Philippine CEZA’s H1 More Than Triples Y-o-Y, Exceeding 2017 TotalJul 25, 2018 at 0:00
The Philippines-based Cagayan Economic Zone Authority (CEZA) said its revenues during the first half of the year jumped three-fold from a year ago while breaching the total net of the fiscal year 2017, citing the entry of blockchain-powered virtual exchanges as driving the increase.
In a statement sent to reporters on Tuesday, one of the country’s investment promotion agencies revealed it collected revenues amounting to P340.625 million during the six months ending June this year – well-above the P106.76 million logged in the comparable period a year ago and 51.7% up from the accumulated revenues throughout 2017.
CEZA Administrator and CEO Raul L. Lambino owed this jump to the entry of offshore financial technology (fintech) firms during the period when the sector accounted for the bulk of the contributions with P205.976 million.
“The overwhelming interest by offshore firms in financial technology solutions and crypto currency trading wanting to locate at the Cagayan Special Economic Zone has supassed all our expectations,” Lambino was quoted in the statement.
The figure only penciled in the application and license fees of the three approved exchanges namely the Golden Millennial Quickpay, Ultra Precise Investment Ltd. and Liannet Technology Ltd.
Mr. Lambino said 39 firms have already registered to locate in CEZA. Of this, around 12 have fully paid their application and license fees while five have paid only for application fees. These companies are planning to conduct offshore virtual currency exchange, initial coin offering, blockchain development and financial technology solutions which are likely to inject more investments into CEZA.
The others that have already paid the required fees are Formosa Financial Holdings, Sino-Phil Economic Zone Agency Development and Management Corp., Asia-Pacific Intl. Ltd., Hongkong Yuen Shing-Hong Ltd., Tanzer Inc. and Rare Earth.
Also in the list that have paid their applications are BitVentures Inc., Rare Earth Asia Technologies Corp., I-Dragon Science Development Corp., CR8TIV Solutions, Seryna Coin Metrics Inc., and BCB Global Trading Corp. Ltd.
Meanwhile, those with pending applications include Changwei Intl. Co. Ltd., IPE Global PTE. Ltd., Hachiman Technology Sdn. Bhd., MX Exchange Ventures, Superior Tech. Pte. Ltd., Madison Blockchain Strategy Investment Co. Ltd., Asia Pacific Blockchain Association, Pacific Strategic Investments Ltd., SuperAngels Ventures Ltd., ANX Holdings Ltd., Northern Orient Resources Inc., Mobile Pole Position Pte. Ltd., Coinbundle, CSM Corp., TransGlobe Ventures Ltd. Stepwyze LLC, Paradigm Technologies Unlimited Solutions Corp. and ST Union.
CEZA is targeting to earn P 3.6 billion from an initial batch of 25 principal licensees. The investment goal already factors in the $1 million capital which the fintech firms are mandated to exhaust in its first two years of operations.
However, the figures excludes the 0.1% share CEZA expects from each transaction made through the OVC exchange services.
The push to attract fintech and blockchain firms is part of CEZA’s bigger ambition to be the Silicon Valley of Asia.