The Philippine Retirement Authority (PRA) said that Benguet, including Baguio City, remains to be the top destination of foreign retirees in Northern Luzon over the past several years.
PRA Baguio and Northern Luzon cluster officer-in-charge Frederick Pati said that based on available data, Benguet hosts some 529 foreign retirees followed by Pangasinan with 286, Isabela – 195, Abra – 182, La Union – 118, Cagayan – 83, Ilocos Sur – 77; Ilocos Norte – 38; Mountain Province – 7; Batanes – and Apayao – 5 each and Ifugao – 1.
PRA is a government-owned and controlled corporation created by virtue of Executive Order (EO) 1037 signed by the late President Ferdinand E. Marcos, Sr. on July 4, 1985. It is mandated to develop and promote the Philippines as a retirement hub that will be a means of accelerating the social and economic development of the country, strengthening its foreign exchange position at the same time providing further best quality of life to the targeted retirees in a most attractive package.
He claimed that the PRA continues to be aggressive in promoting the Cordillera and Northern Luzon as a haven for foreign retirees because of the pristine beauty of the place complimented by the hospitality of the people who care for them.
Further, Pati added that the PRA also continues to expand its partnership with interested marketers to help foreign retirees wanting to stay in the Northern Luzon area process the necessary documents for the issuance of their special resident and retirement visa with ease to convince them to stay in their desired places in the Northern Luzon area.
He expressed hope that the Northern Luzon area will continue to get its share from the projected influx of foreign retirees to the country following the rebound of countries from the economic slump that they had experienced during the wrath of the COVID-19 pandemic over the past three years.
Under the PRA’s program, foreign retirees are mandated to deposit $20,000 in a bank of their choice that will earn interest for the duration of their stay in the country. For those who have a monthly pension of $800 to $1,200, the said deposit will be reduced to $10,000.
On the other hand, officials and employees of international organizations like the United Nations (UN) World Health Organization (WHO) among others who opt to spend their retirement in the country are required to deposit $1,500 in a bank of their choice in respect to their unwavering services to the international community when they were still in active duty. By Dexter A. See