Feature
Will you still need me? Will you still feed me? When I’m 104? By Art Villasanta
T
he 1st Philippine Retirement and Healthcare Summit held April 12 at the Dusit Thani Hotel rekindled the determination among stakeholders to push the Philippines as the preferred international retirement destination. Input from the summit will result in the drawing-up of a high-level roadmap leading to a comprehensive retirement program.
Summit partner was the Philippine Retirement Authority (PRA); the RHC cooperated with the Philippine Retirement, Inc. (PRI) in this endeavor. PRA is a government owned and controlled corporation whose job is to attract foreign nationals and former Filipino citizens into investing, residing and retiring here.
Critical to this roadmap’s success, however, is a tectonic shift in the process of managing retirement programs. In this new paradigm, stakeholders will veer away from a business model where “Silver Aristocrats” are treated by some as gold mines to be exploited and instead adopt an approach that treats retirees with dignity.
PRI is a non-stock and non-profit company that supports this sunrise industry; the main shareholders are the leading real estate conglomerates.
The 10 speakers at the summit talked about the international retirement market; the importance of retirement villages; healthcare services and the regulatory environment affecting the retirement industry. The summit was organized by the Retirement and Healthcare Coalition, Inc. (RHC), an organization consisting of the European Chamber of Commerce of the Philippines; the American Chamber of Commerce of the Philippines; the Korean Chamber of Commerce Philippines and the Japanese Chamber of Commerce and Industry of the Philippines.
These chambers of commerce united in the RHC represent the major markets targeted by the Philippines’ international retirement industry. RHC aims to promote and win recognition of the Philippines’ value as a retirement haven, and as a center of excellence for medical and managed care services for retirees from all over the world.
RHC: committed to seniors care RHC is promoting the Long Stay Visitor program as a successful market entry strategy to gain credibility and trust in the Philippines. This program is developed jointly with the Department of Tourism. Successful ‘long-stay visitors’ will eventually buy 2nd homes in the country and will hopefully later retire here.
BUSINESS REVIEW
April 2011
19