Duterte ve­toes Cen­tral Lu­zon in­vest­ment hub bill

Sun.Star Pampanga - - FRONT PAGE -

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

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