(Bloomberg) -- San Miguel Corp.’s airport project north of the Philippine capital will not be affected by President Ferdinand Marcos’s decision to veto a proposal for tax incentives in the gateway, his press secretary said.
Marcos supports the creation of an economic zone and freeport covering the airport, and the veto “was meant to cure the defects found in the measure,” Press Secretary Trixie Cruz-Angeles said in a statement Sunday.
Among the “defects” of the vetoed bill cited by Cruz-Angeles were provisions exempting financial transactions in the proposed economic zone from government audits, and delegating rule-making powers on environmental laws. Marcos, in his veto message, said the proposed economic zone poses “substantial fiscal risks to the country.”
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