CEZA secures $3.9 B investment pledges from China firms

MANILA, Philippines — The Cagayan Economic Zone Authority (CEZA) has secured $3.9 billion worth of investment commitments from Chinese firms for various projects including building a smart city, manufacturing facilities, as well as for the expansion of the Cagayan North International Airport.

In a statement yesterday, CEZA administrator Raul Lambino said the investment commitments were made on the sidelines of the recently concluded Belt and Road Initiative Forum held in Beijing in China.

He said he entered into agreements with Chinese firms such as Fong Zhi Enterprise Corp., Shanghai Jucheng Group, Pai Hao Investment, Shenzhen Dawah Real Estates, China Zhejiang Guannan Group, Golden Millennial Quickpay and Yatai International Holdings for projects within the Cagayan Special Economic Zone.

Under the memorandum of understanding (MOU) with Xiamen-based Fong Zhi Enterprise Corp., a $2-billion Smart City in Fuga Island, Aparri town would be built and patterned after the Chinese firm’s ongoing mega infrastructure project in Fujian province in China.

In addition, Fong Zhi Enterprise Corp. would be putting up an agricultural breeding center and soil improvement project, medical schools, and establish a high-tech industrial park.

Shanghai Jucheng, meanwhile, would be developing a $150-million township and manufacturing plant for lithium batteries for sustainable energy production.

As for Pai Hao, it intends to invest $500 million to upgrade and expand the Cagayan North International Airport or Lal-lo International Airport to be able to serve wide-bodied aircrafts.

Shenzhen Dawah, which will be partnering with the Apsaras Group Ltd., will develop a $100-million marina, water sports training center and private villas.

China Zhejiang Guannan Group, meanwhile, will put up a $500-million green textile production hub for global distribution.

Golden Millennial Quickpay Inc. is set to build a $100-million fintech hub in its 10-hectare property near the proposed CEZA Global City in Barangay Rapuli.

Yatai International will be acquiring property to put up a $500 million satellite city.

Apart from the MOUs entered into with the seven firms, Lambino said CEZA also signed letters of intent with Baoye Construction Group and Tian Gong Construction Group based in Shaoxing City for the development of an integrated resort and global entertainment project, a world-class golf course and other leisure and shopping facilities.