Japanese investors: Filipinos’ hospitable trait is a big factor

CEBU, Philippines - The Filipinos' nature of being "hospitable" was one of the factors why Japanese investors chose to locate their retirement facility in the Philippines, particularly in Cebu.

"Hospitality and personality of the people are the charm point of Cebu. Cebu has much potential," expressed I Land Way Philippines Inc president Kazuhito Matsuda. 

I Land Way Philippines Inc., through its unsolicited proposal to the city government, is planning to build a multiple-storey Japanese retirement facility worth P1.4 billion at the South Road Properties (SRP).

Matsuda further explained that they prefer to invest at the SRP because it's a government property, which would help the city government boost its tourism, economy and the like for the benefits of its constituents.

The Philippines ranked number seven in Japan's preference for retirement facilities, according to the Stay Foundation in Japan.

However, Matsuda said it has the most suitable environment for the Japanese retirees, with the Philippines’ fair climate and rich culture plus easy access to medical facilities and the assurance of security. The country also has affordable commodities and lifestyle plus provides easy accessibility from the Philippines to Tokyo and back which only takes four hours to travel. The Philippines also has "skilled and intelligent individuals," stressed the Japanese investors.

Malaysia is the most popular retirement place for the Japanese, followed by Thailand and Hawaii.

The feasibility study for the said project was last conducted in 2004.

I Land Way Philippines coordinated with the Philippine Commercial Attaché office in Tokyo and Osaka in Japan and the Philippine Retirement Authority (PRA).

SRP Management Office head Roberto "Bu" Varquez said the retirement facility is a huge development to Cebu City.

"This is a major thing for Cebu if this will happen, I am sure the different countries will start looking at Cebu and Philippines," he said, adding that the pilot project needs the support of the city council.

A public hearing has been scheduled by the city council on February 11. Varquez, as well as the committee on awards, the appraisal committee, the city attorney and the city planning officer have been invited to speak in front of the public.

The I Land Way Philippines already presented the unsolicited proposal to some city councilors last January 29.

The facility will be built on a 1.25 hectare property, particularly a portion of Lot 7 at SRP adjacent to Pond A and at the back of SM Seaside City. It would have three multiple-storey buildings with 855 units approximately housing 1,125 retirees, or an average of 1.3 retirees every unit.

Matsuda said the structures would be built by phases. The first structure, a 16-storey building, would have a total of 154 units and is projected to be finished by 2017 if the construction starts as planned.

The second phase involves the construction of a 25-storey building, a total of 253 units that would be completed in 2018, while the third building would be a 30-storey structure and will have 448 units and expected to be done in 2019

At least 1,000 workers would be needed and at most 5,000 can be hired for the said development. The company would need various services such as restaurant management, hotel service, assisted living care service, medical staff and more.

Matsuda said the city could generate additional taxes and fees such as real property tax, business tax, regulatory fees and other charges estimated to be in the tens of millions of pesos.

The retirees will spend at least P100, 000 a month for their needs and other related consumptions which would revert back to Cebu's economy, according to the investors. (FREEMAN)