The Cagayan Economic Zone Authority (CEZA) posted record investments and revenues in 2018 after it focused on financial technology (fintech) and tourism projects.

Raul  Lambino, administrator and chief executive officer of  CEZA, said the Cagayan Special Economic Zone and Freeport experienced last year a surge of investments to $8 billion (P17 billion) and tripled its revenues tripled to P700 million.

The biggest investment registered is the  $4.5-billion City Polaris, a  new satellite city to be undertaken in joint venture between CEZA and First Cagayan Leisure Resorts Corp. , Asia’s online gaming industry pioneer.

Other investments include the following: $1.5-billion  a hub for the development and production of Maglev (magnetic levitation) trains by  Hunan Goke Maglev Technology Development Ltd. of Changsa City and Hong Kong-based Eminova Asset Management Ltd.; a $100-million  integrated resort by Shanghai’s Jucheng Supply Management Group; a $100-million “green” textile production and real estate development by China’s Zhejiang Guannan Group;  a $30-million electric vehicle production by Taiwan Electronic Company-EV .

Lambino said since the launch  of the cryptocurrency initiative in May,  25 offshore fintech firms were given principal licensees by the agency  which contributed P476.314 million to its coffers.

CEZA more than tripled its 2017 revenue collections of P233.063 million to P 706.512 million last year, or a 330 percent increase — an all-time new agency record in total revenues collected.

Because of this, CEZA earned a net of P295.661 million to set aside dividends worth P147.830 million for the national government.

https://www.malaya.com.ph/business-news/business/ceza-posts-record-investments-revenues