Philippine Standard Time:
Your browser is not supported for the Live Clock Timer, please visit the Support Center for support.
  • Home
  • News
  • Chinese firm looks to create $100m IR in Cagayan Economic Zone

Chinese firm looks to create $100m IR in Cagayan Economic Zone

By: CasinoReview.co

Chinese conglomerate Shanghai Jucheng Supply Management Group is set to invest a $100m to develop an integrated resort and casino in the Cagayan Special Economic Zone and Freeport.

Cagayan Economic Zone Authority (CEZA) administrator and CEO Raul Lambino said the Chinese group planned to create a project modelled on South Korea’s Jeju Island which would capitalise on north-eastern Luzon’s tourism potential.

“This is one of the few unspoiled spots in the country that will cater to the sun worshipper, the nature lover and the adventurer,” said Lambino, who signed a signed a memorandum of understanding with Jucheng Group chairman Xue Chenbiao at the end of October.

He added that work on the project was expected to begin once CEZA and the Juncheng Group finalised the details of the proposed investment.

The planned five-star integrated resort will include a duty free mall and an Island Pacific supermarket – another Juncheng Group company – offering imported and local merchandise.

While President Rodrigo Duterte has recently reaffirmed his intention to curb further casino expansion in the Philippines, CEZA’s enabling legislation allows it to issue new casino licences.

Back in July, Lambino said CEZA had received letters of intent from four “big” Asian casino operators regarding developing resort projects in the zone.

Photo credit to: CasinoReview.co

https://www.casino-review.co/philippines-cagaya-economic-zone-asia/

VISITOR COUNTER

014465
Users Today : 268
Users Yesterday : 494
This Month : 10107
This Year : 10107
Total Users : 14465
Views Today : 2351
Total views : 190814

REPUBLIC OF THE PHILIPPINES

All content is in the public domain unless otherwise stated.

ABOUT GOVPH

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