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Old May 30th, 2006, 03:34 PM   #1
sugarboy
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Picturesque Cities

Arroyo wants to turn Philippines into retirement haven
Posted: 8:24 PM | May 30, 2006

Lira Dalangin-Fernandez
INQ7.net



PRESIDENT Gloria Macapagal-Arroyo wants the Philippines to be a retirement haven for expatriate retirees, a billion-dollar industry.

At a Cabinet meeting Tuesday, she approved proposals to make the retirement industry one of her administration's flagship projects and appointed retired police chief Edgardo Aglipay as the "retirement czar."

She has also instructed the Department of Budget and Management to allot funds for the Philippine Retirement Authority to develop the industry.

In a presentation in Malacanang, David Paraiso of the Healthcare Coalition Institute said the country has the capacity to support between one million to three million expatriate retirees.

A retiree bringing in at least 1,500 dollars a month means 18 to 56 billion dollars in potential revenue per year.

The global population will see an increasing aging population mostly in developed countries, HCI said.

Aglipay said that currently, foreigners go to Malaysia and Thailand to retire.

He said the Philippines should create a world-class retirement industry with the support of the private sector and the government.
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Old May 30th, 2006, 03:43 PM   #2
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just to post something related.


Retirement villages to earn $40B, generate 4M jobs

By Tessa Salazar
Last updated 10:06am (Mla time) 05/30/2006

A DRAMATIC SHIFT IN selected countries’ demographics in the near future could bring in at least 859,000 foreign retiree arrivals to the Philippines. That number represents less than one percent of the 869.1 million projected retirees the developed world will produce between 2006 and 2015.

Foreseeing nearly a billion retirees looking for a place to spend the rest of their lives, the local retirement industry, especially property developers, are being urged to prepare for at least nearly a million retirees from Korea, Japan, China, Taiwan, the United States, Canada and other European countries and even former Filipinos or “balikbayans” with dual citizenships looking forward to spend the twilight of their lives back to their homeland.

Housing demand

The main participant, which is the real estate industry, is projected to have 859,000 housing demand either lease or purchase for the next 10 years.

The retirement industry is projected to hit the target foreign exchange receipts at a cumulative $40 billion, with 4 million jobs generated by 2015, making the Philippines a major retirement haven in Southeast Asia for foreigners.

“We don’t have a retirement industry right now. SHDA (Subdivision and Housing Developers Association) is spearheading the creation of the industry. If we’ll not work as a team, we cannot compete with Thailand and Malaysia—two of the main destinations of retirees,” said Noel Gonzales, summit chair and director of the Philippine Retirement Industry. PRI is a private sector organization composed of real estate, health care and lifestyle group.

Industry blueprint

He added that the summit for the retirement industry culminating on July 3 in Shangri-La Makati will create a blueprint for the retirement industry.

Government agency Philippine Retirement Authority and private entity PRI revealed that the other infrastructure necessary for the influx of the retiree market are health and insurance facilities (24-hour clinics, hospitals, airlift ambulance services); 24-hour security arrangements; and recreational, cultural and educational and travel/transportation services.

All these infrastructure and services, the two agencies said, could be integrated into a so-called “retirement village” so that members would have easier access to such services and facilities.

Gen. Edgardo Aglipay, chair of the PRA and Gonzales are scheduled to present plans for the retirement industry to President Macapagal-Arroyo on Tuesday.

Big 5 developers


Ernesto Ordońez, incoming president of the PRI, revealed that initially his group has already united the “Big 5” property developers—Gotianun, Gokongwei, Sy, Ayala and Tan—to be part of the group.

Aglipay stressed that the first wave of retirees coming to the Philippines is crucial for the country’s subsequent success in the retirement industry. Thus, he said, it would be necessary to get the support of big names that have the reputation, experience and capability to produce what are needed for the retirement communities.

“They have the condominiums, hospitals, banks, almost everything that a retirement industry needs. It’s just integrating what they have to be able to provide the total retirement services,” he said.

Retirement ‘hotspots’


Prospective retirement “hotspots” have been identified in Luzon, Visayas and Mindanao. These include Metro Clark, Metro Subic, Baguio, Tagaytay, Batangas, Laguna, Cavite, Cebu, Bohol, Bacolod, Palawan, Davao and Cagayan de Oro.

