| View previous topic :: View next topic |
| Author |
Message |
Tiger Beer
Joined: 07 Feb 2003
|
 Posted: Thu Jun 07, 2007 8:56 pm Post subject: Arroyo wants to turn Philippines into retirement haven |
 |
|
http://money.inquirer.net/breakingnews/view_breakingnews.php?yyyy=2006&mon=05&dd=30&file=22
| Quote: |
PRESIDENT Gloria Macapagal-Arroyo wants the Philippines to be a retirement haven for expatriate retirees, a billion-dollar industry.
At a Cabinet meeting Tuesday, she approved proposals to make the retirement industry one of her administration's flagship projects and appointed retired police chief Edgardo Aglipay as the "retirement czar."
She has also instructed the Department of Budget and Management to allot funds for the Philippine Retirement Authority to develop the industry.
In a presentation in Malacanang, David Paraiso of the Healthcare Coalition Institute said the country has the capacity to support between one million to three million expatriate retirees.
A retiree bringing in at least 1,500 dollars a month means 18 to 56 billion dollars in potential revenue per year.
|
|
|
| Back to top |
|
 |
Octavius Hite
Joined: 28 Jan 2004
Location: Househunting, looking for a new bunker from which to convert the world to homosexuality.
|
| Posted: Thu Jun 07, 2007 9:35 pm Post subject: |
|
|
| This is a great idea. The Philippines is a great country, I would love to buy some property, maybe a hotel, and just retire there (even at 25!). They are on to something with this, the Asian Florida! |
|
| Back to top |
|
|
Tiger Beer
Joined: 07 Feb 2003
|
|
| Back to top |
|
|
Rteacher
Joined: 23 May 2005
Location: Western MA, USA
|
| Posted: Tue Jun 12, 2007 5:04 am Post subject: |
|
|
| I've read that the Philippines is fast becoming the favorite retirement spot for expat Koreans - so expat native-English teachers who relocate there can still get their kimchi ... |
|
| Back to top |
|
|
Julius
Joined: 27 Jul 2006
|
| Posted: Tue Jun 12, 2007 8:03 pm Post subject: |
|
|
Retirement would be a good niche for the Philippines.
They just don't quite have the convenient tourist infrastructure to rival Thailand for example, although the potential is there. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Wed Jun 13, 2007 12:49 am Post subject: |
|
|
| Octavius Hite wrote: |
| This is a great idea. The Philippines is a great country, I would love to buy some property, maybe a hotel, and just retire there (even at 25!). They are on to something with this, the Asian Florida! |
Problem lies in the restriction of property ownership by NON Philippine citizens. We are restricted to condo ownership (max of 40% of units can be to foreigners) or a residential property lease.
We cannot own real property in our own name. We can only own 40% of a business. The remainder must be held by a Filipino or if it is a corporation, held by Phillipine shareholders.
They are a long way from being a retirement haven for any but those married to a Pinay or Balikbayans returning after retiring in the west.
Might also be a haven for divorced, dirty old men who want an 18 year old bride to baby sit them in their senility.
. |
|
| Back to top |
|
|
Tiger Beer
Joined: 07 Feb 2003
|
| Posted: Wed Jun 13, 2007 1:32 am Post subject: |
|
|
| ttompatz wrote: |
| Octavius Hite wrote: |
| This is a great idea. The Philippines is a great country, I would love to buy some property, maybe a hotel, and just retire there (even at 25!). They are on to something with this, the Asian Florida! |
Problem lies in the restriction of property ownership by NON Philippine citizens. We are restricted to condo ownership (max of 40% of units can be to foreigners) or a residential property lease.
We cannot own real property in our own name. We can only own 40% of a business. The remainder must be held by a Filipino or if it is a corporation, held by Phillipine shareholders.
They are a long way from being a retirement haven for any but those married to a Pinay or Balikbayans returning after retiring in the west. |
Then there is the SPECIAL RESIDENT RETIREE�S VISA (SRRV) : http://www.gov.ph/faqs/retirement.asp
| Quote: |
| Right to lease a parcel of land for 50 years renewable once for another 25 years; |
This is essentially why you see so many Germans, Koreans, etc. who seem to own land all over Boracay, Alona Beach, Puerto Galera's White Beach, etc.
You can basically 'lease' the land for 75 years total (basically your lifetime). You just can't pass on your prime beachfront Boracay real estate to your non-Filipino brothers's grandson back in New York/Toronto/Frankfurt/Tokyo in the year 2083. |
|
| Back to top |
|
|
hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
|
| Posted: Wed Jun 13, 2007 1:38 am Post subject: |
|
|
Interesting, my worries would be health care. At least in Thailand there are some world class facilities in Bangkok and Chiang Mai
Also am somewhat worried about the political situation both there and in thailand |
|
| Back to top |
|
|
Captain Corea
Joined: 28 Feb 2005
Location: Seoul
|
| Posted: Wed Jun 13, 2007 3:18 am Post subject: |
|
|
| hogwonguy1979 wrote: |
Interesting, my worries would be health care. At least in Thailand there are some world class facilities in Bangkok and Chiang Mai
Also am somewhat worried about the political situation both there and in thailand |
Two of my thoughts exactly.
Still worth considering though. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Wed Jun 13, 2007 3:43 am Post subject: |
|
|
The SSRV requires an "approved investment" of more than US$50,000 ($75,000 if you are under 50) in a curency that is NOT stable inside a country that is politically not always stable with some etherial promise that you will be allowed to repatriate your money (assuming your investment held it's value) at some time in the future (assuming the government didn't change the rules on you).
So you can lease the land, develop the property, build the business and then give it all away for nothing after 75 years.
Great investment.
Don't misunderstand me. I think that creating a retirement haven for 2 or 3 million expats would be a short term boon to the economy but there is no forward thinking in it and I am not convinced about the feasability of it in light of the current state of infrastructure outside the NCR and Cebu city.
Additionally, if the country develops its economy from 3rd world levels to "advanced developing nation levels" then the economic benefit to retirees would be gone (look at the change in the cost of living in Korea over the last 50 years).
Their (retirees) dollars would no longer go as far so there would be no economic reason for them to retire there. Like Korea, it would become too expensive to retire there.
The Philippines would be better off developing and improving their sustainable industry base (including tourism) rather than looking for a quick fix.
The alternative is to make land and business ownership via direct foreign investment a viable alternative for small and mid size investors (SMEs) instead of the penalties and restrictions that are in place now. |
|
| Back to top |
|
|
thepeel
Joined: 08 Aug 2004
|
| Posted: Wed Jun 13, 2007 3:45 am Post subject: |
|
|
Panama is also following similar ideas. Here is what Tyler Cowan, an economist from George Mason had to say about the idea...
| Quote: |
Panama has started a bidding war for retirees:
I can think of four relevant models here. 1. The Panamanian government is simply stupid. 2. In Panama most prices are well above marginal cost, making this a good deal for the nation as a whole. 3. The Panamanian government has a preference for sources of wealth which will not get involved in politics. 4. The Panamanian government believes that the greater number of residents will result in a more efficient spreading of fixed costs. I put my money on #2 and #3 |
http://www.marginalrevolution.com/marginalrevolution/2006/11/should_old_peop.html
Read the comments too.. |
|
| Back to top |
|
|
Julius
Joined: 27 Jul 2006
|
| Posted: Sat Jun 16, 2007 6:48 am Post subject: |
|
|
| BJWD wrote: |
| Panama is also following similar ideas... |
isn't that where Hannibal Lecter ended up? |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
