BOI reports surge in inquiries for retirement homes investors in Cebu, PHL

CEBU CITY, July 21 (PNA) — The Board of Investments (BOI) has reported a surge of inquiries from investors wanting to set up integrated retirement facilities in Cebu and in the entire country.

BOI governor Gerry Sta. Ana said there is a growing number of capitalists who have expressed interest to invest on retirement facilities specifically in Cebu.

Aside from the interested investors, Sta. Ana said retirees from all over the world, like the Japanese and the Taiwanese, are already looking at facilities in the Philippines where they could retire.

He said the announcement of Megaworld Corporation that a group of Japanese retirees have acquired majority of the condominium units in one of their towers at the Mactan Newtown project in Lapu-Lapu City is a testament to the growing demand for retirement facilities here.

But Sta. Ana said Cebu still needs to build a dedicated facility for the retirees, which will offer support facilities required by the Philippine Retirement Authority.

PRA requires a retirement village to have all facilities and services that will conform with internationally accepted standards of quality in comfort, medical care, sanitation, safety, security and lifestyle.

A participating establishment shall also conform to the United Nations Principles for Older Persons, such as independence, participation, care, self-fulfillment and dignity.

Earlier, Department of Trade and Industry Cebu provincial director Nelia Navarro, said Cebu will maximize its potential to attract thousands of retirees looking for alternative vacation homes outside of their countries, if investors will start building facilities that will accommodate this multi-million-dollar market.

Navarro said Cebu still has to provide the right facilities to host the growing retiree market, who already expressed interest to prefer Cebu as their retirement destination. (PNA)