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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: mb.com.ph mb.com.phOct 22nd, 2020

Economist expects BSP to slash policy rates or RRR again

An economist said Wednesday the Bangko Sentral ng Pilipinas may be compelled to reduce further the reserve requirement ratios of banks or cut the policy rates to boost the economy amid the COVID-19 pandemic and following a series of destructive typhoons in the fourth quarter......»»

Category: financeSource:  thestandardRelated NewsNov 19th, 2020

Special retirees visa on hold as PRA reviews age requisite

The Philippine Retirement Agency (PRA) has been ordered to suspend the issuance of the special retirees residence visa (SRRV) pending the review and amendments of the policies on age and visa deposit requirements......»»

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

DOJ to review report uploaded on website that red-tagged lawmakers

The Department of Justice has no policy of "red-tagging" as it vowed to review a report uploaded on its website branding minority lawmakers as representing party-lists allegedly formed by the Communist Party of the Philippines......»»

Category: newsSource:  philstarRelated NewsSep 18th, 2020

Mandatory wearing of face shield for public land transport temporarily suspended — LTFRB

CEBU CITY, Philippines — The Land Transportation Franchising and Regulatory Board (LTFRB) is temporarily suspending the implementation of the no-face shield, no-ride policy in public land transport. LTFRB-7 Regional Director Eduardo Montealto Jr. said the requirement is put on hold first pending the release of further guidelines. “Duna may memorandum circular nga nigawas, 2020-031, compulsory […] The post Mandatory wearing of face shield for public land transport temporarily suspended — LTFRB appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsAug 5th, 2020

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Joint ventures formed by private firms for unsolicited public-private partnership projects are now exempt from the merger notification requirement under new rules issued by the Philippine Competition Commission to streamline the review process and help accelerate the implementation of projects......»»

Category: financeSource:  philstarRelated NewsJun 29th, 2020

Palace takes second look at LSI policy

The spike of COVID-19 cases in Eastern Visayas and Lanao del Norte has prompted Malacañang to review its policy on locally stranded individuals (LSI), according to presidential spokesman Harry Roque. Roque said the government is drafting policy for LSI because existing protocols are only for returning overseas foreign workers and overseas Filipinos workers (OFW). He […] The post Palace takes second look at LSI policy appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJun 21st, 2020

Zuckerberg promises Facebook policy review

Facebook chief executive Mark Zuckerberg on Friday promised to review the social network's policies that led to its decision to not moderate controversial messages posted by US President Donald Trump......»»

Category: techSource:  thestandardRelated NewsJun 6th, 2020

BSP eases rules on asset cover of banks& rsquo; FCDUs

The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, eased the asset cover requirement on banks with expanded/foreign currency deposit units to provide them with greater flexibility to manage their foreign currency exposures......»»

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

BSP trims banks& rsquo; reserve requirement by 200 points

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

Think tank asks Senate to review Sangley airport project in Cavite

​Infrawatch PH, an infrastructure-oriented think tank, wants the Senate to review the Sangley International Airport project led by the Cavite provincial government amid President Rodrigo Duterte’s new policy on reclamation projects in the Manila Bay. .....»»

Category: financeSource:  thestandardRelated NewsMar 3rd, 2020

SEC to review cap on public float amid PH market slump

The Securities and Exchange Commission said it will review the timing of the implementation of the planned increase in the minimum public ownership requirement of listing firms to 25 percent amid the massive sell-off in the equities markets following the COVID-19 fears......»»

Category: financeSource:  thestandardRelated NewsMar 1st, 2020

Gwen, Local School Board’s next agenda: ‘Mass promotion policy’

CEBU CITY, Philippines — The “unofficial mass promotion policy” of the Department of Education will be the next agenda for the Local School Board (LSB) in Cebu province. Governor Gwendolyn Garcia vowed that the LSB would review the “unofficial” policy which she referred to as a form of mediocrity and “not what Cebu deserves.” Although […] The post Gwen, Local School Board’s next agenda: ‘Mass promotion policy’ appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsDec 18th, 2019

IC to review capitalizationof life, non-life insurance firms

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Category: financeSource:  philstarRelated NewsOct 30th, 2019

Despite SC ruling, Sotto insists on jailing suspects in drug cases under review

MANILA, Philippines – Senate President Vicente Sotto III has urged Justice Secretary Menardo Guevarra to change the policy of releasing drug suspects in dismissed cases on review, apparently unaware of a 2017 Supreme Court ruling that prohibited this. "I suggest you review your policy again. ........»»

Category: newsSource:  rapplerRelated NewsOct 9th, 2019

Investors dig in ahead of FTSE rebalancing, BSP policy review

Investors dig in ahead of FTSE rebalancing, BSP policy review.....»»

Category: newsSource:  bworldonlineRelated NewsSep 20th, 2019

Bello appointed SEC commissioner

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Category: newsSource:  tribuneRelated NewsSep 15th, 2019