The Philippines is expecting to generate up to $1 billion in investments within the next five years and create thousands of jobs from the growing number of blockchain projects that are interested in opening shop inside the Cagayan Economic Zone Authority (CEZA) in the northern tip of the country.

In an interview at the sidelines of the Global Blockchain Summit in Marriott Hotel on Sunday, CEZA head Atty. Raul Lambino expressed confidence that the Philippines will emerge as one of the most important markets in the blockchain, cryptocurrency, and fintech industries.

“Within the next two years, we are looking at around $200 million in fresh investments from these blockchain projects. But within the next five years, we are expecting at least $1 billion,” Lambino said.

At the same time, Lambino disclosed that CEZA is still overwhelmed with applications about blockchain projects. The special economic zone has received over 60 applications for a cryptocurrency exchange. However, Lambino said his office would carefully scrutinize all applications and will limit the number of players.

“We will not be accommodating them all,” Lambino added. “From the more than 60 [digital currency exchange] applications that we received, we will only approve 25 operators,” he said adding that all of the applicants are currently going thoughtful review.

Lambino is pushing for the development of northern Philippines as the next Silicon Valley or the FinTech City of Asia by transforming the region into a blockchain and fintech friendly place.

He added that the airport in Tuguegarao has been upgraded to accommodate more international flights, making access to Cagayan Valley more convenient. The road network in the region is also being improved for faster mobility.

Internet service, one of the most important component in the blockchain space, is also being modernized to meet the expect rise in data and speed requirements. Convergys is set to roll-out a 5G network in Cagayan as part of the improvement, Lambino said.

In previous interviews, Lambino bared his plan to establish a “technological garden” in Cagayan Valley, surrounded by the beautiful Sierra mountain range and near the beautiful white sand beaches in Sta. Ana, Cagayan.

Among the early players that have signified their intention to put up operations inside CEZA are Hong Kong-based Chinese companies Changwei International Co., Ltd., State Trust Union Capital Holdings, and Xin Peng Group.

The others are Asia Pacific Blockchain Association, Asia Premier International Ltd., AXN Holdings Ltd., Coin Bundle, Hachiman Technology Sdn. Bhd., Hong Kong Yuen Shing Hong Ltd., Hybrid Block, IPE Global Pte. Ltd., Madison Blockchain Strategy Investment Company Ltd., Mobile Pole Position Pte. Ltd., MX Exchange Ventures, Northern Orient Resources, Inc., Pacificnet Strategic Investments Ltd., Paradigm Technologies Unlimited Solutions Corp. , Super Angels Ventures Ltd., Superieur Tech. Pte. Ltd., Stepwyze LLC., and Ultra Precise Investments Ltd.