Gonzales revealed that the reasons for the demographic shift favoring the Philippines include pension payment increases in developed countries amounting $1,000 to $1,500 per individual would be insufficient to live on in such countries; family support systems for older people are eroding because of smaller families and a highly mobile population; and the inevitability of mass migration.

Another objective that the groups hope to achieve is the reverse migration of Filipino caregivers.

By 2025, the number of people aged 60 and over will be highest in Japan, Italy and Germany.

120-ha. retirement village


Meanwhile, a retirement village in Bantay, Ilocos Sur, is on the drawing boards as revealed recently by Ilocos Sur Gov. Luis Chavit Singson to the Inquirer.

Over 120 hectares of rolling hills in Bantay, a town near Vigan, have already been surveyed.

“It will be retirement homes for different nationalities like Koreans, Germans and Taiwanese. And then right at the center of the community would be mall facilities—movie houses and supermarkets,” Singson said.
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Old May 30th, 2006, 05:11 PM   #3
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maganda sana yan. kaya lang sana unahin nila yung infrastructure naten. db theres an imminent power crisis here in luzon in the near future? pano kaya nila yan ma-promote aggressively kung wala naman silang ginagawa sa ibang basic services. publicity..publicity. sana lang...........
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Old May 30th, 2006, 07:16 PM   #4
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double post sowi ...
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Old May 30th, 2006, 07:17 PM   #5
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security security security ...
cellfon snatchers, kidnappers, holdupers, hijackers, kotong cops etc ...

our governement should adress this issues first before dreaming of billion of dollars in revenue...

nakakahiya sa ibang bansa pag may nangyaring masama sa mga retirees na yan ...

" Retire at your own risk! " heheheehe

PS. oo nga pla GMA government has a solution for that suggested by no less than DOJ secretary himself ... i love the wisdom of this old crap ...

...Arm the retirees like the media ...

WWE wild wild east ....

Last edited by DoggMann; May 30th, 2006 at 07:23 PM.
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Old May 30th, 2006, 08:12 PM   #6
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I smell rotten apples here.


THis is good news. Although they should have done it years ago like Malaysia and Thailand. Better late than never I supposed. Just the vast balikbayans alone looking for retirement places is enough for this project to take off.
There are many places in the country side that could be developed as retirement havens. Most retirees like the countryside better than cities anyways.
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Old May 30th, 2006, 08:40 PM   #7
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Quote:
Originally Posted by marites4
I smell rotten apples here.


THis is good news. Although they should have done it years ago like Malaysia and Thailand. Better late than never I supposed. Just the vast balikbayans alone looking for retirement places is enough for this project to take off.
There are many places in the country side that could be developed as retirement havens. Most retirees like the countryside better than cities anyways.
why you do not see those i cited as a security threat? open your eyes my dear... youre love for GMA have blinded you from the clear and present danger ...

I do agree on some plans of GMA govt. like infrastructure, outsourcing scholarships roro projects ... but this retirement thing, they heve to address security problems first... tayo lahat kahiya hiya kapag may nangyari sa foreigners ...
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Old May 31st, 2006, 08:25 AM   #8
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Magfocus na muna sila sa tourism bago dito...
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Old May 31st, 2006, 04:17 PM   #9
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Security is the main issue. There are lots of Fil-Am and foreigners who retired in The Philippines and had established some local businesses with the help of their local spouse. The same goes with foreign investors, they have second thoughts if they think that the administration is on a brink of collapse.

Second, restrictions to foreigners to own properties are considered by some as deterrent of their stay. Too much red tape still exists.

Retirees are coming and going nowadays, but I know I lot of former US servicemen retired in Angeles City and Subic in the 90's and most stayed.

There are lots of gated subdivisions being created outside major cities in metro Manila that will cater to retirees. My brother retired in The Philippines and I might do the same if everything will turn out fine. My second choice would be Mexico.

