Gov’t wants to lure 1M foreign retirees

Sun.Star: To take advantage of the huge potential of the Philippines to attract the foreign retiree market, the Philippine Retirement Authority (PRA) will develop attractive packages for this type of tourists. Fernando Francisco, PRA acting general manager, said the agency is working with a non-government organization to make the Philippines a premier retirement site for foreign retirees who will eventually consider the country as their “second home." Citing a study conducted by the US Healthcare Coalition Institute, Francisco said that as of 2006, the total number of retirees worldwide is about 870 million, 400 million of which are young retirees. “When we say retirees, it doesn’t necessarily mean they are old or sickly," he said. While the Philippines can accommodate as much as three million retirees worldwide, he said “what we are asking is only close to a million." Medical tourism According to him, the country is only able to draw 500 foreign retirees a year compared to Thailand and Malaysia, which averages about 20,000 each year. A huge number of the retiree market are tourists seeking medical services from tropical countries like the Philippines in an industry known as medical tourism. In Thailand, for example, the country earned $280 million for treating 308,000 foreign patients, while India expects to earn at least $1 billion from healthcare tourism by 2012. A report released by the Department of Health indicated that the Philippines earned an estimated $200 million in 2006 from foreign patients seeking affordable medical services in the country. Franciso said while the country has an edge in attracting this multi-million dollar market, it has to “fine-tune" appropriate facilities and support services. Policy change He raised the need for government to change policies concerning foreign retirees. “We need to ensure the quality of services and facilities in healthcare institutions like hospitals, clinics, housing availability and insurance policies, etc. Healthcare is an important component of a retirement facility" he said. The country can capitalize on its warm climate, caring and friendly people, low cost of living and natural and man-made tourist destinations in attracting foreign retirees, Franciso said. Already, the agency is using the tagline, “Smile at Life in the Philippines" as its branding tool in attracting foreign retirees from Europe, America, China, Japan and Korea, among others. Other plans in PRA’s pipeline will include a discount system and a good masterplan for the retirement community, Francisco said. - Sun.Star