Tourism Secretary Bernadette Romulo-Puyat has ordered a review of the Philippine Retirement Authority policies, and the suspension of the issuance of Special Retirement Residence Visa (SRRV) program of the agency.
In a special meeting today, 23 October (Friday), PRA was directed to review its policies on the minimum age and dollar deposit requirements, and the conversion of these deposits into allowable investments.
The DOT Secretary also serves as PRA chairperson. Atty. Bienvenido K. Chy is PRA’s general manager and CEO.
The Board decision to suspend the SRRV program followed Puyat’s earlier directive to review the SRRV policies as she sought amendments to PRA’s policies.
As a result, the Board directed the suspension of the acceptance and processing of applications to join the SRRV program, and issuance of SRRV, pending PRA’s compliance of the directives set by the Board.
The PRA was likewise directed to implement an enhanced program to regularly monitor the profile and activities of active SRRV holders in coordination with other government agencies, such as the Bureau of Immigration (BI), Department of Justice (DOJ), and the Department of Labor and Employment (DOLE).
The PRA was also directed to coordinate with the Tourism Promotions Board (TPB) for the formulation and review of PRA’s marketing and product development plans, and the benchmarking of its retirement program with other countries.
The Board agreed to reconvene on November 6, 2020 to tackle these urgent policy reforms.
The PRA mandate is to develop and promote the Philippines as retirement haven as a means of accelerating the social and economic development of the country, strengthening its foreign exchange position at the same time providing further best quality of life to the targeted retirees in a most attractive package under the SRRV program.
The SRRV is a special non-immigrant visa for foreign nationals who would like to make the Philippines their second home or investment destination. Pursuant to its current policy, which had been implemented since 1993, the PRA accepts retirees that are at least 35 years old.
The flagship PRA program is a lifetime visa and its holders are exempt from Bureau of Immigration requirements. SRRV-holders are also eligible to work, study or invest in the Philippines.
There are various options for foreigners to retire in the Philippines based on the investments made in the country.
For active/healthy retirees they may opt to maintain their SRR Visa deposit of US$20,000.00 in any of the PRA Accredited Banks.
PRA also offers the classic SRRV option. For active/healthy retirees, who opt to use their SRR Visa deposit into active investment such as the purchase of condominium unit or long term lease of house & lot. The SRR Visa deposit is as follows: 50 years old & above: US$ 10,000.00 (with a pension)** US$ 20,000.00 (without pension). For 35 to 49 years old: US$ 50,000.00 *The value of the property must at least be US$50,000.00 **Required pension of at least US$ 800 for single / US$1,000 for couple.
The Human Touch option offers ailing retirees, 35 years old and above, who need/require medical/clinical care. A monthly pension of at least US$1,500.00, a health insurance policy accepted in the Philippines, and an SRR Visa deposit of US$10,000.00 are required.
The SRRV COURTESY is for former Filipinos, 35 years old and above. For foreign nationals, 50 years old & above, who are retired officers of International Organizations recognized by the Department of Foreign Affairs (DFA), an SRR Visa deposit of US$1,500.00 is required.
The SRRV EXPANDED COURTESY is for foreign nationals, 50 years old & above, who are retired Armed Force officers of foreign countries with existing military ties and/or agreement with the Philippine Government. A monthly pension of at least US$1,000.00 and an SRR Visa deposit of US$1,500.00 are required. The SRR Visa deposit includes the principal applicant and 2 dependents. Additional dependent, entails additional SRR Visa deposit of US$15,000 each (except for former Filipinos).