The Cagayan Economic Zone Authority (Ceza) is investing more than P400 million to put up 2 commercial centers in anticipation of new investors in financial technology (fintech).
In a statement on Tuesday, Ceza Administrator and CEO Raul L. Lambino said his agency is constructing a 3-storey building and another 3-storey corporate center that have a combined total of 12,000 square meters in office spaces for lease. Broken down, the building costs P300 million, while the center requires P126 million, according to the Ceza.
Lambino said the Ceza is eyeing to attract fresh investments in its cryptocurrency portfolio after developments in the international market point to an upsurge in digital trading.
“We have to believe in the power of innovative ideas,” Lambino said. “Cryptocurrency is one such.”
He cited as a case the disclosure made by Elon Musk’s Tesla on Monday that it purchased $1.5 billion worth of cryptocurrency as part of initiatives to invest in alternative assets, such as digital currencies and gold bullion.
Musk announced his firm, which is engaged in the development of electric cars, would soon receive Bitcoin as a form of payment. Lambino said the Ceza is in a position to exploit this development, as the Cagayan economic zone is envisioned to become the fintech hub of the Philippines. As of latest, there are 25 fintech operators doing business in the Cagayan economic zone, and these principal licensees are expected to begin their offshore activities soon.
Aside from the construction of new buildings for office space leasing, there are condominiums and commercial centers on the rise in the Ceza zone. Lambino said this includes the 4-hectare Consolidated Luzon Business Solutions Inc., the 21-hectare Alpha Palauig Complex, as well as the 300-hectare Foremost Cagayan Leisure and Resorts Corp.
He added the agency would break ground for the development of the 15-hectare Global City once the Cagayan provincial government approves the comprehensive land use plan for the town of Sta. Ana.
The Ceza is also concluding construction plans for the development of the 203-hectare Mapurao township to be put up with First Cagayan Leisure and Resorts Corp. The agency is also eyeing to finish the retrofitting of Port Irene to improve the docking sites and its warehouses.
Photo by: Business Mirror