Press Release
August 11, 2009

ANGARA SEEKS MORE PROVISIONS FOR RP RETIREMENT PROGRAM

Senator Edgardo J. Angara is calling for amendments of Philippine Retirement Authority and add more initiatives to attract a share of the huge affluent retirees market worldwide to retire in the country, so Filipinos can benefit from the long-term effect that the program aims to achieve.

Senate Bill 3319 seeks to amend provisions of Executive Order 1037, now known as the Philippine Retirement Authority (PRA) which is the government-owned corporation to carry out the program of enticing foreign nationals, including Filipinos overseas, to retire in the Philippines.

"On top of the existing provisions for such, this amendment seeks to raise, regulate, and rate the standards of quality and adequacy of retirement accommodations, facilities and services in the country to keep up and enhance our competitive edge as a retirement destination in addition to its innate assets of tropical climate, low dollar-costs of commodities and services, the Filipino hospitality, traditional respect and care of elderly and English proficiency," said Angara who also authored the Senior Citizen Act.

The PRA's program for foreigner retirees aims to generate domestic employment, foreign exchange inflow and deposit; capital investments that the retirees make and enterprises they may put up; and the establishment and operation of retirement habitats, facilities and services. The bill also seeks to initiate further studies of the problems and opportunities of the retirement industry, and on the incentive schemes, practices, facilities and services in other countries, which may be adopted or improved upon for the Philippines.

Angara adds, "Employment-wise, industry studies show that one foreign retiree would provide, on the average, gainful employment for at least three service providers. Added to this are work and livelihood opportunities in retirement habitats, facilities and amenities; and also out of the business and industry investments, technologies, community and pastime activities of the retirees, especially the more affluent, knowledgeable and altruistic among them."

The attractive assets of the Philippines are bolstered under the PRA charter and program with incentives and benefits granted by the Government to retiree-participants, such as permanent residence status in the Philippines, exemption from import taxes for specified items and extension of balikbayan privileges to former Filipinos.

"The Charter of EO-1037 has remained unamended since its enactment some 20 years ago, and hence needs updating to provide the agency with clearer, more responsive and more relevant mandate, and to promote the growth of the foreign retirement industry of the Philippines. The industry opens a bright promise of lucrative jobs and livelihood opportunities for Filipinos without going abroad and leaving their loved ones behind," stresses Angara.

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