CITING, among other reasons, the possible “substantial fiscal risk” to the government by the proposed Bulacan Airport City Special Economic Zone and Freeport, President Ferdinand “Bongbong” R. Marcos Jr. vetoed House Bill No. 7575 creating the said zone.
“As the system would be rendered incapable of generating a yield sufficient to sustain the country’s social and economic infrastructure, the Government would be forced to seek new resources of revenue through additional taxes or borrowings in the future. In the end, it is the taxpayers who will ultimately bear the brunt of the burden,” Marcos said.
While a presidential veto may be overridden by a two-thirds vote in both the House and the Senate, Sotto said, “in my opinion, [Congress] cannot override [this one].” For one, such vote is hard to muster, Sotto noted. More important, he stressed, the veto attempt will be hounded by legalities.
Last, he also said the new economic zone will be in close proximity to the Clark Economic Zone, which is “which is against government policy on creating special economic zones in strategic locations.”
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