■ONE-THIRD OF PH'S FOREIGN RETIREES ARE CHINESE, ACCORDING TO PRA
In 2017, the Philippines was tagged the 19th among the world’s best places to retire, according to International Living’s Annual Global Retirement Index.
Chinese nationals make up the largest group of foreign retirees in the Philippines, according to the Philippine Retirement Agency’s (PRA). From 1985 to October 2016, there were 49,711 foreign retirees registered with the PRA, 34 percent or 17,768 of which are Chinese from mainland China. Koreans followed at 10,384 retirees (21 percent); Taiwanese at 4,524 (nine percent); Indian retirees at 3,991 (eight percent) and Japanese retirees at 3,442 (seven percent). Americans, Chinese from Hong Kong, British, Germans, and Australian retirees also made it to the top 10. “The Philippines is now becomig a top global retirement destination. In 2017, it became the 19th world’s best place to retire, according to International Living’s Annual Global Retiremet Index,” said PRA Cebu officer-in-charge Elma Corbeta.
Chinese nationals topped the Philippine Retirement Agency’s (PRA) list of foreign retirees in the Philippines.
The agency’s data show that there are 17,768 Chinese retirees in the country from 1985 to October 2016, accounting for 34 percent of the total foreign retirees.
Within the 31-year period, 49,711 foreign retirees registered with the PRA.
After Chinese nationals from mainland China, Koreans followed with 10,384 retirees (21 percent); Taiwanese with 4,524 (nine percent); Indian retirees, 3,991 (eight percent) and Japanese retirees with 3,442 (seven percent).
For 30 years now, PRA registered a total of 49,711 foreign retirees, according to PRA Cebu officer-in-charge Elma Corbeta.
Americans, Chinese from Hong Kong, British, Germans, and Australians made it to PRA’s top 10 retirees.
‘Best place to retire’
According to Corbeta, PRA classifies principal retirees as those 35 years old and above who are legal residents of foreign countries. Forty percent of foreign retirees in the Philippines are 50 to 64 years old.
“The Philippines is now becoming a top global retirement destination. In 2017, it became 19th among the world’s best places to retire, according to International Living’s Annual Global Retirement Index,” said Corbeta.
PRA-registered retirees can live and stay in the Philippines through the Special Resident Retiree’s Visa (SRRV).
The government offers four SRRV options to foreign retirees, namely the SRRV Smile where visaholders are required to maintain their visa deposit of $20,000 in any of the PRA-designated banks; and SRRV Classic with options to use their visa deposit to purchase condominium units or use for long-term lease of house and lot.
There is also the SRRV Courtesy for balikbayan Filipinos and foreign nationals who have served in the Philippines as diplomats, ambassadors, officers/staff of international organizations, with lower visa deposit of $1,500.
For ailing principal retirees, PRA offers SRRV Human Touch. Under this option, the retiree only needs to have a visa deposit of $10,000, a monthly pension of at least $1,500 and a health insurance policy.