As retirement hub: Lack of support policies weakens Cebu’s position

CEBU, Philippines — While Cebu has all it takes to attract the wealthy retirees around the world, its potential is impaired by the lack of support policies in place to attract this particular market.

What remains to be a challenge now, especially in Cebu is the inability of hotels, clinic and other service providers to be accredited with international financial institutions such as insurance, among others to effectively accommodate the needs of foreign retirees, said Colliers International Philippines Philippines’ senior research manager Joey Roi Bondoc.

Bondoc emphasized the weak accreditation system by hospitals, clinics in the Philippines to accommodate insurance providers of foreign retirees.

“The government should look into this,” said Bondoc, adding that if this he will not be addressed soon, opportunities maybe wasted.

Besides, the Philippines still has to work double-time in order attract more retirees to live here, as the culture here is not used to senior assisted living just like in other countries.

On the other hand, Bondoc applauded the decision of Maayo Hotel and Maayo Clinic, as this will catch the attention of retirees all over the world to come to Cebu.

Meanwhile, Chinese nationals top the foreign retirees staying in Cebu and availing of special resident retirees Visa (SRRV) from the Philippine Retirement Authority (PRA).

A record from the PRA Cebu satellite office revealed that of the 3,900 special retiree visa holders in Cebu, majority of whom are Chinese nationals, followed by Koreans, and Taiwanese.

PRA-Cebu Satellite office, officer-in-charge Elma Corbeta revealed that aside from the good quality of life in Cebu, these foreign nationals opt to acquire of special visa accommodation due to other interests like investments and other incentives.

Corbeta said these retirees are mostly buying properties and putting investments here, aside from enjoying the cheaper cost of living in a tropical setting.