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A Presentation by the Embassy of the Philippines for: “Making Retirees Feel at Home” A Philippine Flagship Project
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Outline of Presentation Industry Vision Global Trend & Market Size Industry Strategy The Philippine Retirement Industry Today Various Industry Data Services for Retirees Retirement Options Under the SRRV Program Incentives for Investors The Brand
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Industry Vision: Retirement industry will go a long way in helping….. Create jobs for our people Generate foreign investments Retirement Industry will facilitate the….. Establishment of world class retirement facilities Showcasing Filipino distinct traditions and talents
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Global Demographic Trend: Pension payments to retirees in developed countries become UNSUSTAINABLE. Pension of $1,000 - $1,500 is insufficient to live in these countries. Retiring and retired nationals of these countries are seeking alternative and affordable retirement places.
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Retirees 60+200620102015 Japan33,700,00037,800,00040,300,000 Korea6,400,0007,400,0008,900,000 Taiwan3,100,0003,400,0004,300,000 US50,700,00056,900,00065,600,000 Europe86,700,00092,300,00098,600,000 China146,000,000166,800,000207,900,000 Subtotal326,600,000364,600,000425,600,000 What is the size of the market?... RETIREES IN SELECTED MARKETS Source: U.S. Census Bureau, International Data Base.
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Young Retirees 45-5920062010 Japan26,700,00024,200,000 Korea9,800,00011,000,000 Taiwan4,500,0005,200,000 US61,300,00064,400,000 Europe76,600,00080,600,000 China221,400,000258,000,000 Subtotal400,300,000443,400,000 Grand Total 869,100,000 “YOUNG” RETIREES IN SELECTED MARKETS Source: U.S. Census Bureau, International Data Base.
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Climate Safety World-class Medical care Caring and friendly people Low cost of living Natural Attractions Desirable Accommodation Facilities What do Retirees look for in a retirement destination?
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Industry Strategy: Public-Private-Partnership Secretary, DTI: Align and get support from all government agencies Organize the retirement Industry Formalize relationship (MOA) Housing Sector: Start and build on what we have Initially develop and offer residential areas Encourage professionals in retirement and health sectors to invest in retirement facilities
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Industry Strategy: Public-Private-Partnership Health Sector: Support Medical Tourism initiatives (no reinventing the wheel) Standards Accreditation Hospitality Sector: Optimal use of resources Foreign Sector: Erase negative image to restore their confidence to address the needs of the market
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THE PHILIPPINE RETIREMENT INDUSTRY TODAY Key flagship project The retirement industry was born with the organization of the Philippine Retirement, Inc (PRI) Strategic directions Develop industry standards
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THE PHILIPPINE RETIREMENT INDUSTRY TODAY Catalog of retirement industry products Retirement focus areas identified Development of BRAND – Smile at Life... In the Philippines.
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Data on Retiree Enrolment 20062005 Principal1,271586 Dependents1,119683 Total2,3901,269
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Data on Retiree Foreign Exchange Remittances 2006 (in millions of USD) 2005 Required Deposit43.936.3 Inward Remittance for Living Expenses 22.910.5 Total76.846.8
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Data on Accredited Retirement Facilities Retirement Villages – 4 Retirement Destinations - 71
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PRA Planned Services for Retirees One-Stop Shop (29/F, Citbank Tower)One-Stop Shop (29/F, Citbank Tower) Visa Processing NBI Medical diagnostic clinic Lounging & Orientation Room Greet and AssistGreet and Assist Transportation ServiceTransportation Service Soon, a 24x7 1-800 numberSoon, a 24x7 1-800 number
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Retirement Options Under the SRRV Program WITHOUT PENSION PACKAGEWITHOUT PENSION PACKAGE (Effective January 4, 2007) Deposit on retiree account 50 years old and up - $ 20T with 2 dependents (spouse and child below 21) 35 – 49 years old - $50T with 2 dependents (spouse and child below 21) USD 3,000 each SRRV holder on escrow
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Retirement Options Under the SRRV Program WITH PENSIONWITH PENSION (Effective Mid-March 2007) For 50 years old and above Pension – $ 800 if only one; $ 1,000 with spouse Deposit on retiree account -$10T with $3T on escrow per SRRV holder
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Retirement Options Under the SRRV Program BRAIN GAIN PROGRAM (Effective Mid-April 2007)BRAIN GAIN PROGRAM (Effective Mid-April 2007) For scholars and scientists 35 years old and above PENSION $ 600 if only one; $ 800 with spouse Deposit on retiree account: USD 1,500 Undertaking to teach
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Benefits Under the SRRV Program Multiple-entry, indefinite stay Exemptions Exit clearance & re-entry permits Alien Certificate of Registration (ACR) Student Visa Travel Tax Customs duties and taxes Tax on Annuities and pensions Assistance in obtaining Alien Employment Permit (AEP) Guaranteed repatriation of required deposit
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SRRV PROGRAM DEPOSIT ON THE ACCOUNT OF FOREIGN RETIREES CAN BE WITHDRAWN ONLY TO: – Purchase, acquisition and ownership of a condominium unit; – Long-term lease of house and lot, condominium or townhouse which should not be for a period shorter than 20 years; – Purchase, acquisition and ownership of golf or country club share/s; or – Investment in shares of stocks of corporations duly registered with the Philippine Stock Exchange
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Incentives for Investors Retirement projects as Special Economic ZoneRetirement projects as Special Economic Zone 5% tax on gross income PRA endorsement PEZA approves PhilExim development loan guaranteePhilExim development loan guarantee
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The new theme line for Philippine retirement captures the spirit of the lifestyle and mindset we can offer to retirees. No one else in the world smiles from the heart the way Filipinos can, and the phrase “Smile at Life” promises the retiree that the second half of his or her life can be the best it can possibly can. It is also a phrase that can mean many things to many people --- wonderful landscape and climate; warm, friendly people; an affordable yet luxurious lifestyle, etc. The colors of the logo are sunny and warm, calling to mind both the Philippines’ climate and the Filipino people’s character and emotional disposition.
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Thank you! Website (PRA): www.pra.gov.ph Tel: +632-848-1412 Fax: +632-848-1411 Email (PRA): inquiry@pra.gov.ph Email (PTIC-Seoul): dtisel@kornet.net
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