Cebu: Eyed as Medical Tourism
and Retirement Hub

CEBU CITY, PHILIPPINES - Cebu has the potential to become the Philippines' medical tourism and retirement hub according to a US-based health care expert.

Cebu has what it takes to meet the high standards required of such a hub, according to David Paraiso Jr, Chairman and Director of HealthCare Coalition Institute.

Paraiso noted that Cebu has a solid track record of business success and sustained development in the retirement and medical tourism industry.

Cebu's advantages include a business-friendly environment and a highly dynamic and progressive business sector that is open to new ideas. These factors are critical given that setting up a retirement facility goes beyond infrastructure.

For a place to become a medical tourism and retirement hub, it must have highly skilled medical professionals and first class medical equipment and services.

It must be able to meet the high level of expectations of its clients who will mostly come from the US, Japan and Europe.

Developing the medical tourism and retirement industries simultaneously will enable Cebu not only to optimize its investment on medical facilities, but also to strategically position itself as a provider of high quality health care to retirees at lower costs.

Both the medical tourism and retirement industries show high business potential. According to statistics released by the United Nations, by 2050, the aging population of the United States will be about 12.1% of its population or 36 million.

Japan and Europe's aging population are estimated to reach 36.4% and 29.2% by the same year, and China's elder population is expected to reach 22.7%, while India's will be at 14.8%.

In the United States, health care costs continue to rise significantly and is projected to reach $2.8 trillion by 2010. Given this scenario, the US government is looking at alternatives, including offshore options that will provide its retirees quality health care at lower costs.

In the Philippines, particularly in Cebu, retirees could enjoy a comfortable lifestyle complete with health care coverage, with only about $1,500 a month.

3/25/2006

Source: PNA

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