News

Turning PHL Into A Prime Retirement Destination

May 18, 2012 News

As discussed in our previous column, a target group cannot simply be defined over age. The target group 50-plus is heterogeneous and, therefore, has different needs and wants.

A German research group, Sinus Sociovision GmbH, did an extensive research on the Silver Generation and grouped them into different clusters. The three main clusters were the Old Agers, Best Agers, and Old Kids.

The Old Agers are very traditional and conservative and tend to cocoon themselves in their houses and spend their time with their families.

It would be difficult to tap into this cluster for international retirement migration as travel and tourism is not in their interest

For the Best Agers, the dominant values are high self-esteem, choosiness and high-quality orientation.

They see aging as a good opportunity to spend more time for themselves and enjoy their lives. Part of their enjoyment is their high tendency to travel and discover new things. They are also avant-garde when it comes to innovative forms of housing.  They have openness to new forms of housing and ways of living.

Meanwhile, the focus of the Old Kids is on travel, fashion and consumption.

They see themselves as pioneers and are open to new ways of living. Moreover, they want to keep up with other lifestyles and are open to new services and products. While living in a retirement community in the Philippines is something out of the ordinary for this group, they are an essential target.

To sum it up, it can be expected that the group, which is sticking to old values and norms would not contribute to international retirement migration. Old Agers who are entrenched in their bourgeois world would most probably stay in more familiar surroundings and not start a new life.

More interesting groups for a fully integrated retirement village are the Best Agers. They want to discover new things, enjoy life, live a better lifestyle, and travel.

This cluster would most probably choose the Philippines as winter destination but still keep their roots in their home country.

The Retirement & Healthcare Coalition (RHC) developed a “Long Stay Visitor Program” for this target group. Under it, they can “test-live” the Philippines or simply choose the Philippines as their winter destination.

The Old Kids see themselves as pioneers and prefer individual living and are most likely to participate in international retirement migration and possibly choose the Philippines as destination for their permanent retirement.

The Philippine Retirement Authority (PRA) offers a variety of visas for those that decide to stay permanently in the country. More information on their products can be found at www.pra.gov.ph.

The RHC, formed by the American, European, Japanese and the Korean chambers of commerce, has been active in the fields of retirement and health care since 2007.

It is with this perspective that the RHC, in partnership with the Philippine Retirement Authority and in cooperation with the Philippine Healthcare Initiative and Century Properties, is organizing the 2nd Philippine Retirement & Healthcare Summit on June 26 at the Grand Ballroom of the Dusit Thani Manila. The event is set to recognize the Philippines’s potential as the top retirement destination in Asia, capable of providing quality service to the silver market by understanding its motives.

Marc Daubenbuechel is the executive director of the Retirement & Healthcare Coalition. He is also a project manager at the European Chamber of Commerce of the Philippines. For your comments, e-mail daubenbuechel@eccp.com.

 

Source: Business Mirror; Opinion; 17 May 2012