The Philippine Retirement Authority (PRA), a government-owned and controlled corporation, was created through Executive Order 1037, signed by former President Ferdinand E. Marcos, Sr., on July 4, 1985. Its mandate is to develop and promote the Philippines as a haven for foreign retirees, towards accelerating our country’s social and economic development, strengthening our foreign exchange position, and providing the best quality of life for foreign retirees.
It was not until 1987, two years after its creation, that PRA started accepting foreign retirees. Since then, our country has taken in a total of 81,530 retirees from 150 countries. The top seven nationalities are those from the People’s Republic of China (PROC), South Korea, India, USA, Taiwan, Japan, and Hong Kong, in that order.
Historical and family affiliations explain the large number of retirees we receive from PROC, India, Taipei, and Hong Kong. Many South Koreans choose to retire here so their children can enroll in our schools to learn English.
A large number of the American retirees we have are former Filipinos who have become U.S. citizens but have chosen to retire in their homeland.
The top three retiree locations in the country are Metro Manila, Metro Cebu, and Pampanga, because their preferred residential areas are those near hospitals, shopping malls, and golf courses, in that order.
What I like most about my job as head of this agency is being able to interact with these foreign retirees and hear directly from them why they chose to spend the rest of their golden years here in our country. I chat with them after I administer their Oath of Commitment when they receive their Special Resident Retiree’s Visa (SRRV), and during our countrywide “We C.A.R.E.” events—the acronym standing for “We Create an Amazing Retirement Experience.”
Hearing their reasons for choosing our country over other beautiful countries in Asia is a source of pride for us Filipinos and my PRA team. The top reasons for their choice certainly pay tribute to our culture. Our friendly people and welcoming attitude make them feel at home right away. These, coupled with our proficiency in English, make it easy for them to be integrated into the community they are in.
Of course, our low cost of living compared to that of their country of origin is a big factor for them, and easy accessibility to natural attractions gives them the feeling of being right in the middle of nature’s bounty—a much-desired luxury in their own countries.
In grateful appreciation for setting up their retirement home here in the Philippines, we at the PRA also give them some benefits: The SRRV is a lifetime visa exempt from Bureau of Immigration requirements and allows the holder to work, study, or invest in our country. They have multiple-entry privileges that allow them to leave and enter the Philippines as often as they like, without having to pay the Philippine Travel Tax of P1,620. They can bring in US$7,000 worth of personal belongings tax-free, and we provide free assistance for their transactions with other government agencies. We also provide them access to PhilHealth benefits and privileges.
Since not all local establishments give them the usual 20 percent senior citizen discount because they are foreigners, we at PRA have recruited our own set of lifestyle establishments that offer them that discount upon presentation of their SRRV Identification Cards. These establishments include hotels, resorts, restaurants, wellness centers, spas, hospitals, and many others. The list even includes a law firm that gives them free legal advice and, eventually, a discount on legal services.
Also on the list is a car distributorship that offers a discount on brand-new cars and on the servicing of old vehicles. But what the foreign retirees are especially happy with is our newly signed collaboration with a company that allows portability of their foreign medical insurance to 200 hospitals across the country, including major institutions such as Asian Hospital, St. Luke’s, Makati Med, The Medical City, Cardinal Santos Medical Center, ManilaMed, and others.
These and many more keep our country’s retirement industry abuzz with activities throughout the year. We continue working to provide more benefits for these foreign retirees, aware of the competition from our neighboring Asian countries, which are just as attractive as ours.
Although we know the magic of our Filipino culture makes the difference, we strive to give them many more reasons to love living in the Philippines. PRA is here to ensure they enjoy the much-desired il dolce far niente—the sweetness of doing nothing, which is what retirement is all about.
For feedback, I’m at bobzozobrado@gmail.com
