President Ferdinand “Bongbong” Marcos Jr. vetoed a measure seeking to create the planned Bulacan Airport City a special economic and freeport zone, which could have made enterprises operating in the area entitled to tax incentives.
President Ferdinand “Bongbong” Marcos, on his first day in office, vetoed a measure seeking to create the planned Bulacan Airport City a special economic and freeport zone, which could have made enterprises operating in the area entitled to tax incentives.
He added that with the measure, the tax system would be rendered incapable of generating a yield sufficient to sustain the country’s social and economic infrastructure as the government would be forced to seek new sources of revenues through additional taxes or borrowings in the future, which could ultimately burden taxpayers.
It was seen to have the “potential to boost economic activity in the area, provide more job opportunities to Bulakeños and the surrounding provinces, and improve the economic condition in the province.” Also, the airport project involves the construction, operation, and maintenance of a 2,500-hectare airport in Bulakan, Bulacan.
Moreover, the President said that fiscal prudence must be exercised particularly at times when resources are scarce and needs are abundant. The President noted that the proposed economic zone is also located near the Clark Special Economic Zone, “which is against the government’s policy on creating special economic zones strategic locations.”
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