By Ma. Elisa P. Osorio (The Philippine Star) Updated September 08, 2009 12:00 AM
MANILA, Philippines - Great Life Phils. Retirement Corp. said they will be investing P1-billion in a Japanese retirement village in Cavite.
In an interview, chairman and chief executive Edgardo M. Capulong said their retirement village in Silang Cavite, which will be operational by next year, will cater to at least 1,000 Japanese retirees.
Capulong said they will be building an integrated facility in a 4.2-hectare land. Thus far, he said they have spent P200 million in constructing a model building.
After the P1-billion project, Capulong said they are looking at building more retirement villages.
Earlier, Philippine Retirement Authority (PRA) acting general manager Reynaldo D. Lingat said investments in the retirement industry are expected to increase this year in spite of the slowdown in the global economy.
He said they are negotiating with several foreign investors. Lingat said an American firm will build a continuing care facility in Clark. In fact, he said the company is looking for an idle land outside of Subic.
Lingat said a European firm has likewise expressed interest in investing in a retirement facility.
PRA chairman Edgar B. Aglipay said the increase in investments is a result of a more integrated and wholistic approach combined with a sound partnership with the private sector.
Aglipay said that since 2006, investments in the retirement industry have reached P6.9 billion.
“We are confident that more investments in the retirement industry will take place in the future. This means that more jobs will be created and an increase in economic activity will greatly help in developing our country,” Aglipay added.
Aglipay noted that the upward trend in investments in the retirement industry would continue in the next several years. He cited the efforts of top real estate developers such as Ayala Land, Filinvest Corp, Robinsons Land and Megaworld Corp.
PRA has adopted the Local Integrated Retirement Area (LIRA) system. “With LIRA local government units and private business organizations are bonded together to support our retirees in areas of safety, health and wellness,” Aglipay said.
Aglipay said the new theme for Philippine retirement captures the spirit of the lifestyle and mindset we can offer to retirees.
He said no one else in the world smiles from the heart the way Filipinos can, and the phrase “Smile at Life” promises the retiree that the second half of his or her life can be the best it can possibly can. It is also a phrase that can mean many things to many people, wonderful landscape and climate; warm, friendly people; an affordable yet luxurious lifestyle.
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