Press Release
June 17, 2009

Faced with an ineffective and outdated retirement system

Senator Edgardo J. Angara today filed a bill that seeks to amend and update the charter of the Philippine Retirement Park System, which was operationalized and now more known, as the Philippine Retirement Authority (PRA) to further carry out enticing retirement programs.

"We need an effective institution that will cater to the needs of Filipinos to make their hard work and golden years in the Philippines even more rewarding and sensible," said Angara who authored Senate Bill 3316.

He emphasized the need to advance the generation of much needed domestic employment, dollar, and other foreign exchange inflows, capital investments and technology transfers.

Under the current program it is generated through expenses of the foreign retires in the Philippines that are supported by their pensions. More so to participate in the PRA program it requires foreign exchange deposits, capital investments and establishment of retirement habitats.

Given appropriate and generous retirement package and environment, a retiree, based on industry studies show that one could actually provide gainful employment for at least three service providers.

The Philippine initiative to get a share of affluent retirees market worldwide, especially from countries with cold season, capitalizes on these retiree-friendly factors:

(a) Warm climate and other tropical endowments of the Philippines;

(b) Low dollar-cost of living and services;

(c) Well-known Filipino traits of hospitality, respect and care for the elderly and an English-
     language facility; and

(d) Availability nationwide of adequate hospital, medical health and care services, which are
     world-class in some urban areas.

"Filipinos are really hard working and government should be the provider where its people can serve and help their own. If these are achieved it will definitely promote the growth of retirement industry of the Philippines. With its opening, a brighter promise of lucrative jobs and livelihood are given in convenience for the Filipinos," said Angara.

Angara emphasized that, "the unchanged Philippine Park Retirement System is in dire need of updating, and by renaming and reorganizing it will be more responsive to its mandate and will broaden their scope and opportunities to serve."

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