The Philippines is emerging as a viable destination for foreign retirees, according to the Board of Investments.
BoI and retirement industry stakeholders agreed to push for the Philippines as a viable retirement destination by finalizing an industry roadmap in the first half this year.
“With our compassionate and competent pool of healthcare professionals and world-class wellness facilities, the Philippines is fast becoming an attractive country for foreign and Filipino retirees from around the world,” said Trade Undersecretary and BoI managing head Ceferino Rodolfo.
The roadmap outlines the course of action needed by the industry to become globally-competitive. The Philippine Retirement Authority, the chair of the technical working group, is currently reviewing the draft roadmap.
The International Living Magazine, in its annual global retirement index in 2016, ranked the Philippines as 17th out of the 23 best countries to retire in.
The global retirement index bases its rating on a number of composite factors including real estate costs, special benefits for retirees, cost of living, leisure amenities, healthcare services, infrastructure and climate.
The retirement industry has contributed to the economy, reflected largely in revenues from visa deposits of special resident retiree’s visa holders.
Introduced by PRA in 1987 to entice foreign nationals and former Filipino citizens to retire in the country, retirees can either apply for multiple entry privileges and rights to stay permanently or indefinitely in the country by way of visa deposits ranging from $10,000 to $50,000 and $1,500 for former diplomatic corps workers.
In 2014, PRA enrolled 4,781 new retirees. Total visa deposits of SRRV holders as of Dec. 31, 2014 amounted to $452 million or about P19 billion.