eTN Asia, 29-10-2006
International chains such as Hyatt Group and Hilton Group are soon expected to finalize their investments in Philippines’ retirement sector.Retirement villages as a concept is gaining momentum in Philippines. Such villages are being referred as the next tourism hotspot and a major potential source of steady dollar inflows.
Baguio City, Clark, Subic, Tagaytay, Cebu and Davao have been identified as key locations for retirement communities. There are properties being offered by the Philippine Deposit Insurance Corp., Philippine Tourism Authority, Subic Bay Metropolitan Authority, Bases Conversion Development Authority, Social Security System, Government Service Insurance System and other government agencies.
It is being acknowledged that senior officials of the US-based hotel operators Hyatt Group and Hilton Group will visit the Philippines by year-end or early next year to scout for possible investment opportunities in the retirement sector.
Edgardo Aglipay, chairman of the Philippine Retirement Authority, according to Manila Standard Today, said the two groups would look at fields of cooperation with the agency.
