Cagayan de Oro eyed as foreign retirement haven

CAGAYAN DE ORO CITY — The Philippine Retirement Authority (PRA) is eyeing Cagayan de Oro as a retirement hub for foreign nationals, with plans to establish a satellite office and attract investments in retirement facilities across Northern Mindanao.

PRA Chief Executive Officer and General Manager Roberto “Bob” Zozobrado said the city has the potential to become a retirement destination during an investors' forum held at Limketkai Luxe Hotel on 29 October.

“Because we have satellite offices in Davao, Cebu, Baguio, and Clark-Subic Area, I think that it’s time that Cagayan de Oro also has its own, because we know Cagayan de Oro has all the ingredients of really becoming a retiree’s haven,” Zozobrado said.

The forum brought together investors, industry stakeholders and foreign retirees to discuss investment opportunities, retirement services and concerns affecting expatriates living in the region.

Zozobrado encouraged investors to develop retirement facilities that meet international standards, noting that qualified projects could avail themselves of incentives from the Philippine Economic Zone Authority (PEZA), subject to regulatory requirements.

He said expanding the retirement industry could stimulate local economies through consumer spending, business investments, job creation and tourism.

The initiative forms part of the PRA's efforts to attract more foreign retirees to destinations outside the country's major urban centers.