Gov’t steps up promotion of RP as retirement destination for Japanese

The government is intensifying its campaign to promote the Philippines as an ideal retirement destination.

The Philippine Retirement Authority (PRA) headed by retired Gen. Edgar Aglipay and his team recently met with private companies in Japan to discuss their participation in marketing the Philippines as a location for their retired employees.

Aglipay enlisted the help of representatives of Honda, Mitsubishi and Fujitsu, the Japan Association of Travel Agents and the All-Japan Real Estate Association to market retirement developments and services in the Philippines.

"We have moved from just selling visas to actually offering a world-class package developments coupled with the Filipinos’ unparalleled class of care-giving," Aglipay said in a news briefing in Makati City yesterday.

He said seven marketing organizations have already signed up for the program while five marketers have pending applications.

Aglipay also said that the PRA is working closely with the private sector through the non-profit group Philippine Retirement Inc. (PRI) to set uniform standards for all sectors offering products and services in retirement.

The PRI, a non-stock company, unites under one organization all registered operators of retirement facilities, leisure and resort destinations, condominium and housing developers, hospitals, health-insurance providers, transport and travel services, care-giving training schools, wellness organizations, financial institutions, tourism advocates, brokers and other retirement service providers.

Aglipay said they are targeting one million foreign retirees by 2015.

Eight years from now, the retirees from developed countries specifically Japan, Korea and Taiwan will reach one billion, Aglipay added.

They target one for every 1,000 retirees to set up residence in the country.

Aglipay said they are already talking to foreign investors for the construction of retirement villages.

Korean company Sehyun Development Corp. has already laid the groundwork for the development of a retirement village in Nasugbu, Batangas. For this year, the PRA intends to establish at least three model elderly care system facilities, two in Luzon and one in the Visayas region. These facilities will serve as a showcase of a semi-integrated retirement facility and will be duplicated in other areas.

The retirement industry is projected to earn $44 billion in revenue and generate four million jobs in the next 10 years. Meanwhile, Japanese firm Aseana, a subsidiary of Marubeni, has started its retirement community project along Roxas Boulevard in Manila. The project will be built in a reclaimed area and is worth about $50 million.

Last year, foreign retirees residing in the country reached 1,271. Aglipay said they are hoping to double this figure.

PRA general manager retired Col. Fernando Francisco said 40 percent of foreign retirees are Koreans, 30 percent Chinese and 20 percent Japanese. The remaining 10 percent, he said are mixed.

Francisco said last year, the registered retirees were able to infuse $5.39 million into the country through their investments with the purchase of condominium units, golf shares, shares of stocks and leasehold rights. Retirees are required to make a deposit in the country. Total deposits reached $43.94 million. – With Elisa Osorio