Over the last decade, the Philippines has become a favorite vacation spot for foreigners. These tourists love the country so much that many of them decided to invest their retirement savings and settle here.
The country’s appeal as a retirement haven was capitalized on by the Philippine Retirement Authority, a government-owned and controlled corporation mandated to attract foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines with the end-view of accelerating the socio-economic development of the country, and providing the retirees the best quality of life in the most attractive retirement package.
I-Remit, Inc. (iRemit), the largest non-bank Filipino-owned remittance company, and PRA have teamed up to promote the agency’s retirement program.
“This new partnership with the Philippine Retirement Authority underscores the strong commitment of iRemit to develop tangible strategies to address the needs of the Filipinos abroad including their retirement plans,” said Bansan Choa, chairman and chief executive of iRemit.
“ We encourage foreigners to retire in our country to boost our tourism business. Why not persuade our ‘balikbayans’ and even our Filipino workers? Sabi nga nila, there is no better place like home,” he added.
The PRA developed certain programs to better attract balikbayans and foreign nationals to invest in the Philippines and to boost the retirement industry. This agency recognizes the extensive network of iRemit offices worldwide, which can be a channel for information dissemination and payment collection for the programs.
Choa said iRemit was willing to disseminate information and to assist in promoting those programs in the countries where it is present.
Given its global reach, iRemit will serve as a collecting agent of the funds from the Filipinos and non-Filipinos abroad who are interested to avail or have availed of the benefits offered by the PRA under the program. The company is present in 26 countries across Asia Pacific, North America, Europe and the Middle East with almost five thousand payout partners in the Philippines.
Also under the partnership, iRemit will function as an accredited marketer of the program.
“We are glad to be in a position to help our country by making the Philippines the ideal destination for retirees, while boosting the economy through the increase of foreign currency reserves,” said Choa.
In line with this initiative, iRemit has been promoting the Special Resident Retiree’s Visa (SRRV) in the countries where the company is present. The SRRV is a non-immigrant multiple-entry visa issued by the Bureau of Immigration in coordination with the PRA to foreigners and former Filipino citizens.
“The SRRV will lessen the complications experienced by foreign retirees who are planning to settle in the Philippines, the usual practice before is they had to pay separately for the ID fee, application fee and visitorial fee—the SRRV alleviates this process,” said Choa.
Choa, who also chairs the Philippine Retirement, Inc. (PRI), non-stock and a non-profit company established to promote the high standards of retirement facilities, health care, and lifestyle services that are being offered to a Philippine retiree, explained that the SRRV is not a tourist visa—but a multiple-entry visa privilege for a right to reside permanently in the country. Foreigners don’t just get to visit the Philippines: they can actually live here for so long as they have their SRRV.
There are several benefits in having an SRRV. Retirees may opt to retire permanently by living, working and studying in the Philippines; retirees may travel outside the Philippines and re-enter anytime. Retirees may also be exempted from: Income tax over pension and annuities; exit and re-entry permits of the Bureau of Immigration; annual registration requirement of the Bureau of Immigration; Customs duties and taxes with regard to the importation of household goods and personal effects up to $7,000 and travel taxes.
Resident retirees may also avail of the following investment opportunities: purchase of a condominium unit; lease of a parcel of land or house and lot; and purchase of proprietary/membership shares in golf/country clubs. Construction of a residential unit on leased parcel of land. Former natural-born Filipinos are allowed to purchase lot not exceeding 5,000 square meters in urban areas or three hectares in agricultural areas, for business and other purposes,
Aside from the mandated benefits of having an SRRV, Choa said the Philippine real estate, medical/ social service, and employment agencies were working together under the support of the PRA to set up standards and make the retirement industry truly world class.
For example, lodging, food, and labor costs are quite reasonable. A two-bedroom condominium costs approximately about $400 per month and one can dine out on average at a three-star restaurant for less than $10.00, including tax and tip. If a retiree plans to hire domestic help, a private driver’s salary is approximately $200 per month, while a trained housekeeper will earn approximately $100 a month. These salaries are lower if a retiree would situate to live in the provinces.
Health care in the Philippines also boasts of facilities that compete with most services offered abroad. One hospital in Makati has such accreditation of being able to accommodate medical expenses of foreigners using their United States Health Management Organization facility. Lately, citizens of nearby countries such as Thailand, Nauru, Tonga, Indonesia, and Malaysia have flocked to the Philippines for medical care, particularly sensitive surgical procedures. The quality of medical care at the better hospitals here meets international standards.
“There have been efforts to make sure that the growing demand for housing, health and support services for the retirees are met, whether they come to our country to play golf, visit our famous beaches and resorts or just stay in their houses, we must give them more value in their retirement so they would be convinced to stay with us, “Choa said. –Dinna Chan Vasquez, Manila Standard Today
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