Retiree market ushers in business prospects

CEBU, Philippines — As Cebu is gaining popularity among ageing communities abroad as preferred second home destination, entrepreneurs are urged to venture into businesses that cater to this market.

The Philippine Retirement Authority (PRA) encourages capitalists and even small entrepreneurs to venture into retail, wellness, food and beverage, tourism related products and services.

According to PRA-Cebu officer-in-charge Elma Corbeta, Cebu is a popular destination among the retiree market because of its numerous tourism attractions.

“English-speaking population and the presence of tertiary medical facilities with international accreditation are few of the strong appeals why the foreign ageing communities are eyeing Cebu as their tropical retirement destination,” said Corbeta.

Furthermore, aside from fluency in the English language, the Philippines is ahead  compared its contemporaries like Thailand, Indonesia and Malaysia, because of its affordable and easy to acquire special visa requirements.

A principal retiree applicant aged 35 years old to 49 years old may only need a visa deposit of $50,000 while for 50 years and above with pension is at $10,000 and without pension at $20,000 to secure an SSRV.

This deposit can be used to buy real estate products like condominium units,

Retirees are also known to splurge in wellness, food and beverage and other lifestyle services and products.

As of August 2018, PRA records 57,590 SSRV holders, of whom 3,322 are living in Cebu.

Cebu now is also an attractive retirement destination among Chinese, Russians, aside from the traditional Korean, Japanese and Americans.

The Philippines was named 19th World Best Ace to Retire in by International Living’s Annual Global Retirement Index in 2017.