The Cagayan Economic Zone Authority said it secured a record $8.13 billion worth of investment commitments in 2018.
Ceza administrator and chief executive Raul Lambino said the 2018 figure was the biggest amount the agency registered in two decades.
He said of the investment projects, the biggest was the proposed $4.5-billion City Polaris, an entertainment resort project which would be built by First Cagayan Leisure Resorts Corp.
The project will offer integrated resorts, six-star hotels and several amenities to attract foreign and local visitors to the site. Construction will start in 2019 and operations are expected by 2021.
The second biggest investment is the $1.5-billion commitment of Hunan Goke Maglev Technology Development Ltd. of Changsa City and Hong kong-based Eminova Asset Management Ltd. to put up a magnetic levitation production facility.
Other significant projects in the pipeline are Shanghai’s Jucheng Supply Management Group’s $100-million integrated resort in Sta. Ana, Cagayan and the $100-million initial investment for “green” textile production and real estate development of China’s Zhejiang Guannan Group.
Other projects include a Slovak firm’s proposal to build a modern hospital and a $30-million investment by Taiwan Electronic Company-EV for the production of electric vehicles.
LongRunn Capital also lined up other major investments inside the Freeport Zone, including a joint venture with Cagayan Premium to develop, upgrade, expand and modernize the Cagayan North International Airport in Lallo with a multi-story passenger terminal, modern facilities and MRO services, and a new regional airline company.
Ceza posted P706.5 million in revenues in 2018 or thrice the revenues it earned in 2017.
Lambino said the 203-percent increase was also a record for Ceza.
“Because of this, Ceza earned a net of P295.6 million to set aside dividends worth P147.830 million for the national government,” he said.
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