MANILA, Philippines — The House committee on ways and means approved Wednesday tax exemptions for San Miguel Corporation (SMC) during the 10-year construction of the “New Manila International Airport” in Bulacan. ADVERTISEMENTThe franchise also covers the construction, operation, and maintenance of an adjacent “Airport City.”Albay Rep. Joey Salceda, who chairs the committee, said the airport is expected to decongest the Ninoy Aquino International Airport and support growth and development in Central Luzon. By tempering the tax provisions, we made sure that the Filipino people will get even more economic benefits for less taxpayer cost,” the lawmaker added. The House committee on legislative franchises earlier approved SMC’s franchise for the construction of the airport before it was passed to the ways and means committee for the approval of its tax provisions. That is why I worked with the leadership and my colleagues to come up with fairer tax provisions for the franchise.

Source: Philippine Daily Inquirer August 26, 2020 11:03 UTC