Countries embracing blockchain and cryptocurrency technology is becoming more commonplace day by day, however, the strategic location of the Philippines makes it especially eye-catching to many businesses and investors. This announcement coincides with CoinGeek saying it would be investing more than than $150,000 into a Philippine pilot program in an effort to attract Bitcoin Cash developers into the country.
The Cagayan Economic Zone Authority (CEZA), which is a state owned group managing the Cagayan Economic Zone & Freeport (CSEZFP), wants to make the area a technology hub.
CEZA’s Cheif Administrator, Raul Lambino, said that the zone will be approving 10 different blockchain entities into the zone. This allows companies to conduct crypto-focused business including to cryptocurrency mining, exchanges and ICO’s.
All of the entities purported to be eyeing the region are said to hail from Hong Kong, Japan, Malaysia and South Korea. As incentive to moving to the area and conducting business, the government will offer the cryptocurrency operators tax discounts in return for creating more local jobs.
The Cagayan Economic Zone & Freeport (CSEZFP) currently covers the Municipality of Santa Ana including the Islands of Fuga, Barit, Mabbag in the Municipality of Aparri in the Province of Cagayan. EZA’s creation and operation is mandated by virtue of Republic Act 7922, aka the,"Cagayan Special Economic Zone Act of 1995" by then President Fidel V. Ramos.