SANTA ANA, Cagayan: The Cagayan Economic Zone Authority (CEZA), operator of the 54,118-hectare Cagayan Special Economic Zone and Freeport (CSEZFP), has remitted to the National Treasury P240.592 million, representing 50 percent of its 2016 income.
CEZA public relations chief Joyce Marie Calimag said the 2016 dividend payment is around P6 million more than the 2015 remittance of P234.296 million which then represented a 53-percent increase over the 2014 figure of P152.884 million.
Calimag explained that as a government-owned-and-controlled-corporation (GOCC), CEZA is required to remit at least 50 percent of its annual net earnings as cash, stock or property dividends to the national government based on the revised implementing rules and regulations of Republic Act 7656 or the Dividends Law.
She said the remittance to the national treasury is on top of the 30-percent corporate income tax it paid to the Bureau of Internal Revenue (BIR) and the taxes paid by CEZA locators and other income generated by other government agencies through CEZA-related operations.
Jose Mari Ponce, CEZA administrator and chief executive officer, said the annual remittance of CEZA to the government has been increasing despite the difficulties the agency is facing.
“The past couple of years have been a challenging time for CEZA as it faced major challenges that brought a dramatic decrease in its income but the organization’s resilience, flexibility and the management’s responsive rebranding strategy have collectively contributed to the ecozone’s positive performance,” Ponce said.
Calimag said that based on the Commission on Government Owned and Controlled Corporations (CGOCCs), out of the 212 GOCCs in the country, only 20 GOCC’s have remitted so far and CEZA is ranked as the 11th in terms of amount remitted.
She said CEZA ranked 16th in 2015 among 50 GOCCs which means the ecozone has been operating at a profit in the last several years, on top of being an economic growth nexus in northeastern Luzon.
CEZA remitted P88.395 million to the national government for the 2006-2012, and P100.016 million for 2013.
CEZA and CSEZFP were created under Republic Act 7922 or the Cagayan Special Economic Zone Act of 1995 which was enacted into law to bring economic growth, employment and decentralized development in northeastern Luzon.
CEZA manages and develops CSEZFP, which occupies the entire town of Santa Ana in Cagayan province as well as the islands of Fuga, Barit and Mabbag in the town of Aparri.