Tuesday, May 20, 2008 [ philstar.com ]
TUGUEGARO CITY, Cagayan – Fresh investments and tourist expenditures in the Cagayan Special Economic Zone and Freeport contributed significantly to the economic growth in Cagayan Valley.
Citing the 2007 economic situationer for the region, Cagayan Economic Zone Authority (CEZA) Administrator Jose Mari Ponce said the creation of CSEZFP as a major economic hub also created livelihood opportunities for thousands of residents in Cagayan and the region’s other provinces – Isabela, Nueva Vizcaya, Quirino, and Batanes.
Based in coastal Santa Ana town here, CEZA, which is under the Office of the President, is the fastest growing industrial, logistics and tourism hub in the country. It was created in February 1995, by virtue of RA 7922. “At present, the freeport has 70 foreign investors committed to invest at least P8 billion, with potential to generate more than 3,000 jobs. With more investments expected to come in, we expect the freeport to maintain its role as a catalyst of growth in the region,” said Ponce, also CEZA’s chief executive officer.
Ponce said that in the annual regional economic situationer for Region 2, the National Economic and Development Authority highlighted the significant contribution of CSEZFP in the growth of new businesses and employment generation in the region. “More investments were recorded in inter-active gaming services and port operation. Total infused investments in the freeport is marked at P8.19 billion, with 70 investors to date,” the report said.
The latest NEDA report also noted that investments here were largely dominated by the expanding number of locators in the freeport from P7.4 billion in 2006 to P8.1 billion in 2007. Bulk of the investment growth came from interactive gaming support services, which increased from P1.7 billion in 2006 to P2.9 billion in 2007, or an increase of 70.5 percent. Likewise, CSEZFP also boosted tourism in the region with total tourist expenditures hitting P1.43 billion, of which about P185.12 million was spent by 26,236 foreign tourists and the rest by domestic tourists.
Ponce said this employment figure is expected to significantly improve in the coming months as the CEZA prepares to start within the year the construction of an P8-billion international airport in Santa Ana, which is a joint venture between CEZA and private firm First Cagayan Leisure and Resort Corp. – Charlie Lagasca
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