Philippine Standard Time:
Your browser is not supported for the Live Clock Timer, please visit the Support Center for support.
  • Home
  • News
  • Ceza tripled revenue to P706.51 million in 2018

Ceza tripled revenue to P706.51 million in 2018

By: Elijah Felice Rosales
Business Mirror

Revenue collected by the Cagayan Economic Zone Authority jumped more than triple to P706.51 million last year, an affirmation that Ceza’s venture into financial technology (fintech) is paying off.

The Ceza on Thursday reported its revenue in 2018 reached P706.51 million, from P233.06 million in 2017. The figure is the agency’s all time high in terms of total revenues collected.

Further, investments committed to the Ceza for the whole of last year peaked $8.13 billion, which the agency attributed to the influx of registrations from fintech firms.

Processing fees made up more than half of the revenues, as collection leapt to P476.31 million from just P1.16 million. On the other hand, income from licensing fees fell 8.56 percent to P189.59 million, from P207.36 million.

Lease paid by locators in the Cagayan economic zone was the third largest source of revenue for the Ceza last year, as it improved 22.09 percent to P11.33 million, from P9.28 million in 2017.

Ceza Administrator and Chief Executive Officer Raul L. Lambino is expected to carry on with his investment strategy of turning the economic zone into a fintech hub this year. Moreover, he is planning to transform a portion of the area into a new satellite city that will feature tourism and entertainment projects.

The Ceza has a pending $4.5 billion joint venture with Italian firm Mercurio Design Lab and Singaporean Longrunn Capital Pte. Ltd. on the putting up an integrated city in Cagayan.

Construction will begin this year, and the 500 hectare project could be inaugurated in early 2021 if financier Longrunn will not be bugged by any delays. The integrated city will feature resorts, hotels, golf courses, theme parks, retirement village, private villas, condominiums, among others.


Users Today : 335
Users Yesterday : 409
This Month : 1102
This Year : 138306
Total Users : 142664
Views Today : 2774
Total views : 1252452


All content is in the public domain unless otherwise stated.


Learn more about the Philippine government, its structure, how government works and the people behind it.