Marcos vetoes special economic zone for Bulacan airport

Share this information:

PRESIDENT Ferdinand “Bongbong” Marcos, Jr. vetoed the proposed economic zone for the multi-billion Bulacan Airport.

The veto is among the first acts of the the new president, which applies to House Bill 7575 titled “An Act Establishing the Bulacan Airport City Special Economic Zone and Freeport, Province of Bulacan and Appropriating Funds Therefor.”

In a letter sent to the Senate, President Marcos reasoned that the proposed building of the US$15-billion Bulacan Airport City Economic Zone will provide undue risks to the country’s expenditures and conflicts with with the mandate of some government agencies.

Although the administration recognizes the measure’s objective to strengthen local economy, it will not be ably supported due to the above-mentioned reasons.

The Chief Executive likewise emphasized on the provisions of RA 11534 or the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act that already allows businesses to apply for and avail of tax incentives outside of economic zones by providing a favorable incentive package to these enterprises without the need to create new special economic zones.

The president further explained that aside from this reason, the House bill is also inconsistent with those mandated by existing laws for its failure to provide enough audit provisions for the Commission on Audit, clear process for expropriation of lands and a master plan for the economic zone.

He also added that the proposed special economic zone is located near the already existing Clark Special Economic Zone, which runs contrary to the government’s policy on the establishment of special economic zones in strategic locations.

Also, there is a need for the National Economic Development Authority and the Regional Development Council to study further the expenses for the planned ecozone to make sure that it will be beneficial to the country.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.