PRA to review policy on retirees’ age requirement

The Philippine Retirement Authority (PRA), an attached agency of the Department of Tourism (DOT), is set to reassess the age requirement for foreign nationals seeking retirement in the country after senators raised concerns over national security on Monday. The issue stemmed during the Senate budget hearing for the DOT when the senators were caught by surprise after PRA general manager Atty. Bienvenido Chy revealed that the agency has been accepting foreign immigrants as retirees who are as young as 35 years old. Sen. Richard Gordon and Sen. Nancy Binay were alarmed as Chinese topped the list of foreign retirees, at a time when the country faces the threat of the growing number of illegal Chinese workers from the Philippine offshore gaming operations (POGOs). But Chy cited that he had already inherited the policy and did not attempt to change it, to which Gordon expressed dismay. In a message to reporters, Tourism Secretary Bernadette Romulo-Puyat, who also chairs the agency, said the Board of Trustees will meet to reassess the policy, stressing that they will move for its immediate repeal.  “I have directed GM Bienvenido Chy of the PRA to review and change this long-standing policy,” she said.  Based on the Cumulative Gross Enrollment of foreign retirees in the Philippines as of Dec. 31, 2019, there are 26, 969 Chinese nationals from China who decided to retire in the country, followed by Korea (13, 912), India (5,971), Taiwan (4, 801), Japan (3, 950), United States of America (3, 615), Hong Kong (1, 836), Great Britain (1, 571), Germany (778), and Australia (743). An additional 4, 069 foreign nationals also chose to enroll as retirees in the Philippines.  According to PRA, the Cumulative Gross Enrollment also includes all active retirees or active Special Resident Retiree’s Visa (SRRV) holders. These are retirees who continue to keep their retirement visa as their status of stay in the Philippines. Aside from the principal retiree, SRRV holders were also joined by their spouses and dependents to stay in the Philippines.  The PRA data also revealed that Chinese top the list of foreign principal retirees belonging to the 35 to 49 years old age bracket, which prodded the senators to grill the PRA chief for job sufficiency issue. The data said that the greater majority of foreign retirees reside in the National Capital Region with 36,862 immigrants or 52.63 percent. Others were scattered in Region 1, Cordillera Administrative Region, Region 2, among others. .....»»

Category: newsSource: 22nd, 2020

Economist expects BSP to slash policy rates or RRR again

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Category: financeSource:  thestandardRelated NewsNov 19th, 2020

Special retirees visa on hold as PRA reviews age requisite

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Category: newsSource:  thestandardRelated NewsOct 23rd, 2020

PRA suspends processing of Special Resident Retiree’s Visas amid review

The Board of Trustees of the Philippine Retirement Agency, an attached agency of the Department of Tourism, on Friday announced the suspension of issuance of the Special Retirees Residence Visa (SRRV) pending a review and possible amendments......»»

Category: newsSource:  philstarRelated NewsOct 23rd, 2020

Age of foreign retirees in Philippines to be reassessed

The Philippine Retirement Authority, an attached agency of the Department of Tourism, is set to re-assess the age requirement for foreigners seeking retirement in the country after senators raised job sufficiency and national security issues last Tuesday......»»

Category: newsSource:  philstarRelated NewsOct 22nd, 2020

& lsquo;Young retirees& rsquo; trigger shift in Tourism policy

Tourism chief Bernadette Romulo-Puyat said the Philippine Retirement Authority (PRA) board of trustees would move to repeal its current policy allowing foreigners as young as 35 years old to retire in the Philippines......»»

Category: newsSource:  thestandardRelated NewsOct 22nd, 2020

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Category: newsSource:  philstarRelated NewsSep 18th, 2020

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Category: newsSource:  inquirerRelated NewsAug 5th, 2020

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Category: financeSource:  philstarRelated NewsJun 29th, 2020

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Category: newsSource:  tribuneRelated NewsJun 21st, 2020

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Category: techSource:  thestandardRelated NewsJun 6th, 2020

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Category: financeSource:  thestandardRelated NewsApr 24th, 2020

Interest rates, banks’ reserve requirement ratio cuts needed — Diokno

THE central bank is committed to trimming further its key policy rates and banks’ reserve requirement ratio (RRR) to cushion the impact of coronavirus disease 2019 crisis to the economy, Bangko Sentral ng Pilipinas Governor (BSP) Benjamin Diokno said. In a text message on Sunday, Diokno reiterated that the central bank’s policy-making Monetary Board authorized […].....»»

Category: newsSource:  manilatimes_netRelated NewsApr 12th, 2020

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The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, said Tuesday it reduced the reserve requirement ratio of universal and commercial banks by 200 basis points to 12 percent from 14 percent to unleash more liquidity in the market amid the onslaught of coronavirus disease 2019......»»

Category: financeSource:  thestandardRelated NewsMar 24th, 2020

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Category: financeSource:  thestandardRelated NewsMar 3rd, 2020

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Category: financeSource:  thestandardRelated NewsMar 1st, 2020

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Category: newsSource:  inquirerRelated NewsDec 18th, 2019

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Category: financeSource:  philstarRelated NewsOct 30th, 2019

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Category: newsSource:  rapplerRelated NewsOct 9th, 2019

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Category: newsSource:  tribuneRelated NewsSep 15th, 2019