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RP now popular retirement destination

RP now popular retirement destination
Thumbnail: Philippine Retirement Authority

For many foreigners, the Philippines is no longer just a popular tourist attraction but a well-loved retirement destination.

The Philippine Retirement Authority (PRA) has reported a dramatic growth in the number of elderly foreign nationals coming to the country to retire and enjoy life.
Thumbnail: Amanpulo

The PRA said the recorded number of "foreign retirees" doubled in the past years and is still growing. A total of 1,263 of foreign retirees registered with the PRA in 2005. This figure has gone up to 2,398 in 2006.

"In the first four months of the year, PRA already recorded a total of 1,060 foreign retirees and the PRA expects the number to exceed last year's figure."

As a result of the increase, the PRA also reported a staggering $600 million income generated from the registration fees and investment deposit of the applicants.

Those who registered for membership with the PRA are foreign nationals who are 35 years old and above. The PRA lowered the minimum age to accommodate American servicemen who chosen to retire in the Philippines.

The PRA said some of the retirees come here by themselves but there are also some who come with their spouses and children. Based on PRA data, since 2005, Koreans accounted for 56 percent of the total retirees, followed by the Chinese, 16 percent and Japanese, 5.75 percent.