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Marcos Team Defends Scrapping of San Miguel Economic Zone

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Philippine President Ferdinand Marcos Jr.’s veto of a planned economic zone covering San Miguel Corp.’s airport supports a drive to be more deliberate in granting tax incentives and shouldn’t alarm investors, his chief economic planner said.

Citing “substantial fiscal risks,” newly elected President Marcos vetoed a proposal to create a special economic zone and a freeport and grant tax incentives in the area covering San Miguel’s airport north of Manila. The measure, which Marcos said infringed on other agencies’ mandates, will be returned to Congress.