CEZA remittance up 250%

MANILA, Philippines - The Cagayan Economic Zone Authority (CEZA) has remitted over P100 million to the national government as dividend shares from its 2013 earnings, after it became one of the top earning government-owned and controlled corporations (GOCCs) last year.

CEZA administrator Jose Mari Ponce handed the check to President Aquino during the recent GOCC Day at Malacañang.

Ponce said the CEZA remittance was the highest in seven years and represented a 250-percent increase over the 2012 dividend share of P39.12 million.

CEZA is a GOCC that develops and manages the 54,000-hectare Cagayan Special Economic Zone and Freeport, an economic and tourism hub in the coastal town of Sta. Ana in Cagayan province.

“From a losing corporation, we are now an earning corporation that remits millions to the national government,” said Ponce, adding that the Cagayan Freeport was able to achieve a significant transformation in just nine years, or since 2005 when actual developments took place.

CEZA remitted a total of P88,395,709.20 last year, covering the years 2006 to 2012. “The P100,016,278.14 remittance for 2013 earnings shows a positive increase compared to its earnings for the past seven years and an over 250-percent increase compared to its 2012 dividend share, amounting to P39,122,704.58,” Ponce said.