Published July 25, 2021, 2:14 PM
The Commission on Audit (COA) has called on state-owned Cagayan Economic Zone Authority to immediately collect over P148 million in lease and other financial obligations owed by Cagayan Freeport business locators and gaming licensees, including the on-line and land-based gaming operator First Cagayan Leisure and Resort Corporation (FCLRC).
COA logo and building COA, in its 2020 CEZA Annual Audit Report, noted that eight locators and licensees have been remiss in their financial responsibilities between 30 days to 10 years now.
COA said that as a result of the huge amounts in unpaid financial obligations, the locators and gaming licensees have deprived “the Authority of funds that could have been used in its operations.” Much of the arrears were incurred by major CEZA gaming licensees FCLRC and North Cagayan Gaming and Amusement Corporation (NCGAC).