GOVERNMENT is looking to lower the minimum age of foreign retirees in the Philippines, this time with tighter security background checks of applicants.
In a message to the BusinessMirror, newly elected general manager and CEO of the Philippine Retirement Authority (PRA), Roberto Z. Zozobrado said, “We’ll try to push again for the lowering of the retirement age, but since security was the main argument against it, we’ll find a way to propose a selective method that will consider the security factor with the help of the Bureau of Immigration [BI].”
The PRA raised the minimum age of foreign retirees to 50, after lawmakers found out in October 2020 that mainland Chinese retirees in the country were only 35 years old. Then, Senators Richard Gordon and Nancy Binay were critical of Chinese military and fishing vessels interloping in the West Philippine Sea, parts of which are also being claimed by Beijing as part of China’s territory. (See, “Gordon raises alarm on rising number of Chinese retirees in the PHL,” in the BusinessMirror, October 19, 2020.)
But Zozobrado explained, “Lowering the [retirement] age, just like what Thailand has done, translates to an increase in the economic benefits of our Retirees Program.” Thailand has been promoting itself as a retirement haven and offers a special visa for foreign retirees of at least 50 years old.
77,481 foreign retirees
“During the PRA Board Meeting [last Thursday], I was made aware of our inadequacies compared to our neighboring countries,” he said. “ But that’s not to say that we’re lagging way behind them. We’re giving them good competition but the goal is to surpass their numbers, so there’s a lot of work to do.” It was during the board meeting that Zozobrado was unanimously elected as PRA GM and CEO.
Latest data from the PRA showed that there are 77,481 foreign retirees in the Philippines. Of that figure, mainland Chinese accounted for the largest numbers at 29,356; followed by South Koreans 14,801; Indians 6,688; Americans 5,254; Taiwanese 5,128; Japanese 4,250; Hong Kong Chinese 1,748; British 1,585; German 955; Australian 927; and other nationalities 6,789. “But the active retirees [those who are in touch with us, respond to our newsletters, ask questions, etc.] total approximately 57,000,” said Zozobrado.
Asked if lowering the minimum retirement age was critical instead of implementing a better marketing scheme to promote the country as a retirement haven, he explained, “It’s not just the marketing that has to be attended to. We also have to coordinate with BI to make the visa processing seamless and faster through digitalization, and work on needed infrastructure, etc. We have a lot of soil to till.”
‘A dream come true’
The new PRA chief also said part of his job is to “look for investors” to set up assisted-living facilities in the country, to assure the comfort and ease of foreign retirees.
Zozobrado said heading PRA is “a dream come true for me. My career has spanned all sectors of the tourism industry— international airlines, international hotel chain, travel agencies, destination marketing, Tourism academe (LPU), Tourism journalism—so I have been wanting to cap my career with government service in the Tourism sector. After two Presidential terms, I finally got it.” He was just recently president of the Tourism Congress of the Philippines (TCP).
He replaced former aerobics instructor Cynthia Lagdameo Carrion, after the latter allegedly embarrassed PRA’s parent unit, the Department of Tourism, during a budget hearing at the Senate. Zozobrado said Carrion is a “personal friend. In fact, as president of TCP, I endorsed her appointment to the PRA position. When the position was offered to me, I didnt want to get involved with the ‘whys and wherefores’ [of her departure as PRA chief], because I want to start my term on a positive note.” (See, “Carrion out, Zozobrado in as PRA chief—Palace document,” in the BusinessMirror, February 12, 2024.)