Unhappy With SBMA's Lease R...":
This rule is flatly prohibited by Section 10, Article III, of the 1987 Philippine Constitution, which provides:
"No law impairing the obligation of contracts shall be imposed" A long term lease is a contract.
A law varying the terms of a lease is an impairment of contract. Sorry, SBMA, Nice Try.
[The Subic Bulletin] Yes we quite agree with you that this move by SBMA is illegal, immoral and clearly in breach of the Constitution. It seems that SBMA has complete disregard for the laws of the Philippines and thinks they can bully investors however they want. Lets hope that the groups already commencing legal action over this issue can force changes in the governance of the public servants running this lucrative Freeport. Its obvious that the current administration cares so little about the Philippines that investor confidence, security and the Philippine Constitution means nothing to them.
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