Foreigners’ retirement village eyed in Clark Green City

An Eco-friendly retirement community for foreigners will be one of the world-class features of the Clark Green City, the Bases Conversion and Development Authority said.

Speaking before members of the American Chamber of Commerce of the Philippines recently, Arnel Paciano Casanova, president and chief executive officer of BCDA, said the master plan of the Green City provides for an elevated portion of the land within the Clark Special Economic Zone which urban planners consider to be a perfect place for developing a retirement village for foreigners.

The Green City is eyed to be the country’s first smart, green, and disaster-resilient metropolis which is expected to break ground in 2016.

The 9,450-hectare master planned property is in proximity to the Mount Pinatubo range where hot springs abound and is surrounded by the valleys and hills of Sacobia in the province of Tarlac where green covered areas provide for a cooler climate.

“Imagine our Tagaytay of twenty years ago and the hot springs of Los Baños combined into one,” Casanova told the AmCham members and added that wellness centers, one of the usual amenities in a retirement village, are also eyed to invest in the Green City.

AmCham is the oldest foreign business group in the country. The BCDA chief was invited to present the Clark Green City Project, one of the government-run corporation’s flagship projects under the Aquino administration.

“Our huge appeal for foreign retirees is the country's cost of living which is readily affordable,” Casanova said.

"The country’s picturesque destinations, our English-speaking and friendly people are also major factors that make the Philippines a much more welcoming place for Western retirees," he added.

Casanova also said the governmentrun corporation may directly negotiate with any 100 percent foreign company who wants to invest in the retirement village at the Green City.

“Since it [Clark] is a special economic zone, the Foreign Investment Lease Act allows BCDA to undertake direct negotiations for foreign direct investments,” Casanova said.

Foreigners who wish to make their permanent stay in the Philippines must apply for a Special Resident Retiree’s Visa (SRRV) at the Philippine Retirement Authority.

The SRRV allows foreigners to work or study in the country and they may also travel outside and re-enter anytime they wish. SRRV holders are exempted from income tax over pension and annuities, customs duties and taxes of selected goods.

“The Green City will surely be appealing to foreigner retirees seeking legal and long-term residency here,” Casanova said.

The future metropolis will have five districts namely: the government district; central business district; academic district, agri-forestry research and development district; and the wellness and eco-tourism district.