Duterte vetoes Central Luzon investment hub bill
PRESIDENT Rodrigo Duterte has vetoed a measure seeking the creation of an investment and infrastructure coordinating hub in Central Luzon.
Duterte, in a March 13 letter sent to the Senate and the House of Representatives, said the bill contains several provisions "which would pose substantial risks to the country and are thus inimical to its economic growth."
"This administration fully recognizes the significant role of private investors in the economy. Such recognition is underscored by a number of policies that are meant to increase investor confidence and improve the ease of doing business in the country," the President explained in his letter.
"However, even as the bill espouses the same growth objectives and policies stated above, I cannot support the bill considering the provisions therein that tend to defeat these very objectives and policies in the long run," he added.
The proposed measure from Congress intends to establish the Regional Investment and Infrastructure Coordinating Hub, which will serve as the body to lead infrastructure development in Central Luzon.
The proposed infrastructure hub aims to replace the SubicClark Alliance for Development Council.
Duterte said the proposed measure "significantly narrows our tax base with its mandated incentives applicable to registered enterprises in an entire region."
"This renders the whole system incapable of generating a