Medical tourism, retirement sectors seek boost

The Philippines remains a minor player in the medical tourism and retirement business but could become a premier destination by 2015, industry advocates said on Wednesday. The sector aim to grow medical tourism revenues to $3 billion and raise the retiree tally to a million over the next five years. At present, there are only 21,000 foreigners staying in the country, and they make up 5 percent of patients in major Metro Manila hospitals. "We are in the process of making sure that our health care institutions meet internationally-set standards and are cost-competitive; that there is a well-coordinated effort between public and private health care institutions; and that we embark on an aggressive marketing strategy," Joven R. Cuanang, medical director of St. Luke’s Medical Center, told a press briefing promoting a medical travel, wellness and retirement summit this October. Sanjiv Malik, chief executive of Max Healthcare and chairman of the upcoming IMWell Summit, said Asia can become the no. one source of health care in the world since Asians are known for their personal touch when it comes to giving medical services. "Right now, the Philippines is a little behind its neighbors, but with a commitment from the government and health care providers, it can definitely catch up." Malik did not provide figures for the Philippines but said Singapore generated $800 million last year and was aiming for $1.5 billion by 2012. The Philippines, he said, has to build its image, simplify travel procedures and manage cross-culture differences. Henry J. Schumacher, executive vice-president of the European Chamber of Commerce of the Philippines, cited the need for proper infrastructure. "Retirees’ pensions are not rising and to be able to keep their quality of life, they need to find new places that [they] can afford," he said. — Jhoanna Frances S. Valdez, BusinessWorld