Gov’t looks to convert condos into retirement homes

THE Commission on Overseas Filipinos (COF) revealed that several government offices are looking into the possibility of converting some vertical residential properties into specialized homes for retirees,.

“Noong naguusap po kami ng Philippine Retirement Authority, napuna nila na marami tayong mga sobrang condominium dito sa atin and I think they are talking to several large developers kung paano nila macoconvert yung iba doon to independent living or assisted living (units),” said COF chairperson Dante “Klink” Ang II.

“Kasi marami ang tumitingin dito para magretire… ‘Yung mga umalis noong dekada 80, they are at that stage na po,” he told state television PTV.

“Bagamat maganda yung buhay nila doon, iba pa rin yung buhay dito sa atin,” Ang added.

Last year, several real estate consultants estimated the Philippines to have 29-months worth of condominium unit oversupply in the National Capital Region, attributing the tens of thousands of vacancies to high interest rates and a growing preference for single-detached houses.

Several analysts also claimed that some units have been vacated after the Marcos Jr. administration imposed a total ban on Philippine Offshore Gaming Operations (POGO), an industry whose workers were usually operating and residing in condominiums.

The COF is also monitoring a rise in the number of migrating Filipinos, Ang said.

“Before the pandemic, bumababa na talaga yung number of Filipinos migrating abroad, but hindi pa tapos yung 2025 may kaunting uptick,” he said.

“Baka babalik sa dating level around 2016 na 70,000 to 80,000 a year,” he added.

Ang did not provide further details but noted that their agency is coordinating with several Filipino communities overseas to address some mental health concerns such as homesickness.