SANTA ANA, Cagayan: The Cagayan Economic Zone Authority (CEZA), operator of the 54,118-hectare Cagayan Special Economic Zone and Freeport (CSEZFP), has remitted to the National Treasury P240.592 million, representing 50 percent of its 2016 income. Jose Mari Ponce, CEZA administrator and chief executive officer, said the annual remittance of CEZA to the government has been increasing despite the difficulties the agency is facing. CEZA remitted P88.395 million to the national government for the 2006-2012, and P100.016 million for 2013. CEZA and CSEZFP were created under Republic Act 7922 or the Cagayan Special Economic Zone Act of 1995 which was enacted into law to bring economic growth, employment and decentralized development in northeastern Luzon. CEZA manages and develops CSEZFP, which occupies the entire town of Santa Ana in Cagayan province as well as the islands of Fuga, Barit and Mabbag in the town of Aparri.

Source: Manila Times July 06, 2017 17:26 UTC