Bottom line, the retiree’s pension goes a long way on both countries.
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Old May 31st, 2006, 05:42 PM   #10
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I'm sure the govt. has those issues in mind and will find a way to resolve them. ANd i don't know about other pinoy balikbayans but if it were me given a choice between two tropical countries I would pick a country where I speak the language fluently and more familiar with local customs. Some of these countries hardly speak ENglish it's so hard to communicate unless of course the retirees try to learn the local language.
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Old May 31st, 2006, 07:02 PM   #11
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that's the advantage of the Philippines over other nations, I mean Thailand maybe good...but there's the language barrier..Malaysia may also be good..but its relatively expensive, Singapore..well..maybe for the richer retirees...

Its good I reckon, that the government has recognized this as a potential source of income....its relatively in its infant stage right?, with the aging population of the developed world...

LOL So while..healthcare professionals are leaving the country...retirees are/will be entering...hmmmmmm hopefully when there's a huge influx of retirees..the health care system would've greatly improved as well.
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Old June 1st, 2006, 12:05 AM   #12
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yeah i agree. It helps that our language of commerce is ENglish. I mean visiting a place if you don't speak the local language, is one thing but if you're going to live long term you'll need to make daily living transactions. If the govt. can fix the peace and order situation , NPAs, traffic, it would attract more filams.
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Old June 1st, 2006, 12:11 AM   #13
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gd am marites. aga mo a
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Old June 1st, 2006, 12:28 AM   #14
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all i can say is the concept is completely baloney unless you have a land or house in the province, way far from manila. masyadong polluted yung hangin at hindi makakasurvive ang mga matatanda
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Old June 1st, 2006, 02:09 AM   #15
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I'm sure there are foreigners who would want to retire in the Philippines. Why not? The amount of my dollar triples when I am in the Philippines. My only concern is, normally, north Americans usually stay close to their immediate families, particularly the Americans inland. Philippines is just a thousand and thousands of miles from the mainland US, I would love to spend a longer time in the Philippines if ever I will retire but I still would want to be closer to where my roots are and my children/grandchildren. So, I guess it would be the filipino-American retirees are the ones who would give a little bit more thoughts about these.

Another thing that is needed to be considered is the medical health system , although, we already knew that the filipino physicians are very competitive, I would still be leary about seeking medical attention in another country other than the US because of a better technology. Secondly, the medical health benefits will not be covered by the insurance companies, much less if you are under medicare upon retirement.

Maybe other nationalities would consider retiring in the Philippines, like the Japanese and the Koreans because of it's proximity to their own respective countries but as far as I am concern, I think it would be mostly the filipinos living in America would more than likely to benefit on these project.

And yes, I would also agree on the safe/security issues plus the political stability.
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Old June 1st, 2006, 05:24 AM   #16
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Actually old news. The PRA was up during Cory's time and every administration has pushed it for obvious reasons. Problems are pretty much similar to tourism which is primarily lack of knowledge about the country or worse negative image. One thing though is that it's our balikbayans who are also retirees who have been driving a big chunk of the market in condos, etc. In a sense this really is a retirement market.
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Old June 1st, 2006, 07:51 AM   #17
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lots of foreigners would want to retire here... in fact there are several here now.... it's a good choice... they can live like a king in the phils,... even if they were wage slaves in the states...
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Old June 1st, 2006, 09:49 AM   #18
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im going back to the philippines in 2011. i already have a 2 storie rental building in zamboanga. now im saving to build a 4 unit appartment in zamboanga also. i hope to generate a revolving income of at least 30,000 pesos a month once im back in zamboanga with the 2 storie building and appartment. i hope i can do it because im tired of working here in the states. it would be great to go back home to zamboanga.
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Old June 1st, 2006, 03:26 PM   #19
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My 50+ year old tita plans to retire here also after decades worth of work in the United States, eh siyempre naman Filipino!
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Old June 9th, 2006, 08:32 AM   #20
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Philippine Effort to Lure Expatriate Real-Estate Investment From U.S.
By KEMBA DUNHAM
June 5, 2006

NEW YORK -- On a sweltering afternoon last week, dozens of potential home buyers milled about at a reception on New York's Fifth Avenue, checking out swanky properties. But the buyers weren't shopping for New York penthouses. They were eyeing luxury oceanfront condominiums and Mediterranean-style villas thousands of miles away in Philippine resort communities.

