Cebu told to take advantage of the active retirees market

While Cebu is yet to provide a proper infrastructure to capture the growing medical tourists around the world, it could start up with attracting the active retiree market, which is composed of retirees fond of adventure and leisure activities.

Commercial and real estate services firm, CB Richard Ellis Group, Inc suggested that Cebu should take advantage of this market, with age ranging from 40 years old to 60 years old.

This market segment of retirees is deemed as the high spender segment, who usually demands for leisure and recreational activities, instead of seeking medical care.

 Although, this market would also need medical attention, which can be accommodated by world-class hospitals and clinics in Cebu, an establishment of an integrated Retirement Village may not be a necessary requirement for this type of retirees.

Based on the company's survey and extensive market study, CB Richard Ellis Philippines, head for research Victor Asuncion said Cebu is in the best position to attract the 40-60 years old retiree market.

"Active retirees want to be mobile. They want to see places and have fun," Asuncion said that because of this, Cebu's Golf Course facilities are not enough to accommodate this market.

He said the golf courses in Bantayan and Bogo towns are always full-packed by the active retirees from different parts of the world including Japanese, Europeans, among others.

To date, he said there are only five golf course facilities in Cebu and these are not enough to host the growing market for active retirees.

The 60 year old to 70 year old retirees on the other hand, would need an integrated retirement village facility, which can be developed by Cebu in the next few years.

This time, on the other hand, is the best opportunity for Cebu to aggressively capture the active retirees market, in preparation for their time to seek a proper retirement community that will offer everything they need in one place.

If Cebu will be able to get a considerable number of active retirees, demand for Resort Residences, or sea-side condominiums is expected to soar, and this kind of travelers would also want to invest in properties especially in tropical areas, like the Philippines.

Earlier, the Department of Tourism (DOT) announced the introduction of "Live Your Dream" campaign, an investment-tourism strategy to lure foreigners, such as the active retirees to invest on "vacation homes" in the Philippines.

If the campaign could attract at least 1,000 foreign buyers, and each would buy at least US$100,000 worth of vacation home, it could easily generate US$100 million revenue to the Philippine economy.

DOT secretary Joseph Ace Durano said that this concept was developed following the high satisfaction rate of the Philippines, as a destination to foreign travelers. Record shows that Philippines generated 87 percent satisfaction rate among foreign tourists.

"We have a high rate of repeat-visit. At least 60 percent of first-time tourists come back to the Philippines," said Durano.

Because of this, Durano said the Philippines is at its ripe time to encourage "investment tourism" attracting foreign nationals to purchase condominium properties here, thereby further fueling tourism receipts generation, and encourage longer-staying tourists.