CEBU CITY DECLARED A RETIREMENT HUB

It has facilities to accomodate growing number of retirees

The country's overall authority on the local and foreign retirement industry yesterday declared that Cebu City is now known as a world class retirement hub in the whole visayas.

Through a memorandum of understanding signed yesterday by Cebu City Mayor Tomas Osmeña and officials of the Philippine Retirement Authority (PRA), Cebu City was officially declared as a Local Integrated Retirement Area (LIRA), due to the City's facilities that may accomodate the continuous entry of foreign nationals and "balikbayans",who hope to retire int he Philippines "in style."

The LIRA project, as it is called, is not only meant to attract foreign nationals and former Filipinos to invest, reside and retire here, but also to help accelerate the country's socio-economic development through the dollar revenues it may earn.

MORE JOBS
Aside from Cebu, other known LIRAs in the country are Baguio, Subic-Clark and Davao.PRA Chairman and retired Police Director General Edgardo Aglipay said in a press conference yesterday that the LIRA project for Cebu City will not only increase tourism development, but also provide more employment opportunities.

Aglipay said that as more foreign retirees avail themselves of the country's retirement package, more jobs will be created in some fields, such as hotel and restaurant services, accomodation, infrastructure, health and wellness, individual care service programs, and others that are well-suited to the distinct requirements of the foreign retirees market.

Three years ago, Aglipay said Osmeña convinced him to make plans to turn Cebu City into a LIRA.

HIGHER REVENUES
He said the mayor personally drove him to some of the sights in the city and explained to him the good points the city cn provide to foreign retirees.
Aglipay said that there was an increase of "young" foreign retirees (those still near the age of 50 or below) coming to the country for a span of three years. Majority of them came from China.

Joel Mari Yu, managing Director of the Cebu Investment and Promotion Center said the retirement industry can help Cebu City earn more revenues.
Yu said that some industries such as the local housing industry, can also benefit from the LIRA project as retirees oftentimes purchase houses.

Aglipay added that the project can also improve on government private sector relations, through coordination with other government agencies.JKV
SOURCE: SUNSTAR CEBU

INVEST IN CEBU

NVEST IN CEBU MAYOR URGES BUSINESSMEN TO INVEST IN CEBU Mayor Tomas R. Osmeña urges foreign and local businessmen to invest in Cebu amid the political turmoil that the country is experiencing today. ``Cebu is now the best place to do business in the Philippines. We have political and economic stability. The peace and order situation is relatively peaceful,’’ Osmeña said. The rallies and demonstrations calling for President Gloria Macapagal Arroyo's resignation are only confined within Metro Manila, the mayor said. The political and business leaders in Cebu are united. We have a common vision to make the city and the entire province a better place to live in. ``More importantly, we shared a united stand supporting President Gloria Arroyo,’’ said Osmeña, who is now in The Netherlands for an official trip. Aside from the stability in politics and the economy, Osmeña stressed that Cebu has an educated and skilled work force. Cebu City has world-class communication and transportation facilities, making it easy for businessmen and tourists to be connected and travel worldwide. Osmeña said the city will place some advertisements in the leading national dailies urging the investors to do business in Cebu. ``We will show to them (investors) that the Philippines is not Metro Manila. There is Cebu City, which is better for business than Metro Manila,’’ he said. During his state of the city address last week, Osmeña rallied the Cebuanos to take advantage of the political crisis in Metro Manila. ``It is really now our chance to show to Manila that they are no longer the leaders. Cebu will step into their shoes, and we will lead the way,’’ Osmeña stressed in his speech during the Cebu City Council's inaugural session. Osmeña urged Cebuanos not to be bothered by the chaotic political situation in Metro Manila. Instead, he asked the city residents to exercise a strong sense of self-reliance. ``If we, here in Cebu, are just going to react to what we see on the television and read in the newspapers, then we will be a victim of our own sense of pride,’’ Osmeña stressed. Mayor Osmeña, together with the entire city council, department heads, and rank, and file employees, have expressed their full support to President Gloria Macapagal Arroyo. (City Public Information Office) Source: http://www.cebucity.gov.ph