The Philippine retirement initiative: Hong Kong: A grant request to the Philippine government to promote the Philippines as the premiere retirement destination for Hong Kong retirees

• Main Authors: De Los Angeles, Nico, Murray, Emmel Joseph K., Thorp, Ginny, Tamayo, Manuel, Yap, Benjamin
• Format: text
• Published: Animo Repository 2008
• Subjects: Retirement industry—Philippines; Chinese—Retirement—Philippines; Other Business
• Online Access: https://animorepository.dlsu.edu.ph/faculty_research/8290
• Institution: De La Salle University

This report aims to justify a US$50 million grant from the Philippine Board of Investments by analyzing the business potential of Hong Kong as a focus country for marketing the Philippines as a retirement destination. Hong Kong, one of the wealthiest and most densely populated regions in Asia, with a population of over 7 million people in an are of 236 sq mi., is challenged with a dauting problem, an aging population. By 2020, this region will have over 8 million people, half of which will be considering retirement. With such a limited space, and resources to support this aging demographic, Hong Kong will be facing the problem of what to do with these people. The answer to this may lie in one of its neighboring nations, the Philippines. The Philippines has been marketing itself as one of the premiere retirement destinations in South East Asia, together with Malaysia and Thailand. Although the Philippine Retirement Authority has been lagging behind in their efforts in competing with other SEA nations, the Philippines still proudly boasts over 17,000 retirees (8000 of which are Chinese). Actively offering the Philippines as the premiere retirement destination for Hong Kong nationals would not only benefit the Philippines but Hong Kong retirees as well. The Philippines has a lot to offer to Hong Kong retirees. From economics benefits like lower cost of living, excellent health care services, government benefits, and affordable real estate, to other offerings advantages, such as entertainment, quality infrastructure, and climate. The Philippines also has a lot to gain from providing these services to Hong Kong. By bringing in 21,000 new retirees within a ten-year period, the country will generate up to US $5 Billion in foreign investments and create 330,000 new jobs in the medical, services, and construction industries. It will also benefit from the improvement of transportation, communication and educational infrastructures while establishing itself as a major contender in the US $5 Billion Medical Tourism industry. The report concludes with a proposal that the Government's initial investment Grant of US$50 Million into marketing the Philippines as a retirement destination for Hong Kong retirees will bring about a 10 to 15-fold increase in foreign investment returns over a 1–3-year period.