5 months Duterte vetoes CLuzon investment hub bill Manilatimes
BAGUIO CITY: President Rodrigo Duterte recently vetoed a bill that seeks to create the Regional Investment Infrastructure Coordinating Hub (RICH) for Central Luzon in lieu of the Subic-Clark Alliance for Development Council. In his message that vetoed the bill authored by Sen. Richard Gordon, the President said the proposed law contains several provisions that would pose substantial fiscal risk to the country and are inimical to its economic growth. “A key lasting economic growth is a tax system with generally low rates and a broad tax base. The subject bill, on the other hand, significantly narrows our tax base with its mandated incentives ... more