Socioeconomic Planning Secretary Arsenio Balisacan says the veto of the planned economic zone in Bulacan shows 'continuity, not uncertainty.'
MANILA, Philippines – President Ferdinand Marcos Jr.’s decision to scrap the creation of an ecozone in Bulacan, which covers part of the planned airport of San Miguel Corporation , is a continuity of former president Rodrigo Duterte’s agenda, according to the Philippines’ new chief economist.
Marcos earlier said granting tax incentives in the area would expose the country to “substantial fiscal risks.” Balisacan added that the Marcos administration needs funds to implement programs, and granting tax perks to companies that would set up shop in the country regardless of tax breaks would not be logical.
Dominguez warned that the creation of the ecozone would cost the government at least P60 billion in leakages.
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