Retirement facilities eyed

CEBU, Philippines — The top official of the Philippine Retirement Authority (PRA) is calling on investors to invest in retirement facilities in the country as the Philippines  still lack this kind of facility although we already have several tourist attractions scattered all over the country.

PRA chief executive officer and general manager Roberto Zozobrado said that to date Cebu has a township intended for the retirees, currently undergoing construction located in Medellin town but it would be probably be completed in the next 10 years.

“We want more and PRA assures that putting up retirement facilities is a good investment and we will help you push for it,” said Zozobrado.

PRA is a government agency attached to the Department of Tourism mandated to attract foreign nationals and former Filipino citizens to retire, invest, and permanently reside in the Philippines.

“With 7,841 islands, and each completely different from the others, we are sure that building a happy home in our shores will exactly be as you have planned it. The friendly and smiling faces all around you will always make each day a beautiful experience forever etched in your mind,” says Zozobrado in his message to the more than 76,000 holders of Special Resident Retiree's Visa (SRRV).

SRRV is a special, non-immigrant visa which entitles the holder to reside permanently in the Philippines. Among the SRRV benefits are permanent residency in the Philippines, multiple-entry and exit, free PRA Newsletter subscription, discount privileges from PRA-accredited merchants partners, assistance in transacting with other government agencies, and PhilHealth premium entitlement.

They are also exempted from Annual Alien Certificate of Registration Identity exit/re-entry permits, customs duties and taxes for one-time importation of household goods and personal effects up to $7,000, tax on pensions and annuities, travel tax in airports, and separate work/student visa or permit.

“Not only do I rejoice that you have chosen our country over our neighbors but I also feel honored for our country to be given the chance to serve you in your retirement years,” Zozobrado added.

Currently, Zozobrado added that among the top foreign retirees in the Philippines are Chinese, South Koreans, Indians, Filipinos who became US citizens but opted to retire in the country, Taiwanese, and Japanese. — (FREEMAN)