Thousands of Filipinos have found jobs at the Cagayan Special Economic Zone and Freeport, as the new economic hub in northeast Luzon continued to draw fresh investments and international tourists.

Cagayan Economic Zone Authority Administrator and CEO Jose Mari Ponce reported that in just seven years, the number of potential jobs in the economic zone increased exponentially from just 195 in 2002 to 5,918 as of August 2008.

The 2008 employment expectation in the economic zone rose 80 percent from 3,283 potential jobs that were registered in 2007. Potential job generation was estimated at 2,541 in 2006.

“Once these investments become fully operational, we expect more jobs to be created for Filipinos not only in Cagayan province, but also in other provinces of Cagayan Valley (Region 2),” said Ponce.

Cagayan Valley groups the northeast Luzon provinces of Cagayan, Isabela, Nueva Vizcaya, Quirino, and Batanes.

Cagayan Special Economic Zone and Freeport in Sta. Ana, Cagayan is the fastest-growing industrial, logistics and tourism hub in the country. It was established in February 1995, by virtue of Republic Act No. 7922. CEZA manages the Freeport and attracts new locators into the economic zone.

Ponce said that as of end-August 2008, CEZA had 87 locators, of which 49 were already operational with actual investments of P3.826 billion.

The 87 locators have actually committed to invest a total of P16.4 billion. In 2007, there were only 68 registered enterprises and in 2006, the number stood at 55.

These investments are in real estate, banking, port operations, aviation, interactive gaming, tourism and resort services, agro-industrial, leisure facilities, international fishing, telecommunications, software development, management services, trading and importation, mining and quarrying, among others.

Following the increase in investment registrations, estimated operating revenues of CEZA climbed to more than P200 million in 2008 from P139 million in 2007.

Among the largest investments are two leisure-resort and gaming support service complexes, with a total of 600 rooms, including villas, KTV, water sports facilities and restaurants that are now operational.

A 2007 regional economic situationer prepared by the National Economic and Development Authority (NEDA) in Cagayan Valley has already cited the importance of the economic zone as an investment magnet and job generator in the region.

“The expansion and improvement of Cagayan Special Economic Zone and Freeport changed the investment climate in the region,” the NEDA report said.

The Freeport also boosted tourism in Cagayan Valley, as thousands of foreign and domestic tourists visited and infused money in the region. These tourists came particularly for the gaming facilities at the economic zone.

Ponce said the economic zone’s contribution to Cagayan Valley became more pronounced as a driver of economic growth and employment generation in the region in 2008.

Source from: goodnewspilipinas.com