Philippine News Online: Japanese investors keen on... -
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Published on: 8/27/2003
Last Visited: 8/27/2003
MANILA - A group of Japanese nationals plans to establish retirement villages in Subic, according to Philippine Leisure and Retirement Authority (PLRA) Chairman J. Antonio Leviste.
Leviste said this would hopefully entice retirees to come in since "the establishment of retirement villages poses the proverbial chicken-and-egg dilemma since no retirees would come without available facilities, while no facilities could be built without the assurance that retirees would be coming in."
"But since many Japanese have expressed an ardent desire to make the Philippines their second home, then by all means build a retirement village in Subic or wherever one can be suitably built," he added.
However, Leviste said that the setting up of retirement villages need not be a "build-from-scratch undertaking" since the Philippines already has existing leisure communities that can serve as retirement havens.
While welcoming the plan to establish a retirement village in Subic as being complementary with the PLRA's program to sell the Philippines as a second home to foreigners and former Filipinos, Leviste said that the PLRA had instead concentrated on making full use of available facilities.
He explained that the PLRA has been accrediting hotels and resorts suffering from low occupancy rates and bookings.
Among the leisure communities the PLRA has already negotiated with were the Tagaytay Highlands, Punta Fuego and Camp John Hay where retirement facilities can be established, Leviste said.