BOI reports surge in demand for retirement facility in Cebu

CEBU, Philippines - The Board of Investments reported a surge of inquiries from investors wanting to set up integrated retirement facilities in the Philippines, including Cebu.

BOI governor Gerry Sta. Ana said that there is a growing number of capitalists who have expressed interest to invest on retirement facilities specifically in Cebu.

Aside from the interested investors, Sta. Ana said retirees from all over the world, like Japanese, Taiwanese among others are already looking at facilities in the Philippines where they could retire.

The announcement of Megaworld Corporation, that a group of Japanese retirees acquired majority of the condominium units in one of their towers at the Mactan Newtown project, is a testament to the growing demand for retirement facilities here.

However, Sta. Ana said Cebu still needs to build the dedicated facility for the retirees, which will offer support facilities required by the Philippine Retirement Authority.

PRA requires a retirement village to have all facilities and services that will conform with internationally accepted standards of quality in comfort, medical care, sanitation, safety, security and lifestyle.

Likewise, a participating establishment shall conform to the United Nations Principles for Older Persons, such as independence, participation, care, self-fulfilment and dignity.

Meanwhile, based on Cuervo Property Advisory, it said that in order for the Philippines to lure more foreign retirees who are looking for alternative homes to settle in and to make the Philippines as one of the top destinations, developers are urged to build retirement villages  with complete facilities.

Retirement Healthcare Coalition, which is led by American, European, Japanese, and Korean Chambers of Commerce, said that the country needs to step up because their Asian neighbors have gone ahead of the Philippines by stepping up the infrastructure of their retirement villages to get the bigger share of the "ballooning" silver market, which is expected to make up about 25 percent of the world's population in the year 2030.

According to Marc Daubenbuechel, RHC Executive Director, the number of retirees looking for homes outside their own countries is increasing each year so the Philippines must be able to cater to their need for retirement communities that fit their lifestyle.

Daubenbuechel warned that the country could miss out on this booming market if the developers continue to offer mere sleeping quarters, rather than a retirement village.

He said that retirees live in traditional communities or residential developments and this existing retirement homes are not-senior citizen friendly because of the lack of important amenities for the leisure, entertainment, and most importantly, the health and wellness of the retirees.

In a separate interview earlier with Department of Trade and Industry Cebu provincial director Nelia Navarro, she said that Cebu will maximize its potential to attract thousands of retirees looking for alternative vacation homes outside of their countries, if investors will start to build facilities that will accommodate this multi-million-dollar market.

Navarro said the province still has to provide the right facilities to host the growing retiree market, who already expressed interest to prefer Cebu as their retirement destination. (FREEMAN)