[ Malaya.com.ph ] October 6, 2008
At least 10 foreign retirement homes, led by a $1.37-billion condotel of a Chinese developer, will rise all over the country as the Philippines positions itself as a retirement haven.
Edgar B. Aglipay, chairman of the Philippine Retirement Authority (PRA), said these investments have been firmed up within the year and are to be completed in three to five years to host foreign retirees.
Retirement is one component of the government’s campaign for the Philippines to become a health and wellness center in Asia .
Aglipay said Sunshine 100 International, will build a condotel along Diosdado Macapagal avenue near Mall of Asia and on Sheridan avenue in Mandaluyong.
Another Chinese group would build two condominium buildings in Binondo with 350 rooms each.
Aglipay said for the Korean market, four developments are expected, one each in Subic, Pampanga, Baguio City and Lapu Lapu City.
The one in Lapu Lapu City by BXT Corp., would develop and operate a 556 standard and suite rooms hotel condominium.
For the Muslim market, Aglipay said a Malaysian firm would build a City Garden hotel in Cebu.
According to Aglipay, a number of small-sized home care developments – about 100 rooms each — are being developed to cater to Filipino-American retirees.
Aglipay said these developments would boost the country’s position to become a retirement haven. Traditional destinations include Tagaytay, Cebu, Davao, Subic and the Fort where retirees from the US, Europe and Asia reside.
In his presentation at the press conference on Friday at the Sofitel Philippines Plaza announcing the medical tourism and wellness summit on October 22, Aglipay said retirees currently comprise just two percent of the annual tourist arrivals with a greater percentage still going to medical tourism.
Aglipay said that the weakness of the tourism industry is reflected in the Philippine retirement and medical tourism. "If one falls, we will surely stumble," Aglipay said.
Aglipay said apart from beautiful locations, the Philippines offers world-class medical care and support to medical retirees as well as lower cost of living that would allow retirees to live comfortably using their pensions.
Aglipay said the Philippines’ retirement industry has still potentials as young retirees aged 45 to 55 years — who hold the money bag and who fuel the economy — are expected to number a billion in 2010. Retirees aged 65 and above from traditional markets like Japan, Korea, US, Europe and China are expected to reach 425 million by 2015.
The PRA said the industry aims to attract a million foreign retirees settling in the country in 2015, generating $44 billion revenues and 4 million local jobs. (Irma Isip)
