Ceza reports $8B in investment pledges | Inquirer Business
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Ceza reports $8B in investment pledges

/ 05:16 AM January 18, 2019

The Cagayan Economic Zone Authority (Ceza) recorded a more than $8 billion worth of investment pledges last year, the biggest jump in more than two decades.

This is according to Cesa’s yearend report, which was released to reporters on Thursday.

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Ceza noted that the pledges came from a mix of projects, such as financial technological companies setting up shop, as well as infrastructure and property projects.

These projects include City Polaris, a  modern satellite city which was estimated to cost $4.5 billion.

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It will have hotels, casinos, golf courses, a cyberpark for digital currency and other modern amenities and technological innovations.

There is also a project for an integrated casino resort inspired by South Korea’s Jeju Island, which will be put up by Chinese group Shanghai Jucheng Supply Management. The Chinese firm intends to invest $100 million in this project.

The state-owned firm also reported some P706 million in revenue last year which, it said, was an all-time high. Its net profit amounted to more than P295 million in 2018, reversing the over P64 million in net loss in 2017.

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TAGS: Cagayan Economic Zone Authority (Ceza), City Polaris, Investment
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