Philippines: The foreign retirees expected to infuse about $840 billion into the local economy

"The local real estate market is the fastest growing segment of the economy. The country will host on Dec. 6 to 10 the "First Asian International Real Estate Expo and Conference" that will bring the global second-home market and industry to Manila. The country said it targeted 859,000 foreign retirees to choose the Philippines as their second home over the next 10 years. The foreign retirees are expected to infuse about $840 billion into the local economy and generate four million jobs in the ten-year period.
The local real estate market, the fastest growing segment of the economy, is expected to receive further boost from the country's campaign to lure foreign buyers of vacation houses and condominium units this year. The country, will host on Dec. 6 to 10 the "First Asian International Real Estate Expo and Conference" that will bring the global second-home market and industry to Manila. The 1.3-million-strong National Association of Realtors in the United States has supported the expo in the Philippines. A number of foreigners had invested in real estate properties in the Philippines because of the country's affordable properties, low cost of living, nice tropical climate, and friendly English-speaking population. The number of the highly successful 42-to-60-year-olds reportedly runs to almost a hundred million in the US, Europe, Asia and Canada. Earlier, the Philippine Retirement Authority said it targeted 859,000 foreign retirees to choose the country as their second home over the next 10 years. The foreign retirees are expected to infuse about $840 billion into the local economy and generate four million jobs in the ten-year period. " read more

Manila Standard, 01/12/07, "Property firms woo foreign retirees"