President Ferdinand “Bongbong” Marcos Jr. has vetoed the measure establishing a special economic zone and freeport adjacent to the proposed airport city in Bulacan province.
In his veto message, Marcos rejected House Bill (HB) 7575, which seeks the establishment of the Bulacan Airport City Special Economic Zone and Freeport in Bulakan town, because of its provisions that “pose substantial fiscal risks to the country” and its “infringement on or conflict with other agencies’ mandates and authorities”.
“At the foreground, fiscal prudence must be exercised particularly at times when resources are scarce and needs are abundant. While this administration recognizes the objective of the proposed measure to accelerate economic growth in its locality, I cannot support the bill,” he said in a letter dated July 1 and addressed to the Senate President and House Speaker.READ MORE
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