AN official from W+B Advisory is urging Cebu to strengthen its position as the country’s retirement capital, saying the province has everything needed to cater to the needs of retirees, particularly the active ones.
Professor Eric Soriano, executive director at W+B Advisory, said Cebu could take the the lead in offering retirement options to foreigners.
Being a province that delivers modern comfort is well balanced with its countryside offerings, he said.
Soriano said there were several studies conducted in the past which aimed to position the country as a retirement destination. However, these did not take off due to bureaucracy.
“Government that time wasn’t supportive of it,” said Soriano.
He said that given the changed times and the challenge to differentiate the country from the rest, Soriano said Cebu should take the lead and initiate the sustainable concept of retirement.
Cebu Province has proposed to Philippine Economic Zone Authority (Peza) retirement ecozones in the areas of Dalaguete-Argao, Bantayan and Camotes islands.
International Living’s Annual Global Retiremet Index identified the Philippines as an emerging top global retirement destination.
In 2017, it became the 19th world’s best places to retire.
Earlier reports said Chinese nationals topped the Philippine Retirement Agency’s (PRA) list of foreign retirees in the Philippines.
The agency’s data shows that from 1985 to October 2016, there were 17,768 Chinese retirees in the country, accounting for 34 percent of the total foreign retirees.
Within the 31-year period, there were 49,711 foreign retirees registered with the PRA.
After Chinese nationals from mainland China, Koreans followed with 10,384 retirees (21 percent); Taiwanese with 4,524 (nine percent); Indian retirees of 3,991 (eight percent) and Japanese retirees with 3,442 (seven percent). Americans, Chinese from Hong Kong, British, Germans, and Australians made it to PRA’s top 10 retirees.