Schumacher said growth in the number of medical tourists/retirees in the Philippines would generate economic activity in other industries.

But he said the Philippines should focus on privately insured foreigners since government and medical institutions have yet to address the issue of portability of health insurance.

Schumacher said another issue that needs to be addressed is the transparency of doctor’s fees and procedures to patients.

The coalition is pushing for the inclusion of the retirement and healthcare industry in the private-public partnership program as well as in bilateral negotiations with the main markets such as Europe, the United States, Japan and Korea to be able to harness its full potential as a sunrise industry, so called by the Joint Foreign Chambers.

"There would be a tsunami of old people," Schumacher said, noting most of them go to Latin American countries.

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