The resolution, originally proposed in May 2006 and referred to the committee on tourism, requests the City Planning and Development office to come up with the plan to attract foreign retirees to stay in Davao.
Councilor Pilar Braga, proponent of the resolution, said the city should take advantage of the booming retirement industry, which will be good not only for the tourism industry but also for the economy and investment market.
Braga said that by 2025, the number of people aged 60 and over will be highest in Japan, Italy and Germany and this is projected to hit target foreign exchange receipts at a cumulative $40 billion.
"If we put our acts together, we can compete with Thailand and Malaysia - tow of the main destinations of retirees," Braga said.
A retirement village is a specially built community complete with infrastructure consisting of health and insurance facilities; 24-hour security arrangements; recreational, cultural and educational facilities, and transport services, aside from the housing facilities suited to the needs of the retirees. (GLP)
