Influx of foreign retirees seen to rise

THE Philippine Retirement Authority (PRA) and the National Economic Development Authority (NEDA) revealed that thousands of foreign retirees are looking to spend the rest of lives in the Philippines by 2015 because of the low cost but high-standard of living here.

According to a report from the PRA at NEDA, these foreign retirees are Chinese, Koreans, Japanese, and Fil-Americans.

These foreign retirees, according to the report, plan to live in Subic, Cebu, Tagaytay, Dumaguete, Baguio, and Metro Manila.

This roughly translates to some $14 billion in potential income for the country.

Robert Lim Joseph, chairman emeritus of the National Association of Independent Travel Agencies (Naitas), said government and the tourism industry should at this time, start making preparations.

The PRA and NEDA report further noted that at present, foreign retirees are starting to come, as indicated by Koreans here who have put up their own schools and grocery stores to cater to their own taste and needs.

Joseph said that the early beneficiaries of the influx of retirees are the travel, construction and real estate industries.
–Francis Earl A. Cueto, Manila Times