ANGARA FILES BILL UPDATING RP RETIREMENT PARK SYSTEM

Senator Edgardo J. Angara filed a bill that seeks to amend and update the charter, Philippine Retirement Park System, which was operationalized and now more known, as the Philippine Retirement Authority (PRA).

The alien retirement of PRA program of the Government aims to generate for the country much-needed domestic employment, dollar and other foreign exchange inflows, capital investments and technology transfers through the following:

(a) Expenses of the foreign retires in the Philippines, for their subsistence, shelter, care, medical and lifestyle services and activities, supported by their pensions and other income sources;

(b) Dollar or other foreign exchange deposit required for retiree participation or enrollment in the PRA program;

(c) Capital investments that the retirees may make, enterprises they may put up, as well as other productive pastime undertakings they may pursue or indulge in; and

(d) Establishment and operation of retirement habitats, facilities and services.

The Philippine initiative to get a share of the huge, affluent retirees market worldwide, especially from countries with cold season, capitalizes on these retiree friendly factors:

(a) Warm climate and other tropical endowments of the Philippines;

(b) Low dollar-cost of living and services;

(c) Well-known Filipino traits of hospitality, respect and care for the elderly and an English-language facility; and

(d) Availability nationwide of adequate hospital, medical health and care services, which are world-class in some urban areas.

These attractive Philippine assets are bolstered under the PRA charter and program with incentives and benefits granted by the Government to retiree-participants, consisting of:

(a) Permanent residence status in the Philippines;

(b) Exemption from import taxes for certain items;

(c) Extension of Balikbayan privileges to former Filipinos.

"The Charter of PRA, E.O. No. 1037 Series of 1985, which has remained unamended since its enactment some 20 years ago, needs updating to provide the agency with clearer, more responsive mandate and power, as well as in promoting the growth of the alien retirement industry of the Philippines. I urge my colleagues to support and urgently hunt for the passage of this bill," said Angara who also authored milestone laws like PhilHealth and Senior Citizens Act.