PHILIPPINES - RP targets close to 1M retirees abroad to live here

Philippine information agency, 18 June 2007

As much as 3M retirees can be absorbed by the Philippines in the global market to attract senior residents to live in the country but the government is only targeting close to a million, according to a former top official of the Philippine Retirement Authority (PRA).
Retirement villages is one of the flagship programs of President Gloria Macapagal-Arroyo as the government provides incentives to investors to develop retirement villages as there is definitely a market, Francisco said.
Francisco who guested in the two-day Cebu Asean Tourism Forum said there is an estimated more than 326M retirees worldwide last year while the figure will significantly increase to about 869M by 2010.
The Philippines is targeting retirees from Japan, Korea, Taiwan, US, Europe and China to consider the country as a retirement destination. The country prides itself with certain advantages such as warm climate, caring and friendly people, low cost of living, natural attractions and world-class healthcare and safety measures, Francisco bared.

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