PRA targets 10K new members this year

MANILA, Philippines - The Philippine Retirement Authority (PRA), an attached agency of the Department of Tourism(DOT),  hopes to attract 10,000 new members this year.

On the sidelines of a business forum, PRA general manager Bienvenido Chy told reporters the agency is on track with its membership target for this year.

He said the agency has gained more than 4,000 members so far this year, almost half of its full year target.

Chy said the agency needs to ramp up its efforts to achieve its 2020 goal of 80,000 members.

He added the retirement agency had already conducted roadshows in Japan, Korea, Netherlands and Australia, among others.

At present, PRA’s membership base stands at 50,939, with retirees from mainland China accounting for the largest share at around 18,000 members.

Among the benefits offered by PRA which are attracting foreign nationals to retire in the Philippines is they can permanently stay in the country without having to apply for Filipino citizenship.

“They can stay permanently in the Philippines with multiple re-entry exit permit, “Chy said.

US-based magazine International Living earlier said the low cost of living in the Philippines is a big factor in luring expats to retire in the country.

“Depending on your tastes and needs, you can find monthly rentals for a low as $90,” International Living said.

It added the Philippines also offers housing that can cater to every lifestyle and every budget.

The Philippines ranked no. 19 on International Living’s annual global retirement index for 2017.