PRA targets wealthy retirees

CEBU, Philippines —  The Philippine Retirement Authority (PRA-Cebu Satellite Office) announced its plan to tap the wealthy Russian retirees to prefer Cebu as their second home destination.

PRA- Cebu officer-in-charge Elma Corbeta said active Russian retirees are starting to show interest in acquiring permanent special visa in the country and Cebu is one of their top picks.

Corbeta said Cebu has to take advantage of the attention by the Russian retirees as their entry to stay for longer time or ultimately live here is good for the economy.

Russians are wealthy. They usually splurge on properties, food and beverage, shopping, entertainment, among others, said Corbeta.

“We want to hit the rich market,” said Corbeta in an interview.

Under the DOT’s National Tourism Development Plan for 2016-2022, the agency is seeking an increase in Russian visitor arrivals from 25,000 in 2015 to 71,000 by 2022, the last year of Duterte’s term of office.

Corbeta said she is planning to connect or partner with proper agencies and establishments to promote Cebu to the huge active retiree market in Russia.

Foreign retirees not only consume products and services, they also pay taxes that support public goods and services. They may help finance joint venture with local businesses.

Retirees also bring capital into the area that may be invested locally by local banks.

According to Corbeta, Cebu needs wealthy retirees like Russians as their stay contributes economic boost.