MANILA, Philippines — The Cagayan Economic Zone Authority (CEZA) posted a net profit last year, reversing a net loss in 2017, amid higher revenues generated overseas virtual currency exchanges (OVCE) and blockchain firms which have opted to locate at the Cagayan Special Economic Zone and Freeport.
Data from CEZA showed it registered a net profit of P295.66 million last year, a turnaround from the P64.93 million net loss in 2017.
Last year, CEZA’s revenues hit an alltime high of P706.51 million, 203 percent higher than the P233.06 million in 2017.
Revenues came from OVCE and blockchain firms which opted to register with the CEZA and locate at the Cagayan Special Economic Zone and Freeport.
This even as OVCE firms had to pay for application and license fees with the CEZA.
Last year, CEZA started to promote the special economic zone as the “FinTech City” to encourage OVCE and blockchain firms to start operations there.
The move to position the special economic zone as the “FinTech City” follows a campaign implemented against illegal offshore gaming operators in 2017.
For this year, the challenge for CEZA is to surpass last year’s performance.
“The consensus is, CEZA is going to experience another year of robust growth and achievement in 2019,” it said.
CEZA expects to generate more revenues with OVCE firms set to start trading their asset-backed tokens in the offshore markets.
Apart from encouraging OVCE and blockchain firms to locate at the special economic zone, CEZA is also looking to attract other investors.
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