PHILIPPINES: Promoting the Ideal Retirement Place

MANILA (Business World), June 26, 2006: The Government of Philippines' recent thrust to promote the country as a retirement destination has prompted a major property developer to launch some leisure and retirement villages next year. The government wants to position the Philippines as a Southeast Asian "retirement haven," hoping for a share of the estimated 900 million retirees that developed countries are expected to produce from now to 2015. Robinsons Land Corp. wants to develop and introduce new formats to the leisure and retirement villages segment to anticipate and meet market demand. "We believe the Philippines is an ideal retirement place for both Filipinos and foreigners. The government is making a big push towards this. We like to contribute in our own way," Executive Vice-President and group general manager Frederick D. Go told BusinessWorld. However, he declined to identify the locations. Robinsons Land said it has budgeted P6.09 billion for the year to grow its business. The Philippine Retirement Agency (PRA), the government agency tasked to attract retirees to the Philippines, has singled out Fort Bonifacio, Makati City, Clark, Subic, Baguio, Tagaytay, Batangas, Laguna, Cavite, Cebu, Bohol, Bacolod City, Davao City and Cagayan de Oro City as prospective locations. The retirement industry has been declared a flagship program of the government. The Trade Department has been tasked to study the viability of declaring PRA-accredited retirement villages as special economic zones entitled to tax perks. By Ruby Anne M. Rubio