Albay Rep. Joey Sarte Salceda has assured President Bongbong Marcos that the House of Representatives will require a cost-and-benefit analysis of the proposed Bulacan Airport City Special Economic Zone and Freeport Authority, and will introduce safeguards to address the President’s fiscal and economic concerns on the measure, which he vetoed this week.
“The House will require a cost-and-benefit analysis. So, as early as now, I am telling potential investors and other proponents to give us a sense of their plans so that we can already weigh the costs versus the benefits. What I can assure the President and the public is that we will make sure that the concerns in the veto message are addressed,” said Salceda, chairperson of House Committee on Ways and Means.
Salceda earlier committed to file a version of the bill that considers the President’s reasons for vetoing the bill.
“While I was not one of the original proponents of the vetoed bill, I hope to help move this bill forward by filing a corrected version. The President’s concerns are valid, so we have to take heed,” he added.
On fiscal incentives, Salceda says that they have propose that the bill explicitly state that the ecozone shall be fully subject to the rules, procedures (including approvals), and regulations under Title XIII of the Tax Code (CREATE Act).
“We also propose explicitly stating that the power of the ecozone authority to grant incentives shall be a delegated power from the Fiscal Incentives Review Board. This would address the President’s concern about the “lack of coherence with existing laws, rules, and regulations,” he added.
Salceda adds that he is proposing a version that removes “extraordinary powers” from the authority’s control.
Salceda also proposes “explicitly subjecting the ecozone authority to the Commission on Audit, and other governance mechanisms under Republic Act No. 10149 or the GOCC Governance Act, particularly Sections 24, 25, and 26, on audit mechanisms; and to subsequent rules and regulations issued by the Governance Commission for GOCCs.”
Salceda also wants to limit the ecozone authority’s power to acquire either by purchase, negotiation or condemnation proceedings, any private land within or adjacent to the Bulacan Ecozone with certain conditions.