EXPAND PROVISIONS FOR RP RETIREMENT PROGRAM--ANGARA

Sen. Edgardo J. Angara urges more efforts to attract bigger share of the affluent retirees market worldwide to retire in the country. Angara stressed that Filipinos can benefit from the long-term effect that the program aims to achieve.

"Beyond existing provisions this bill seeks to raise, regulate and rate the quality of the country's retirement accommodations, facilities and services to bolster our edge as retirement destination. This is in addition to our innate assets of tropical climate, low dollar-costs of commodities and services, hospitality, respect and care for the elderly and English proficiency," noted Angara.

The Philippine Retirement Authority'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 proposed expansion 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 for the country.

"Employment-wise, industry studies show that one foreign retiree would provide, on the average, gainful employment for at least three service providers," Angara stressed.

Attractive assets of the country are boosted under the PRA charter with incentives and benefits granted by the government to retiree-participants, such as permanent residence status in the country, 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 now 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," Angara said.