|Manila Philippines, June 11, 2003: Internet gaming licenses are now available from the Cagayan Special Economic Zone and Free Port, located in the north eastern corner of the Philippines, following approval of the Government approved Interactive Gaming Act.|
In close proximity to Taiwan, China, Korea, Japan and Hong Kong, Cagayan offers a commercially attractive business model for online gaming operators to target the untapped Asian markets and international gambling community.
“Effective immediately, First Cagayan Leisure and Resort Corporation are accepting applications from operators who wish to capitalize on the competitive licensing regime, cost-effective regulatory framework and disciplined operator and player protection policies here,” said Mr Albee Benitez, President of First Cagayan Leisure and Resort Corporation.
The Cagayan Economic Zone Authority is mandated by law (Republic Act No. 7922) to manage and supervise the Cagayan Special Economic Zone and Free Port.
First Cagayan has been appointed sole Master Licensor to develop and regulate internet gaming by the Cagayan Economic Zone Authority (CEZA). To expedite the processing of licenses, CEZA has the legal authority to independently approve applications without the prior acceptance from a national government agency, including PAGCOR.