Investments in retirement industry seen to grow this year

MANILA, Philippines - Investments in the retirement industry are expected to increase this year in spite of the slowdown in the global economy, the Philippine Retirement Authority (PRA) said.

In a press conference yesterday, PRA acting general manager Reynaldo D. Lingat said they expect more investments in the retirement industry even if investments in other sectors are declining.

He said they are negotiating with several foreign investors for retirement villages. Lingat said an American firm will build a continuing care facility in Clark. He said the firm is looking at an idle land beyond Subic.

Lingat said a European firm has likewise expressed interest in investing in a retirement facility.

PRA chairman Edgar B. Aglipay said these investments came about as 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 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 a program called 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 line for Philippine retirement captures the spirit of the lifestyle and mindset we can offer to retirees.

He said that 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, he added.