Lucena City as a Retirement Destination: A Determinant Modeling

In the 2013 Global Retirement Index of the International Living Organization, they ranked the Philippines as the third best place in Asia to retire and placed 17th in the global ranking. These assessments are based on the combined pool of ratings from editors, correspondents and in-country experts. The ratings are divided into categories; namely – real estates, special benefits, cost of living, ease of Integration, entertainment and amenities, healthcare, retirement infrastructure and climate. Retirement destination is a global phenomenon which contributes positively on the economy of the host country. The Philippines, through the Philippine Retirement Authority (PRA), is resolved to a program of making every Barangay in the archipelago a retirement haven for foreign nationals. In this context, this study is conducted. Using purposive sampling, a total of 187 respondents answered a semi-structured research instrument. Results showed that majority of the foreign nationals in Lucena City are Americans who are 60 years old, pensioners and degree holders. Variables considered as determinants of retiree’s decisions where to retire include - “safety and security”, “cost of living”, “fitting-in”, “climate/weather”, and “availability of healthcare services”, which become basis in the development of a destination/residence of choice framework/model for Lucena City. Principal component analysis (PCA) derived three-dimensions from the original nine-variables included in the study.