2,500 foreign retirees now in north Luzon

By Dexter A. See  

BAGUIO CITY – More than 2,500 foreign retirees are now peacefully enjoying their retirement in different parts of Northern Luzon through the retirement visa being offered by the Philippine ‘Retirement Authority (PRA), an attached agency of the Department of Tourism (DOT), a top PRA official said.

Frederick Pati, PRA Northern Luzon cluster head, said there is a substantial increase in the number of foreign retirees availing of the agency’s retirement visa because of the ability of Filipinos to comprehend the English language, hospitality and the presence of scenic destinations which they could visit from time to time while they are in the country.

 “We will continue to be aggressive in enticing foreign retirees to enjoy their retirement in our country instead of in other Southeast Asian countries that have similar retirement packages,” Pati said, adding that foreign retirees prefer to avail of the PRA retirement visa because of the low cost of living compared to Singapore, Thailand and Vietnam.

 According to him, around 2,000 foreign retirees, mostly Koreans, Americans and comebacking Filipino dual citizens, are now based in the Cordillera while 500 foreign retirees are now distributed in San Fernando City, La Union; Candon City and Vigan City in Ilocos Sur; Laoag City in Ilocos Norte and Tuguegarao City, Cagayan as well as Ilagan, Cauayan and Santiago cities in Isabela.

            

In exchange for a lifetime retirement visa to be issued by the PRA to the foreign retirees, foreigners without pension are required to deposit around $20,000, foreign retirees with pension are required to deposit with the PRA around $10,000 while Filipinos with dual citizenship who want to retire in the country are allowed to deposit only $1,500.

           

 Pati explained that the amount that foreign retirees will deposit in exchange for their PRA retirement visa will be given back to them once they will surrender their visa and opt to go back to their country of origin or decide to go to other countries to continue spending their retirement.

            

“Except for some minor complaints on prevailing local issues and problems, our foreign retirees love the city’s temperate climate, hospitable people and low cost of living that is why they continue to renew their stay in the different parts of Northern Luzon,” Pati added, citing that the PRA is beholdened to come out with various programs and projects for the benefit of foreign retirees during their stint in their respective places.

            

To ensure that individuals and groups will be actively involved in the recruitment of foreign retirees to stay in the country, Pati disclosed the agency is giving a $500 one time commission to those who will be able to convince a foreigner or a comebacking relative to avail of the benefits of a PRA retirement visa and spend their retirement in whatever part of the archipelago.

           

 Since the establishment of the PRA Northern Luzon cluster in 2008, numerous inquiries among foreign retirees have been attended by the agency and that a good number of them have already decided to spend their retirement in various parts of Northern Luzon since then and have continuously renewed their respective foreign retirement visa to help in the growth of the local economy because of their added spending on housing, food, transportation, basic needs among others in order to enjoy their stay in the country as retirees.