PRA to benchmark average global retiree age

MANILA, Philippines — Tourism Secretary Bernadette Romulo-Puyat has ordered the Philippine Retirement Authority to conduct a benchmarking on the average retirement age in other countries, as the PRA prepares to review and amend some of its policies.

“I’m giving them two weeks to benchmark it with other countries, to find out what is the average age (of retirement) around Asia and around the world, if it’s really 35 years old,” she said partly in Filipino over dzBB.

Puyat, who chairs the PRA board, directed the agency last week to suspend the issuance and processing of the Special Resident Retiree’s Visa (SRRV) as it works to review and amend policies on age and visa deposit requirements. SRRV is a special non-immigrant visa for foreign nationals who would like to make the Philippines their second home or investment destination.

In the policy followed since 1993, SRRV applicants have to be at least 35 years old. But senators are concerned that this type of visa holders could be competing for jobs or could be dangers to national security.

Puyat said changes in the policy could be expected after the review, adding that it’s time to update existing rules that have been in place for 27 years.

“Again, we will find out in two weeks, but of course, we will have policy changes regarding the age (and other concerns),” she added.

Asked how these amendments will be done, she said it’s likely to be implemented through a resolution by the PRA, the same way it changed the age requirement in 1993 from 50 years old to only 35 years old.

Apart from the benchmarking of age requirement, Puyat said she has also directed the PRA 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).

In addition, the PRA was instructed 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 PRA Board will convene on Nov. 6 to take up the urgent policy reforms.