GOOD NEWS: Marcos veto Bulacan Airport Special Economic Zone. Less Work for Filipinos
On his first day in office, President Ferdinand Marcos Jr. vetoed a house bill which creates a special economic zone and freeport in conglomerate San Miguel Corp.'s (SMC) Bulacan Airport City, over the project's fiscal risks. The measure was earlier passed by both chambers of Congress on May 31. The veto of the measure, known as House Bill No. 7575, is among the first official acts of Marcos Jr., who earlier took his oath of office. The bill would have created a Bulacan ecozone authority with a corporate life of 50 years. The economic zone would have covered San Miguel Corp.’s P740-billion New Manila International Airport, which can serve up to 100 million passengers per year and is expected to decongest the Philippines' main gateway, Ninoy Aquino International Airport. Marcos said Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act already allows eligible enterprises to apply for and avail of tax incentives outside economic z