Cagayan Economic Zone Authority (CEZA), a corporation owned and controlled by the Philippines Government, is planning to construct an $80m airport in a bid to attract more investments.

Formed in 1997, CEZA manages and supervises the growth of the Cagayan Special Economic Zone and Freeport (CSEZFP).

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CEZA administrator and CEO Raul Lambino told The Manila Times that the airport will be built inside the zone.

He added: “The construction of a new airport is an important facility in the establishment and realisation of the so-called Crypto Valley of Asia concept that we have embarked.”

The ‘Crypto Valley of Asia’ concept was jointly launched by CEZA and private developer Northern Star Gaming and Resorts to create a secure region for cryptocurrency exchange operators and blockchain developers.

The new airport will be constructed with an investment of around $60m to $80m.

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An American company has collaborated with local organisations to carry out the master plan and feasibility study.

It is believed that it is easier and faster to construct a new airport rather than an expressway to the Cagayan North International Airport, which is located 80km away from the area.

Lambino stated: “Unless we construct an expressway, we would not be able to address the concern of investors who would want to come to the ecozone as quick as possible.”

The primary jurisdiction for the licensing of the airport is with the Philippines Department of Transportation (DOTr) and the Civil Aviation Authority of the Philippines (CAAP).

CEZA is in talks with both organisations about the new airport and hopes to achieve it in the next three years.