The chairman of the House of Representatives’ ways and means committee expects a new bill providing incentives to San Miguel Corp.’s Bulacan Airport City Special Economic Zone and Freeport to get through Congress by November.
One of President Ferdinand Marcos Jr.’s first acts in office was to veto the bill that would have granted perks, other incentives and privileges to Bulacan Airport operator that are meant to attract investors. Marcos cited several provisions that run counter to existing investments and tax laws as reasons for his veto.
Albay Rep. Joey Salceda, chairman of the House’s tax body, said that no less than presidential son, Congressman Zandro Marcos, has handled the revisions to address all the concerns raised in the veto message.
Salceda said it would be a great loss to the whole country, particularly Bulacan, if the master planned airport project doesn’t proceed. He said the project could easily add a full percentage point to local output growth measured as the gross domestic product (GDP).
If the forecast GDP growth is 4.8 percent, Salceda noted, then that could rise to 5.8 percent because the Bulacan Airport ecozone. “I have been a director of the Incheon Free Economic Zone, and this looks and smells like an IFEZ,” he said.
Salceda said once operational, the Bulacan Airport ecozone could generate gross value added of around P131 billion—around 0.6 percent of GDP per year, attract investments of $30 billion, increase land value by about P223 billion, and additional taxes of P10.5 billion.
