PRA inks pact with 7 groups to promote RP as ideal retirement destination

The Philippine Retirement Authority (PRA) signed yesterday seven memorandum of agreements (MOA) with various agencies that would help promote the Philippines as an ideal retirement destination.

One MOA between the PRA and the Philippine Economic Zone Authority (PEZA) would allow retirement developments to be declared as special economic zones.

Two separate MOAs – one with the Trade and Investment Development Corp. of the Philippines (TIDCORP) and Maybank would establish access to financing for retirement development projects.

Another MOA is among the PRA, the Department of Interior and Local Government (DILG) and the Philippine National Police that would facilitate better peace and order operations within and around retirement zones throughout the Philippines.

Another MOA is among the PRA, the Department of National Defense and Armed Forces of the Philippines that would similarly promote peace and order around retirement zones.

Another MOA is with TESDA to ensure appropriate training standards for caregivers who would take care of foreign retirees.

And lastly, one MOA is with the Manila International Airport Authority (MIAA) to establish specific operations at major airports to make retirees’ arrivals easier and safer.

The MOAs were presented to President Arroyo.

The Philippine retirement industry is eyeing $1.3 billion in foreign exchange receipts by 2009.

By 2014, foreign exchange receipts from retirees are expected to reach $11 billion and up to $44 billion by 2015.

The retirement industry is expected to generate about four million jobs for Filipinos.

Earlier, the PRA had announced a tie-up with the country’s five largest real estate developers to repackage the Philippines as an ideal retirement site.

PRA chairman (Ret. Police General) Edgardo Aglipay had revealed his five-point strategy to revitalize the PRA and the Philippine retirement industry.

According to Aglipay, the first strategy is to tie up with the real estate companies of the Ayalas, Gokongwei, Gotianum, Sy and Andrew Tan to offer an integrated retirement package for retirees from Japan, Korea, Taiwan and Filipino-Americans in the United States, Canada and Europe.

The big five would bring quality housing and offer an integrated approach that would include healthcare and wellness facilities, recreational facilities, security and easy access to transportation.

However, Aglipay assured the second strategy would also include helping the smaller developers to band together to create more affordable housing as well as integrated communities that would cater to more budget-conscious retirees.

The third strategy would involve retooling the PRA to work more closely with the private sector and operate like a private business rather than as a bureaucratic government agency.

The fourth strategy would involve working with the diplomats of the targeted countries to get a better sense or requirements of the retirees.