The Cagayan Economic Zone Authority (Ceza) paid P83.316 million in taxes to the Bureau of Internal Revenue (BIR) in the first nine months this year, recovering its deficit last year.

In a statement on Friday, Ceza administrator and CEO Raul Lambino said this was a turnaround from last year, when it incurred a net loss of P64.925 million after losing its revenue from online gaming.

This comes as Ceza works on attracting firms engaged in blockchain technology, driving revenue to more than P500 million in the first three quarters this year.

The nine-month revenue exceeded the full year gain last year of P224.548 million.

Lambino, however, said Ceza would not rely on companies engaged in financial technology (fintech) alone, as it also moves to attract other industries to set up shop in the economic zone.

“Growth in the economic zone will be investment-driven. Ceza will diversify,” he said.

Lambino earlier said Chinese firm Shanghai Juncheng was building a $100-million integrated leisure resort in the economic zone.

https://business.inquirer.net/261034/ceza-reports-higher-9-month-earnings-tax-payments