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

Housing sector sees 15% growth

By Katlene O. Cacho

SUBDIVISION and Housing Developers Association Inc. (SHDA) 7 reported 15 percent to 20 percent growth in the housing sector this year.
“There is a growing market of people who want to own houses,” said Rey Ralota, president of SHDA 7, during the opening of the 2009 Housing Fair and Trade Exhibits held at SM City Cebu Atrium last Friday.
He attributed such growth to Pag-ibig’s six percent interest rate in housing loans and Cebu’s continued growth in business and tourism.
“The expansion of business process outsourcing (BPO), remittances from the overseas Filipino workers (OFW) and the tourism in Cebu have contributed a lot to the
growth of the housing sector,” said Ralota, also president of Ramman Realty.
He noted that about 70 percent of the buyers are from the local market.
“Young professionals, start-up families and OFWs are the major buyers for low- cost houses,” he said.
With the city’s continued expansion in business and tourism, Ralota added, there is no doubt the housing sector will continue to expand.
However, such expansion, he said, will depend on the availability of the government’s funds. “Yes, we can expand so long as the government’s lending portfolio remains the same or will increase,” said JJ Atencio, president and chief executive of 8990 Housing Development Corp.
8990 Housing Development Corp. was able to develop 2,000 housing units this year.
“And we are optimistic that we will develop more housing units in the coming years,” he added.
The SHDA 7, in partnership with the Housing and Urban Development Coordinating Council (HUDCC), is celebrating Shelter Month in October.
The annual housing fair and trade exhibits were conceptualized to shelter the homeless.
“Housing developers are here to exhibit different housing units to address the growing demand for houses in the region,” Ralota said.
Exhibitors
This year’s housing fair is composed of 15 exhibitors in the region, including 8990 Housing Development Corp., PrimeHomes Development Corp., Willow Park Properties, Philippine Estates Corp., Primary Homes Inc., Ramma/Buildrich Realty and Development Corp., Shelter Concepts Inc., Pacific Land Ventures and Property Development Inc., Taft Property Venture Development Corp., ProHomes Development Corp., AboitizLand Inc., Tri Star Paints Center and Construction Supply and Home Development Mutual Fund/Pag-Ibig.
The housing and trade fair exhibit will be until Oct. 30.
Aside from the housing fair, SHDA 7 will also host the Visayas-Mindanao-wide Housing Summit in May next year.
“This summit will focus on sustainable development where issues and concerns on disaster preparedness will be tackled,” Ralota said.
He also added that they will pilot the project on rainwater catchment.
“This is one of the immediate solutions we see on the problems on flooding. With this rainwater catchment, we can conserve and re-use water for other purposes,” he said.


Published in the Sun.Star Cebu newspaper on October 26, 2009.