Created under Executive Order 1037 on July 4, 1985 by former President Ferdinand Marcos, the Philippine Retirement Authority (PRA) is a corporate body tasked to primarily develop and promote our country as a retirement haven for foreign retirees by providing them the best quality of life.
In cooperation with the Bureau of Immigration (BI), the PRA processes for qualified retirees, the Special Resident Retirees Visa (SRRV), a special non-immigrant visa, which has a lifetime validity and exempts its holders from BI requirements, and allows them to study, invest and work (with the approval of our Department of Labor and Employment) here in our country.
SRRV holders also have multiple entry and exit privileges, and are exempt from travel tax, if the retiree has not stayed in the country for more than a year from his last entry.
PRA also assists these foreign retirees in securing government documents like driver’s license, National Bureau of Investigation (NBI) Clearance and Alien Employment Permit (AEP), among many others.
What are the requirements for these foreign nationals to apply for the SRRV? They must be 50 years or older. If they are currently receiving a monthly pension of at least $800, they have to deposit in their name $10,000 in any of PRA’s accredited banks. If they do not have a pension, the required deposit is $20,000.
However, for former Filipinos (now citizens of other countries) and foreign nationals who used to be Armed Forces officers of foreign countries with a monthly pension of at least $1000, and officers of international organizations recognized by our Department of Foreign Affairs, i.e., Asian Development Bank, World Health Organization, United Nations, etc., only a $1500 deposit is required.
To make extending assistance to SRRV holders all over the country easier, the PRA has Satellite offices in Cebu, Davao, Clark, Subic, and Baguio, with plans to open additional offices in the other major cities of the country. It is also currently in the process of adopting full automation for all its documentary procedures. It has already completed the system that allows it to share data with the BI, to easily track down the movements of these foreign retirees.
What makes these foreign retirees choose our country over our ASEAN neighbors? We are perceived as “the most loving people towards foreigners.” They also see us as having a very strong culture of respect for elders. In fact, when I was in Berlin last month to attend the Internationale Tourismus Borse (ITB), the biggest tourism event in the world, a police officer in uniform came to the PRA booth and declared that he had decided to retire in the Philippines because he likes “the way Filipinos take care of old people.”
Another reason why foreign retirees choose to settle down here is our English-speaking capability, which makes it easy for them to connect and establish friendships. Of course, they also realize that the cost of living in our country is much lower than that of our neighbors.
By further strengthening PRA’s marketing promotions and visibility in international markets, more foreign retirees will discover that settling down in our corner of paradise will be the best decision they have had to make. We have an entire spectrum of magnificent natural treasures, inhabited by the friendliest people on earth, serving mouth-watering culinary delicacies, and celebrating the most colorful cultural events…what else could they ask for?
There is one thing we do need – more world-class retirement facilities. We could attract even more foreign retirees if we have more of these, just like what they have in other countries. So, if any of you, dear readers, would like to invest in something that will guarantee quick ROI, contact the PRA at www.pra.gov.ph (office of the General Manager) or through +632 8848 1412. Such a productive investment might just be the retirement business you have been searching for.
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