A member of the iconic US ‘60s Lettermen trio, a German parliamentarian, and a director of the Asian Development Bank, are among the 67,000 foreigners who have found the Philippines a haven for retirement.
“Our low cost of living is the number one magnet. And then accessibility to the bounty of nature wherever they are, the beach, the mountain. Plus, you’ll be surprised, but a lot of people come here because of our health care facilities,” Bob Zozobrado, CEO and general manager of the Philippine Retirement Authority (PRA), told MS Good Life in an interview.
“They find our top hospitals world-class. Also a lot of South Koreans come here to retire to enrol their children to study English in our schools. And then our welcoming attitude. They say, I like the way people treat us as family. Yun talaga is what keeps us ahead of the pack,” he points out.
Established in 1985, the PRA has since attracted 84,000 retirees, with most of them coming from China, South Korea, India, the US, and Taiwan.
Zozobrado, who was appointed PRA chief in 2024, says a measure of PRA’S success would be the award it received recently from Tripzilla as the “Best Retirement Destination in Asia” for the year 2025.
“It is the first time our country has won such an award, and the first time in the Philippine Retirement Authority’s (PRA) 40-year existence,” he told MS Good Life.
In September last year, the PRA lowered the minimum age requirement for retirees to 40 from the previous 50.
“Retirement globally now no longer speaks of age. Global retirement is now based on financial capability. A lot of younger ones retire the moment they have financial capability, they retire,” says Zozobrado.
In fact, the PRA chief says there are already 175 families who have availed of this offer.
Economic dividends
Those who wish to retire in the country have to put in a minimum of $15,000 to $30,000.00. Those below 50 years old have to bring in $50,000, but if they have a pension, they only need $25,000.00.
“Before they can get a retirement visa, they have to put up a visa deposit in any of our accredited banks. We want them to have the money in case something happens to them so that they can have money they can use for any emergency,” explains Zozobrado.
“But they cannot touch it unless authorized by us. But they can use the money to buy a condominium unit or for a long-term lease.
Plus these people invest in businesses. It has to be extra money,” he adds.
The PRA honcho is not about to rest on his laurels, he says the agency has increased its budget for marketing and focused on promoting the country in Europe, the US and Canada.
“I want to have more Europeans, especially now that Europeans have already discovered that we are the caregiver capital of the world. So they want to stay because they have easy access to caregivers anytime, anywhere in the Philippines,” says Zozobrado.
He says however that the country needs more world-class retirement facilities like those in Thailand and Malaysia.
“I’m looking forward to the completion in 2030 of this retirement township in the northern part of Cebu. They have a school, church, a golf course and shopping mall,” he says.
Asked how the Philippines compares with its southeast Asian neighbors as a retirement destination, Zozobrado says:
“I never want to compare talaga. They have many things that we don’t have. It’s really like comparing apples and oranges. I’d like to rate our success on what we have as a country. Based on what we have as a country, I think we’re doing very well,” he points out.
