Freshly-elected Philippines President Ferdinand “Bongbong” Marcos Jr., the son and namesake of the late dictator Ferdinand Marcos, delivers a speech in the course of the inauguration ceremony at the Countrywide Museum in Manila, Philippines, June 30, 2022. REUTERS/Eloisa Lopez

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MANILA, July 2 (Reuters) – In a single of his initial legislative functions, newly-inaugurated Philippines President Ferdinand Marcos Jr has vetoed a monthly bill sponsored by his lawmaker sister that would have created a distinctive financial zone north of the money, the presidential place of work claimed on Saturday.

Marcos, 64, who took office environment on June 30 immediately after winning the May well election by a landslide, has inherited more than $200 billion in authorities personal debt driven by his predecessor’s pandemic reaction and the effect on the economic climate.

“Fiscal prudence must be exercised specially at instances when assets are scarce and the demands are ample,” Marcos mentioned in a letter on Friday dealt with to Congress.

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Developing a new distinctive financial zone, which delivers lengthy and vast ranging tax perks to investors, would pose a “considerable money dangers to the nation”, Marcos claimed.

In May possibly, the upper chamber of congress handed a invoice making a distinctive economic zone in Bulacan province. It was authored by Senator Imee Marcos, a single of the president’s many political allies in Congress. study additional

Senator Marcos did not quickly respond to a request for comment.

The exclusive financial zone would have included a $15 billion worldwide airport challenge of conglomerate San Miguel Corp (SMC.PS). The international airport will be made to cope with 100 million travellers every year, in contrast with the 31-million capability of the present main gateway in Manila.

Marcos, the son of the Philippine ruler overthrown in a popular rebellion 36 decades back, was sworn in as the country’s president on Thursday, promising to try for unity and a much better potential even though praising his late father’s legacy.

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Reporting by Neil Jerome Morales Editing by Mike Harrison

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