Dev't of retirement villages in PHL for Japanese retirees urged

A former member of Japan's senate is pushing for the establishment of retirement villages in Tagaytay and Makati for Japanese retirees.

Hajime Ishii, who is also past president of the Japan-Philippine Parliamentarians' Friendship Association, said that he has been discussing the idea with government officials.

Ishii added that he wanted to pursue the idea after spa and casino firm Networld Hotel Group offered its two-hectare Tagaytay City property.

While Ishii did not specify the amount of the investment, saying that negotiations are ongoing, he said that the development will probaby be done by a Japanese company in partnership with a local developer.

"Maybe in two years' time, we can have 500 to 700 houses [in the area]," he said.

Ishii also said that Vice President Jejomar Binay has committed to finding a site in Makati City for a retirement village there.

Ishii, who is in the country as part of a business delegation composed of the representatives of 10 firms looking into business opportunities in the Philippines, said that a retirement village will have to have the amenities to attract Japanese retirees.

"We have to have a clinic, hospital, supermarket, commuter bus. We have to have everything in there," he said.

According to data from the World Bank, nearly a quarter of Japan's population was over the age of 65 in 2012.

Other stakeholders have advised the Philippines to target the growing foreign "silver market," who are looking for homes outside of their countries of origin to retire to.

According to an international magazine's survey late last year, the Philippines is the 15th most preferred destination for medical tourism and retirement. — BM, GMA News