Marcos Veto Won’t Affect San Miguel Airport: Press Secretary

(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.

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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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