President Rodrigo Duterte advised on Wednesday the water concessionaires to "pray" no third party would be interested to take over them if they would not agree to new contracts being prepared by the government.

In a speech during the mass oath-taking of the newly appointed officials in government, Duterte said he is giving Manila Water Company, Inc. and Maynilad Water Services, Inc. the "choice, not an ultimatum."

"I have given the go-signal to our lawyers to present it (draft contract) to the concessionaires," he said.

Presidential Spokesperson Salvador Panelo, however, said that the Department of Justice has yet to complete the draft agreements, which would not contain "onerous" provisions.

"So accept it (the new contract being prepared by the government). Pray that nobody will be interested because I will really if somebody --- if I decide to go after you, I will see to it that a billionaire goes to prison," Duterte said.

Duterte wants "onerous" and "disadvantageous" provisions in the concession agreements with Manila Water and Maynilad to be removed.

But he reiterated that even if the two water companies would agree to the government's prepared contracts, it would not be a guarantee they would no longer face any case in court.

"If you sign the contract sans the onerous provisions, but I do not give you a guarantee that no charges will be filed. For all that I can really say about this, I am not the only Filipino who is interested in the prosecution of crimes," he said. Celerina Monte/DMS