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Friday, September 15, 2006
Davao eyed as retirement haven
THE housing sector of Southern Mindanao is looking at reverse migration as an opportunity of selling the region as retirement haven to foreign nationals and overseas Filipino workers.
Salvador Valbuena, president of the Subdivision and Housing Development Association of Davao, said in an interview after guesting at the Club 888 Forum of The Marco Polo Hotel that with the trend now of the elderly going to third world countries to retire, this could be the chance to get a share of the market.
He said the Philippines is targeting at least one percent of the $44 billion total earnings of retired foreign nationals.
"If Davao can get a portion of that one percent it is good enough for a start. This kind of arrangement is already happening in Cavite and Davao must be a part of it," he said.
The concept of selling Davao as the "Paradise in the East" will be presented in a national convention of the housing sector on October 15-16, 2006 at the Waterfront Insular Hotel where the invited keynote speaker is President Gloria Macapagal-Arroyo. She will be joined by Vice President Noli del Castro, who is also chair of the Housing Urban Development Coordinating Council (HUDCC).
SHDA and HUDCC are spearheading the national convention next month.
Valbuena explained that once the scheme take place, a retiree will have to register with the Philippine Retirement Authority (PRA) where he or she has to pay $20,000 as entry fee and a monthly fee of $1,500.
The private sector has organized the Philippine Retirement Authority Inc. that will undertake the projects to respond to the needs of the retirees. The PRA, a government entity, has to come up with accreditation and guidelines for the different sectors to comply.
He cited for instance that Villa de Mercedez, a high-end subdivision covering 80 hectares in Davao City, signified its interest of getting accreditation with the PRA.
He said there will be other high end subdivisions that are interested to venture on this kind of program even as he said that members of SHDA in the Davao region were one in pushing the program.
He said marketing with the foreign countries will be done through the PRA and negotiation will be done between the governments of the parties involved.
Valbuena said that during the two-day convention there will also be speakers coming from the countries of Malaysia, Singapore and Hong Kong to share their expertise about the housing industry in their respective countries.
For Bisaya stories from Davao. Click here. (September 15, 2006 issue)
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