By Genalyn Kabiling Investors should be more cautious in venturing into contracts amid government plans to rescind deals with allegedly onerous provisions, a Palace official said Monday Presidential Spokesman Salvador Panelo (OPS / MANILA BULLETIN) In the wake of President Rodrigo Duterte's tirade against two Metro Manila water concession agreements, Presidential Spokesman Salvador Panelo said allegedly irregular government contacts will be reviewed and scrapped if necessary. "Hindi ba, sinasabi ni Presidente, lahat ng kontrata na matutuklasan na may mga (The President said that all contracts with) onerous provisions that goes against the law and the interest of the nation will be reviewed and will be scrapped," he said in a Palace press briefing. Panelo tried to allay business community concerns about the latest water controversy, saying they should even be pleased to know the government does not tolerate any deals that harm public interest. "Dapat na matutuwa sila, kasi ang gobyerno hindi papayag nang ganitong uri ng mga kontrata na sumisira sa interes ng mga Pilipino, so they are already forewarned na hindi pupuwede ‘yang mga kontrata na labag sa batas, sa Konstitusyon, at sa general welfare ng Pilipino (They should be pleased that the government does not allow these kinds of contracts that are against the interests of Filipinos, so they are already forewarned that these contracts that violate the law, the Constitution, and harm the general welfare of Filipinos are not allowed)," he said. "So, magiging cautious sila. ‘Pag nag-invest sila, alam nila ‘yung tamang terms na hindi masisira ‘yung kanilang negosyo (So, they will be more cautious. When they invest, they already know the right terms that will not destroy their businesses)," he said. Duterte earlier expressed outrage over the allegedly onerous concession agreements with Manila Water Co., Inc. and Maynilad Water Services, Inc., and refused to pay billions in compensation to the companies over rate disputes as ordered by the court. The President instead threatened to sue the people behind the allegedly irregular water deals for economic sabotage. He protested that the country's sovereignty was bargained away in the contracts after the government was barred from interfering in water rate adjustments and required to pay indemnity in case of such interference. Recently, he has also warned the owners of the two water firms that he will have them jailed for alleged syndicated estafa. In his press conference Monday, Panelo said that the contracts are "null and void" from the start since they violate the country's anti-graft law. "Gaya nga ng sinabi ni Presidente (Like the President said), there is not even a contract to speak of. It's null and void at its inception," he said. "We will not respect it from the very beginning."