PIA Press Release
2008/08/30
by Prix D Banzon
Davao City (30 August) -- Japanese and Korean investors are considering sites in Davao City for retirement villages of their foreign nationals.
Teolulo Pasawa, Department of Trade and Industry city director for Davao City in an interview said that these investors are just validating the areas even as he said that they already had registered their businesses at the Securities and Exchange Corporation (SEC).
He said the Japanese investor still has to conduct ocular on the recommended sites where the basic requirement is accessibility to medical facilities.
The sites he said are areas with building for dormitory type or a raw site ideal for retirement villages.
The retirement village is an expansion of their existing business in Davao City of the Menogaia Corporation, a business process outsourcing business that caters to clients in Japan for designs and architecture and the English as Second Language where Davao Based instructors teach English on line to Japanese nationals.
Pasawa said they already have 100 workers for both the designs and architecture and the on-line language.
"Knowing the increasing cost of retirement facilities in Japan the investor had considered this investment as a big potential in Davao City," he said.
Meanwhile the Korean investor is looking at developing an area in Buhangin for a mix-use of hotel, retirement part and for residential areas.
He said the Good Morning Company has a 10-hectare area located in between Robinsons and Panorama Subdivision.
The company he said already will start construction within the year although he did not give details about the project.
He said the two investors also did not specify whether they already made arrangements with the Philippine Retirement Authority but he stressed that it would be an advantage if these proposed retirement villages be enrolled at the PRA so they gets the promotion to attract more clients. (PIA)
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