|
Marcos, 64, who took office on June 30 after winning the May
election by a landslide, has inherited over $200 billion in
government debt driven by his predecessor's pandemic response
and the impact on the economy.
"Fiscal prudence must be exercised particularly at times when
resources are scarce and the needs are abundant," Marcos said in
a letter on Friday addressed to Congress.
Creating a new special economic zone, which offers lengthy and
wide ranging tax perks to investors, would pose a "substantial
financial risks to the country", Marcos said.
In May, the upper chamber of congress passed a bill creating a
special economic zone in Bulacan province. It was authored by
Senator Imee Marcos, one of the president's many political
allies in Congress.
Senator Marcos did not immediately respond to a request for
comment.
The special economic zone would have included a $15 billion
international airport project of conglomerate San Miguel Corp.
The international airport will be designed to handle 100 million
passengers annually, compared with the 31-million capacity of
the existing main gateway in Manila.
Marcos, the son of the Philippine ruler overthrown in a popular
uprising 36 years ago, was sworn in as the country's president
on Thursday, promising to strive for unity and a better future
while praising his late father's legacy.
(Reporting by Neil Jerome Morales; Editing by Mike Harrison)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
