Dubbed as “The Economics of Compassion,” Lyf Center Ultimate Solutions chief executive officer Julio Cabanero cited the highly expensive medical treatment among industrialized countries which should stimulate investments in medical tourism here in the country.
Cabanero said: “The Philippines has proven to the world that it has the competence and can assure the safety of potential foreign patients availing of our healthcare facilities and medical personnel.”
“While we are talking of a US$40 billion medical tourism global industry in the future, it is forecasted that the figure will grow by US$188 billion in 2013,” Cabanero said.
“With our competence and related tourism development, the Philippines or the Visayas in particular has no reason not to capture a good portion of this multi-billion dollar market,” he added.
Other than competence, Cabanero cited world economic development that is very favorable to the growth of medical tourism in the Philippines.
He also cited ease and affordability of travel as among the plus factors for the country.
Cabanero said “Japan now has 22 million elderly population costing them US$36.5 billion in elderly care. My estimate is that the Philippines can offer at least 50 percent less if we develop fully the medical tourism industry.”
Cabanero also explained linkages if medical tourism is to be developed, among them, wellness centers (both hi-tech and traditional), schools, and medical research institutions (much cheaper to study here), medical insurance companies, tourism enterprises, local government units (LGUs), and other associations.