In its efforts to attract more number of investors to the Cagayan Economic Zone Authority (CEZA)-built crypto valley of Asia, located just outskirts of Manila, Cagayan Ecozone will invest around eighty million US dollars ($80 million) to build an airport in the region.
Philippines’ economy is booming, and it isn’t unusual to find some of the biggest corporations setting up their bases in this tourist-friendly island country surrounded by the vast Pacific ocean. However, what is surprising is to locate them all in one place.
Constructed as a joint initiative by CEZA and the private properties developer, Northern Star Gaming and Resorts Inc., in 2017, the crypto valley of Asia is a breeding ground for some of the idyllic beach resorts, world-class golf courses, state of the art residential projects, gaming and manufacturing firms startups and most importantly, cryptocurrency-related companies. Yes, the crypto valley of Asia is all you can get under one roof.
Crypto Valley of Asia to get its own airport
On Thursday, it announced its intentions to build its own airport, which will be located right in the heart of the economic zone. Secretary Raul Lambino, administrator, and the chief executive officer of the CEZA, confirmed that the initiative is in line with the corporation’s efforts to realize and promote the concept of the free port.
We are always looking for ways to improve our services and extend help to our investors. One of the frequently-received complaints was the lack of transportation facilities to the area, and without proper infrastructure, it will be impossible for this zone to thrive. Thus, we have decided on building an airport here, Lambino explained.
He also confirmed that the association is currently in talks with an American corporation, called the South Palafox group, along with a few local agencies, to undertake a feasibility assessment of how it can be done.
The idea of an expressway was just wasn’t “express” enough, CEZA
As of now, Cagayan North International Airport is the closest airport to CEZA, which is around eighty kilometers. Lambino outlined that there was one more option to address the concerns raised by the investors, which to build an expressway. However, that would end up costing somewhere close to two hundred million US dollars ($230 million), not including the rights of ways and construction of toll booths. Besides, acquiring a right of way license will probably take somewhere around five to seven years, and we can build and start the airport services much earlier than this, Lambino pointed out.
As a result, constructing an airport was the next best solution to enable investors to get to and from the ecozone as quickly and conveniently as possible.
As of now, CEZA is awaiting an airport construction license from the Department of Transportation (DOTr) and the Civil Aviation Authority of the Philippines (CAAP). Once approved, we hope to achieve this goal within a span of three years, Lambino affirmed.
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