The Cagayan Economic Zone Authority is looking to develop a unique tourism complex in the province that would include gaming and tourism facilities, local media reports.
CEZA Administrator and CEO Raul L. Lambino is said to be focused on building out infrastructure in the province to create an economic zone that would blend business and leisure together.
“Cagayan already has a natural beauty that is hard to resist. What we need is to show that the Freeport can be an investment jewel in Southeast and East Asia,” said Lambino in a statement, quoted by Manila Bulletin.
Lambino said a Taiwanese firm and two major investors in CEZA have already expressed interest in creating a cluster of tourist attractions, including a casino gaming complex, hotels and villas, a water theme park, golf courses, a horse riding venue and a premium duty-free outlet shopping mall.
Under an MOU signed between CEZA, Iwave Inc and Traders Holdings, the zone will also look to develop itself as a hub for the development of financial technologies - which includes blockchain, crypto technologies, cryptocurrencies, payment solutions and financial solutions.
"We are now revisiting the Freeport’s master plan to update it with the changing time,” said Lambino. “Our medium-term development is to be centered on building the conducive environment for investors to locate their businesses at the Freeport."
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