State-owned Cagayan Economic Zone Authority (CEZA) has paid PHP83.32 million in taxes for the first nine months of this year. CEZA administrator and chief executive Paul Lambino said this was a turnaround from last year when it incurred a net loss of PHP64.92 million after losing its major revenues from online gaming. He said the agency recouped its losses after encouraging firms involved in blockchain technology to set up centers in its economic zones. This drove CEZA’s revenue to PHP518.3 million following the first three quarters of 2018, 212% higher than the PHP166.34 million in the same period last year. Lambino said CEZA will not rely solely on financial technology (fintech) firms as it expands its offerings to industrial and tourism investments and other industries to set up shop here.
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