GMA launches retirement program

A retirement program which aims to generate $44 billion in revenues annually and four million jobs by 2015 was launched by President Arroyo yesterday.

The Philippine Retirement Industry (PRI) program seeks to make the country the top retirement haven in Asia. And the private sector is being encouraged to lead the way in the development of the industry.

The President received a copy of the PRI’s roadmap from Philippine Retirement Authority (PRA) chairman Edgardo Aglipay during the 1st Philippine Retirement Industry and Investment Summit at the Makati Shangri-La Hotel yesterday.

Aglipay was recently named by Mrs. Arroyo as retirement industry czar.

"We should serve the Filipino people’s interest by generating investments and creating jobs in the retirement industry," Aglipay said in his speech.

Aglipay said these objectives would only be accomplished through the joint efforts of the (PRI) and the PRA.

"The PRI should serve as the government and industry watchdog and lobby group to make sure the interest of the industry (including its) customers, business companies and labor are served," he said.

Aglipay said the PRA should transform itself into a customer-focused and customer-friendly business partner to the private sector.