THE construction of corporate and commercial centers in the Cagayan economic zone will begin this month in anticipation of more investments, mostly on financial technology (fintech) and tourism.
In a statement, the Cagayan Economic Zone Authority (Ceza) said work crews will break ground this month for the construction of the Ceza Corporate and Commercial Center. The facilities will be put up on an 11-hectare property in Santa Ana, Cagayan.
Ceza Administrator and CEO Raul L. Lambino said the two buildings will be ready for occupancy by early next year, and will be filled with offices of the first 26 fintech principal licensees registered with the economic zone.
Commercial banks and a fresh batch of tourism and manufacturing locators are also penciled to set up shops in the Ceza Corporate and Commercial Center.
Lambino added the Ceza will also carry on with its improvement and rehabilitation program of Port Irene, with the construction of six new warehouses. This is to ensure enough space will be available for port users importing construction materials and supplies, as well as a variety of loose cargoes.
On top of these developments, Lambino said the Ceza will soon seek the approval of the Department of Environment and Natural Resources for the development of the Nangaramoan Ecotourism Park and the Palaui Island Ecotourism Park. The agency vowed it will also get the insights and work with the local government and progressive groups on the project.
“We have to protect and preserve these natural tourism havens from commercial abuse. We will allow Santa Ana and Palaui Island to breathe, not to be choked by exploitation,” Lambino said.
Both parks are endorsed to boost tourism in Cagayan, as they are expected to draw thousands of visitors with the unspoiled natural beauty of Santa Ana and Palaui Island.
A local firm was also commissioned to prepare a master development plan for the entire 54,000-hectare economic zone, as well as feasibility studies and financial viability, among others, to be assessed by the Ceza board, Lambino said.
The master development plan should include the construction of the proposed convention center and sports complex, coastal boulevard, fintech hub and duty-free mall, power and water plants, Cyberpark, and the programmatic environmental impact and assessment project.