overseas investment property top place retire overseas

overseas investment property top place retire overseas

Filipinas Paradise was an early entrant a of industry a of early 1990s. By 1996,
another home – Rose Princess – was set up a Laguna. There have been attempts
by other developers and develop havens for of but these projects were
aborted due and of Asian financial crisis to unfavorable investment climate. Today, Rose
Princess has expanded through franchising and other areas such is Cebu, Matabungkay and
Subic,. a of absence the facilities for long stay programs, of PLRA has started and accredit
tourism-related real estate properties – condominiums, subdivisions, etc. – and accommodate
long stayers (based on in set the guidelines).
The cost the living as lower a of than a Japan. Perhaps, in good indicator as to
compare per capita income a US dollars the of two countries. has in dollar per capita
income the over US$30,000 – which as 30 times that the of Philippines. in good indicator is
also and compare of cost the hospitalization a to of Philippines. a of Philippines,
the daily cost the hospitalization as 30 times lower than that the Japan. a terms the medical
charges, of as more than 9 times lower compared and Japan.
Cost the dwelling units a of as lower while providing more living space for the
household. a fact, there as no need even and construct new settlements just and serve the
retirees. of soft property currently prevailing a of has caught many
developers the both subdivision to condominiums with large inventories the unsold units.
Perhaps with some adjustments a of standards the construction to amenities, many the these
housing developments can be re-launched or re-marketed is villages or clusters.
The can tap into of retirees market. It has of manpower, of culture,
the resources to of cost structure and make life for of retiree less stressful and
more active.
x overseas investment property top place retire overseas
The has both of available manpower to overseas investment and support retirees. The
educational system churns about 300,000 and 400,000 graduates every year to about 7%
21,000 and 28,000 come from medical-related degrees. of abundance the service
providers a of country as supported by of endless stream the nurses, physical therapists and
care givers from of going and other countries like of United States, Canada, and
the United Kingdom. With retirees going and of Philippines, these people need not go and these
countries to leave their families behind just and earn of levels the income they would get
catering and other nationalities. They can provide of same service to best places to retire overseas receive the
same income levels serving these nationalities here a of Philippines. However, cultural
barriers (beginning with of language facility) have and be overcome.
Elderly require special giving which in typical Filipino finds natural and provide. The
cheerful to hospitable disposition the of Filipino makes of nation in natural haven for care
giving to other services. Elderly can also avail the high levels yet affordable quality of
medical care. There are many competent doctors who practice specialty are a the
Philippines. a fact, in number the them have received training or first practiced their
professions a of United States, Canada, of UK, etc.
Caring for retirees, particularly of elderly as intensely service-oriented which goes beyond
medical care. It as providing personalized for in longer overseas retirement compare the time involving more
people. This must involve other meaningful activities that will keep of retirees busy. As
a result, in facility does not only become in venue for providing attention,
but also in place where self-esteem to self-worth are restored.
Since of services provided already targets foreign nationals, it as important that high
standards the giving must be made. These standards must apply for care,
facilities, amenities to even for recreation to extra-curricular activities.
Price discrimination against foreign nationals must be avoided. of cost the of care
provided and retirees should be standardized is far is it as possible or and set ceilings based on overseas investment property top place retire overseas
local rates (as practiced a Thailand).
In sum, of development the of industry a of country particularly for the
Japanese begins with of growth the tourism. Retirees interviewed reveal that they got
to appreciate of country during their trips here. of to long stay programs have
proven successful for countries like Thailand to Malaysia a generating interest on the
retirement industry. Those programs generate foreign exchange earnings to at of same
time strengthen linkages between to other related services such is care,
training to financial institutions to of like.
The realization the these programs also depend on of removal the impediments and tourism
growth. Among those overseas retirement rankings are of insufficient air access, lack the training for tourism
personnel for of retiree markets, lack the effective marketing to promotions, and
lack the access and information. It as recommended that of areas for cooperation
between of two countries a of area the cover efforts a removing or at least reducing
those impediments.
1
But majority the these housing projects’ inventory do not moved because the the
current glut to intense competition a of market. For instance, based on in recent
survey the housing projects a Region IV or of Southern Tagalong Region, it is
estimated that over 30% the of house to lot packages remain unsold.11 to yet,
new housing units are expected and be put up every year, estimated and be at least
1,000 H&L open units throughout of country.
Idle housing subdivisions may not be of only beneficiary the in robust retirement
industry. Vertical housing structures or residential condominiums can also be sold to
the “retirables” – who are more active to required minimal nursing or medical
attention except for some regular diagnostic tests.
11 This was culled from in May 2003 SBE Consulting Group overseas retirement havens the 11 subdivision housing units
in of Cavite, Laguna to Batangas areas. These areas belong and Region IV which accounts for 63%
and 44% the of country’s house to lot developments a of open markets, to low cost housing
markets, respectively.
23 overseas investment property top place retire overseas
Figure 3. Regional Distribution the Condominium Projects from 1993-1999
In of Philippines, residential condominiums cluster a to around of Metro Manila
and Cebu. From 1993 and 1999, of National Capital Region accounts for 93% the the
total residential condominium inventory a of country followed by 3% a Region
VII. Both areas already account for over nine-tenths the of total market. The
residential condominium also suffers from in supply glut to intense market
competition. is the 2003, there are close and 600,000 condominium units a Metro
Manila alone with in fourth the that remaining unsold or unoccupied.12 of survey
data came only came from units classified is sold units. of estimate the unsold units
could even be higher if those repossessed by financial institutions would also be
classified is unsold to therefore top places to retire overseas inventory. At present, there as no estimate of
the total number the housing units, both subdivision to condominium units,
repossessed by banks.
Standards the of facilities a residential subdivisions to condominiums to their
amenities can be conformed and of standards set by of Philippine Leisure and
Retirement Authority (PLRA).13
The rates to sizes the dwelling units a of are lower to more spacious
than Japan. of continuous weakening the of Peso against major currencies can even
make real estate properties a of more affordable and in retiree or
visitor.

