PHP240bn worth of projects break ground in Cagayan
Nearly PHP240bn (USD4.6bn) worth of major projects, including spaces for information technology-business process outsourcing (IT-BPO) companies, were represented in a groundbreaking ceremony on Sunday in Cagayan. On the same day, officials from the Cagayan Economic Zone Authority (CEZA) also inspected the sites for the projects that are expected to spur economic prosperity in the region. According to Secretary Raul Lambino, CEZA administrator and chief executive officer, the largest among the six mega projects is City Polaris, a USD4.5bn CEZA township project in the town of Mapurao. This project includes a 2,013-hectare property facing the sea and is open for mixed-use development. City Polaris is planned to house IT-BPO companies, as well as commercial and residential areas and health, wellness, and recreational facilities. Additional warehouses estimated to be worth PHP301m will be also constructed at Port Irene in Barangay Casambalangan.