Retirement agency bats for more incentives to lure foreign retirees

The Philippine Leisure and Retirement Authority (PLRA) is asking for more incentives to be able to lure more foreign retirees to the country.

According to PLRA Deputy General Manager Jose T. Marcelo Jr., the PLRA is drafting a bill that would grant various incentives that include exemption to registered retirees and their beneficiaries from paying inheritance tax, as well as exemption from registered retirees from obtaining an Alien Employment Certificate.

Likewise, the bill also proposes that investments made by retirees and projects initiated by the PLRA would be entitled to incentives under the Investment Priorities Plan (IPP).

PLRA-registered retirees are allowed to invest in five areas: condominium units; new or existing corporations; long-term lease of land and construction of a house; golf shares and stocks traded in the Philippine Stock Exchange (PSE).

So far, the PLRA has registered more than 10,330 retirees from 70 countries, which include Japan, Korea and China.

PLRA-registered retirees must maintain a dollar account in an accredited bank for six months.

After six months, the dollar deposit may be maintained or converted into a peso account or withdrawn but strictly for investment purposes.