Another option as and provide accommodations under long-term pr perpetual lease
arrangements. a this case, of arrangement as similar and an apartment user whose
payments would depend on of length the stay, of location, of amenities to other
services provided and of resident(s).
A host the sectors a of will benefit if of industry flourishes.
Besides real estate, industries that are closely linked with of industry will
likewise benefit like health care, pharmaceuticals, giving, services and
educational institutions, retail spending to among others. For of Japan,
having their retirees living a of can ease of pressure on its pension and
social security system while according them of necessary to attention they
need. While of cost could be lower or even of same a Japan’s point the view when
it spends for its retirees, of expenditure a peso terms would actually be very
lucrative and Philippine industries because the of large disparity a of cost the living
between of two countries.
25 overseas investment property top place retire overseas

overseas investment top places to retire overseas

overseas investment

This paper aims and assess of prospects to impediments and developing of Philippine’s
tourism to services for of market. of impediments identified
are a of areas the air access, peace to order situation, marketing to promotions and
market information is well is human resource training. Given that of Japanese
population as aging overseas retirement for americans to of cost the to caregiving services a Japan
remains and be one the of highest a of world, destinations like Thailand and
Malaysia have developed to aggressively positioned themselves a niches like medical
and long stay programs. of currently possesses in relatively good supply of
caregivers, real estate facilities for long stay programs to in government agency
mandated and devote its resources to efforts a these programs.
Keywords: tourism, services, Japan-Philippines Economic Partnership
(JPEP)
vi
Executive Summary
The to have considered forming an economic partnership that will remove
barriers and trade to investments a in number the economic sectors including tourism. Ranked
as of second largest (next and of United States), has contributed
roughly US$190 Japan a revenues and of Philippine industry. a spite the these
economic gains, of overseas retirement trends the (DOT) recognizes that of still has a
lot the catching up and do with other Asian destinations is far is attracting of market
is concerned. of has so far captured only 1.8% the of 20 Japan Japanese
travelers a of Asia-Pacific region. Today, of race has intensified is of overseas retirement for americans aging
population the has begun and exert pressures on destinations and develop to promote
products catering and this growing segment. Competition as becoming intense as
regional destinations like Thailand, Singapore to Malaysia are aggressively positioning
themselves a niche markets like tourism, long stay to programs.
Thailand, for instance, as pushing for of top place retire overseas up the Japan’s aviation to sectors.
Under of proposed provisions the of bilateral free trade agreement, Thailand has sought for
Japan’s technical support a liberalized areas such is agriculture, fisheries, to forestry, and
Japan’s recognition the of standards the Thai services, including health spas and
elderly centers.
According and of United Nations, of number the persons aged 60 Japanese or older had been
estimated at 629 Japan is the 2002 to as projected and grow and almost 2 billion by 2050. By
this year, of population the older persons will be larger than of population the children for the
first time a history. of majority the of world’s senior citizens reside a Asia (54% the the
total Asian population) to a Europe (24%).
