Philippines President Marcos vetoes economic zone bill championed by sister
MANILA (Reuters) – In one in every of his first legislative acts, newly-inaugurated Philippines President Ferdinand Marcos Jr has vetoed a invoice sponsored by his lawmaker sister that might have created a particular financial zone north of the capital, the presidential workplace stated on Saturday.
Marcos, 64, who took workplace on June 30 after successful the Might election by a landslide, has inherited over $200 billion in authorities debt pushed by his predecessor’s pandemic response and the affect on the financial system.
“Fiscal prudence have to be exercised significantly at instances when assets are scarce and the wants are considerable,” Marcos stated in a letter on Friday addressed to Congress.
Creating a brand new particular financial zone, which provides prolonged and large ranging tax perks to buyers, would pose a “substantial monetary dangers to the nation”, Marcos stated.
In Might, the higher chamber of congress handed a invoice making a particular financial zone in Bulacan province. It was authored by Senator Imee Marcos, one of many president’s many political allies in Congress.
Senator Marcos didn’t instantly reply to a request for remark.
The particular financial zone would have included a $15 billion worldwide airport venture of conglomerate San Miguel Corp. The worldwide airport shall be designed to deal with 100 million passengers yearly, in contrast with the 31-million capability of the prevailing fundamental gateway in Manila.
Marcos, the son of the Philippine ruler overthrown in a well-liked rebellion 36 years in the past, was sworn in because the nation’s president on Thursday, promising to try for unity and a greater future whereas praising his late father’s legacy.
(Reporting by Neil Jerome Morales; Modifying by Mike Harrison)
