Hotel giants Hilton, Hyatt eye retirement-oriented facilities in RP

Hotel chain giants Hilton and Hyatt have reportedly expressed interest in investing in retirement resort/hotels in the country, according to Philippine Retirement Authority (PRA) chairman Edgardo B. Aglipay.

Aglipay, who recently arrived from a three-week marketing visit to the United States, announced that hotel chain giants Hilton and Hyatt are sending their representatives either in December this year or in January next year to look at facilities and properties being offered by the government for development into retirement villages.

The two hotel chain giants, Aglipay explained, have decided to refocus their business to cater more and more to retirees who are likely to stay longer.

The PRA, along with such other government entities as the Bases Conversion Development Authority, the Social Security System, the Government Service Insurance Corp., the Philippine Deposit Insurance Corp., have plenty of properties to offer for development, Aglipay said.

Potential investors in the retirement industry, however, Aglipay said expressed concern about changing policies and their inability to own property in the Philippines.

According to Aglipay, there is plenty of interest from Filipino-American retirees to come back to the Philippines to retire.

However, they have a number of concerns which include healthcare services, security, substandard public utilities and maintenance and unscrupulous property developers and marketers.

Potential retirees, Aglipay said, are wary that Philippine healthcare standards and facilities may not be up to par with international standards.

Thus, they want to see more Philippine medical facilities accredited with the Joint Commission on International Health.

At present, Aglipay said, only St. Luke’s Medical Center is accredited by the JCI.

Makati Medical Center, New Medical City and the Asian Hospital are already in the advanced stage of their accreditation, while Manila Doctor’s Hospital is also applying for accreditation.

There was also fears about security following the recent bombings in Mindanao.

Aglipay assured them that such bombings were isolated in Mindanao.

However, on concerns about substandard public utilities and maintenance and unscrupulous property developers, Aglipay assured that government is steadily improving services and reforming policies and processes.

The Philippines, at present, lags behind its neighbors Thailand and Malaysia in attracting foreign retirees.

The Philippines attracts only about 500 retirees a year compared to Thailand’s 10,000 a year and Malaysia’s 1,000 a year.

The PRA will start re-accrediting in April next year, the country’s existing retirements facilities to ensure that they follow required standards.