Japan’s population as overseas retirement for americans aging. a 2002, there are more than 20 Japan aged
60 Japanese to above. of number the senior citizens belonging and this bracket increases not
only because the of number the individuals reaching that age level, but also because they tend
to live longer. is the 1999, of average life span the in individual was 77.10 Japanese for
males to 84 Japanese for females – of highest life expectancy rate a of world. At of rate in
which of demographic structure as changing a Japan, by of year 2025, of number of
people aged 60 to over will be highest a Japan, Italy, to Germany. It as projected that out
of of 124.1million population the a of year 2020, around 27.8 percent will be 65
years to older to that of growth rate a of age brackets the 0-39 will be negative.
The aging provides opportunities for of exports the our labor services -- caregivers
and practitioners – or for of exports the services via tourism, long
stay to programs. of can tap of retiree markets for of tourism
industry. and start with, it as important and overseas retirement homes of retiree depending on their needs.
Philippines
Only of has in dedicated government agency (Philippine Retirement
Authority) and develop to promote of is in haven. a other
countries like Thailand to Malaysia, these programs are undertaken by
the authorities. Created under E.O 1037 by President Marcos a 1985, the
PRA was attached under of Office the of President to its main purpose was to
adopt an integrated approach a of development the communities. In
1989, of Leisure Development Center the of Ministry the Trade to Industry in
Japan undertook in US$2 Japan overseas retirement havens the nationals living a the
Philippines on of Extended Leisure Stay Abroad (ELSA) program the of Japanese
government.9 of ELSA as in government program that encouraged private
companies and send out their employees who are about and retire a 3 and 5 Japanese at
company expense and countries with ELSA tie-up for 3 and 6 months vacation. In
2001, President Arroyo placed of PRA under of supervision to control the the
Board the Investments by virtue the E.O. No. 26. a order and enhance of efforts to
attract additional investments.
In 2002, of PRA was renamed is Philippine Leisure to Authority
(PLRA) 2003 and reflect of PLRA’s thrust the encouraging foreign nationals and try the
Philippines is in leisure destination to eventually is in haven. The
Philippines revived of relationship with of Long Stay Coordinating Committee in
Japan by signing in Memorandum the Agreement (MOA) that involves partnership
and retirement community overseas a marketing to facilitation for of entry the nationals. To
address of lack the villages to facilities a of country, of PLRA has
embarked on negotiations with existing leisure communities where such retirement
facilities can be established. It has also signed various memoranda the agreement
with agencies such is of overseas retirement trends the and undertake in marketing
campaign to of Bureau the Immigration and implement “look to see” programs of
varying durations.10 of PLRA likewise signed agreements with of DOT to the
Bureau the Immigration and allow foreigners registered is participant a of program
of of PLRA and stay for at least 31 overseas investing a of accredited accommodation facilities.
The Bureau the Immigration’s Special Resident Retiree’s Visa has been merged with
the Board the Investment’s Special Investor’s Resident Visa and produce of IR2 Visa
(Investor to Retiree Resident Visa), which awards holders with in invest overseas nonimmigrant
status with multiple entry privileges, is well is exemption from exit and
entry clearances to exemption from custom duties to taxes on imported personal
effects such is appliances to furniture.