The event at the Philippine Consulate here was one stop on a five-city roadshow sponsored by the Philippine government to help its country's home builders market houses and condos directly to Filipino-Americans.

The Philippine economy has been relatively weak. But Manila is hoping that Filipinos living in the U.S. will bring American-style enthusiasm for homeownership to the Pacific Ocean archipelago, lifting the economy in the process. According to U.S. Census data, the median household income for people of Filipino descent was $63,930 in 2004, far above the $44,684 median household income for all Americans.

"The hottest market for Philippine residential real estate is the Filipino-American community, since they have the income and the motivation to acquire condos or houses back home," says Albert del Rosario, the Philippine ambassador to the U.S. "We hope these roadshows will serve to boost foreign investment, sell domestic property abroad and demonstrate confidence in our economy," he adds.

It is the latest twist in efforts by developing countries to boost remittances by expatriates, many of whom are graying in America and thinking about how they want to live out their golden years. Growing remittances to their homelands by immigrant workers in the U.S. and other Western countries have become a vital economic development tool for poor countries.

Last year, about $170 billion of remittances world-wide were sent to developing countries by overseas workers, about twice the level of foreign aid that went to those countries, according to the World Bank. If estimates for remittances that aren't sent through formal channels are included, the total could be more than $250 billion.

Mr. del Rosario says remittances from Filipino expatriates in the U.S. rose 31% last year, mainly because of a marketing push by the Philippine government to encourage the practice. Most of that money went to the expats' relatives. But the current challenge, he says, is to channel remittances into industries that spread the money around and benefit the whole economy. Housing, he says, is one such sector.

Some economists agree. "The impact of house construction definitely has a major multiplier effect on the economy of a developing country," says Raul Hinojosa, an economist who teaches international development at the University of California at Los Angeles. "It creates local demand for labor and for house-related goods like building materials. It also creates an asset market, allowing owners to sell or rent out their properties."

The Philippines isn't the only country trying to use real estate to get investment dollars from expats. Mexico, Jamaica and some other Latin and Caribbean nations have been marketing to expats for years. But the Philippines is specifically targeting potential retirees with large-scale development projects and new communities that include recreational outlets, shopping and entertainment designed to appeal to people used to similar amenities in the U.S.

One such developer is Landco Pacific Corp., of Manila, best known for its high-end beachfront condos and land sales in the mountains. The company estimates that during the winter months as many as 80% of its buyers in some projects are Filipino-Americans. Most of these buyers are tapping the equity in their U.S. homes.

At the Philippine consulate, Landco was showing luxury properties, including some with extra-high ceilings, outdoor Jacuzzis, Asian fusion architecture and picturesque views of the South China Sea. The price: $175,000 to $215,000 -- a bargain by U.S. standards. The company also is developing a self-contained agricultural resort community called Leisure Farms in rural Batangas, designed to appeal to hobby farmers.

Selenna Franco, a 44-year-old accountant in San Francisco who has an eye on early retirement, looked at Landco's beachfront offerings at the San Francisco Consulate's roadshow a few weeks ago. She left her home in the Philippines 18 years ago and soon hopes to spend around $200,000 on a home there, most likely in the booming resort town of Tagaytay.

Ponderosa Leisure Farms project, a residential development in the Philippines.
Ms. Franco says building her dream house in her native country will be a sign that she has "made it here in America." She plans to help organize a home-buying event later this month to encourage other Filipino-American accountants to buy. "When we buy properties there, we're helping our homeland," says Ms. Franco.

The Philippine government isn't just targeting wealthy expats. Several developers in the roadshow offered the chance to buy homes with small down payments and monthly payments as low as $200. Representatives of U.S.-based remittance centers, which allow expats to make easy mortgage payments to the Philippines, also were in attendance.

At the California roadshow, Moldex Realty Inc., a Philippine developer known for its low-priced and middle-market units, was offering "house and lot" packages priced between $17,000 and $28,400, mostly located on the outskirts of metropolitan Manila.

If the Philippine experiment succeeds, more countries are likely to follow. "I think more and more governments in developing countries are going to start paying attention to this," says Dilip Ratha, a senior economist at the World Bank.
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