Subic best for medical tourism:
World class health care service at third-World prices makes the Free Port an attractive destination

By Anthony Bayarong, Correspondent
Wednesday, November 28, 2007

SUBIC BAY Free port: Two leading health providers in the country are eyeing Subic Bay Freeport as a prime location for medical tourism. The plan according to MedTECs Corp. and TotalMED is to convert the existing four story building of MedTECs located at the Subic Bay Industrial Park commercial center into a medical tourism facility which is ideal for medical offices, a nursing school and assisted living facility.

TotalMED President and CEO Dr. Raymond Ricardo disclosed this proposal at the 20th meeting of the Philippine-Chinese & Chinese-Philippine Business Councils at the Formosa Hall of the Subic Bay Industrial Park over the weekend.

“We see Subic as the next medical tourism destination in Asia in the next few years, its all [Subic] here, the location is great, the ambiance is good and the facilities are incredible,” Ricardo said.

MedTECs initially invested P6 million in their its building although the plan to convert the building into a Medical Tourism facility is still in its initial drawings. both MedTECs and TotalMED said they are encouraging prospective investors to the said project.

In his presentation, MedTECs and TotalMED estimated around 5,000 retired US military veterans and their dependents, 100,000 employees and dependents of locators in Clark and Subic, not to mention one-fourth of those residing north of Manila, among others would avail of medical services.

“These are only local potential markets.” Dr. Ricardo said.

Subic Bay Metropolitan Authority Administrator Armand Arreza for his part welcomed the plan and sees medical tourism in Subic as a big opportunity, he explained that medical tourism has a growth rate of 20 to 30 percent per annum and believes that Subic Free Port is the prime spot in the near future for medical tourism.

“We encourage high value activities and move away from low cost manufacturing model and medical tourism is one of the area and were the Philippines and Taiwan can work very closely collaborate with,” Arreza said.

Medical tourism is one of the area that is being encouraged by the Philippine government right now and in 2006 it is estimated that the total revenue generated by medical tourism in Asia amounted to $2.5 billion and is expected to grow to $4.5 billion in 2012.

“Tourist are attracted to this because of world-class health care service at third-world prices that is why the Philippines has become an attractive destination,” Arreza said.