By Leony R. Garcia
Retirement is the point where a person stops employment completely. An increasing number of individuals are choosing to put off this point of total retirement by selecting to exist in the emerging state of pre-tirement or reducing workhours for themselves.
Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions no longer allow them to work any longer (by illness or accident), or as a result of legislation concerning their position. In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Germany was the first country to introduce retirement in 1889.
Nowadays, most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers and/or the state.
Retirement is expensive. Experts estimate that one needs at least 70 percent of his or her preretirement income—lower earners, 90 percent or more—to maintain his or her standard of living, when he or she stops working. Thus, the key to a secure retirement is to plan ahead, and take charge of one’s financial future.
For 30 years, the Philippine government through the Philippine Retirement Authority, which is under the Department of Tourism, has been enticing foreign nationals and former Filipino citizens to make the Philippines their retirement destination—their second home.
Famous for vibrant culture, hospitality, friendly English-speaking population, natural attractions and tropical climate, retirees can expect the good life in the Philippines at an affordable cost.
Given its good geographic location and climate condition, almost every Filipino can understand and speak some English. Therefore, understanding each other will not be a problem between the retirees and its people.
Moreover, Filipinos are naturally warm, friendly and hospitable, with a ready smile for everybody and an innate trait to serve others.
The principal appeal for retirement in the Philippines is the lower cost of living. Housing, food and labor costs are quite reasonable. Global Filipinos and foreign retirees can retire in the Philippines and enjoy not only the lower cost of living but also the very favorable currency-exchange rate.
Foreign currency may be exchanged at any hotel most large department stores, banks and authorized money-changing shops accredited by the central bank of the Philippines. International credit cards are accepted in major establishments.
In terms of medical services, the country’s facilities are comparable with the best anywhere else. Highly trained medical personnel and caregivers are in demand all over the world for their competence and expertise, as well as for the care and compassion they show their wards. Health care, a top priority of the senior market, is an expertise of the Filipinos, who are world-renowned and excellent health-care practitioners.
The Philippines can provide the retirees endless choices of world-class destinations that will bring them closer to Mother Nature with clean air and beautiful sceneries. The white-sand beaches of Boracay Island and Panglao in Bohol, and the virgin islands of Palawan, often referred to as “the last frontier,” are truly unforgettable places that entice visitors to come back to the Philippines.
And with the continuously improving telecommunication facilities, they can keep abreast of what is happening around the world and keep in touch with their relatives and friends back home.
Definitely, it’s more fun to retire in the Philippines.
The Philippine Retirement Authority (PRA) is a government-owned and -controlled corporation (GOCC) mandated to attract foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines.
By this, the PRA develops and promotes the Philippines as a retirement haven, with an objective of accelerating the social and economic development of the country, strengthening its foreign-exchange position at the same time, providing further the best quality of life to the target retirees in the most attractive package.
The Special Resident Retiree’s Visa (SRRV), which is a nonimmigrant, multiple-entry, indefinite-stay visa, is the authority’s core product. The number of retiree-members represents an extremely important contribution to the PRA’s success.
The PRA believes in giving equal attention to the retirees by improving the quality of service and meeting the client’s satisfaction to create a more effective operation by means of partnerships with other government offices, Philippine-based foreign companies, real-estate developers, and tour and travel agencies.
The PRA enrolled close to 40,000 foreign retirees, 10 percent of whom ware accumulated in 2014. This was made possible through the continuous service and dedication of PRA employees, grounded on the core values of social responsibility, good governance, innovation, teamwork, integrity and discipline.
Over a sustained period of time, the PRA had been among the GOCCs that consistently remit annual dividends to the National Treasury and, for 2014, it handed over and remitted a dividend in the amount of P144,501,127.18. Last year the PRA earned a net income after tax of P289.97 million and generated a return on investment of 459 percent.
Thirty years ago today, the PRA was established with the vision that it will be one of the leading and significant retirement destinations in the world and committing to the government, people and retirees a standard of excellence service. The PRA continues to strive for more ways in making the Philippines an exceptional retirement haven, thus generating the market and looking forward to pursue its essential duties, and aspiring to be one of the best players in the growing retirement industry.
Truly, with the Philippines’s unique factors and the PRA’s efforts, it will not be surprising for all of us that, at a future time, the Philippines will be one of the best players in the retirement industry.
Each year International Living, a publishing group, ranks the best places in the world to live, retire, travel and invest using the Global Retirement Index. The Philippines ranked 17th out of 194 countries. Also, Forbes Magazine included the Philippines on the list of the “20 Best Foreign Retirement Havens for 2015.”
The boost of new skills and styles of marketing, expertise and hard work of the PRA officers and employees, embodied with the finest ethical practices, definitely gives pride on what the PRA has achieved now.
For the PRA, it may sound cliché, but the best is yet to come.