Philippines planning for huge increase in expat retirees by 2020

The Philippines Retirement Authority has set itself the target of increasing its number of expat retirees from 53,000 to 80,000 by 2020.

According to the PRA’s general manager Bienvenido Chy, various incentives are to be launched to persuade expat retirees to choose the Philippines over several other countries in Southeast Asia. At present, he said, most foreign retirees arrive from the USA, Australia, Japan, India, Taiwan, Korea and China, all of whom prefer the country above its competitors as a retirement hub. Chy mentioned the archipelago’s beautiful climate, stunning beaches, plethora of golf courses and economical coast of living as reasons why elderly foreigners should choose the country as their retirement haven.

The Filipino visa system is geared towards retirement, giving incomers non-immigrant status and an indefinite stay as well as multiple-entry facilities. New enhancements already in the planning stages include exemptions from travel taxes and permissions for retirees and their children to study in the country. Retirees will not need to visit the Bureau of Immigration in order to get a long-stay visa, and would-be investors will be linked with business partners. Expats planning to emigrate to the Philippines will also be encouraged to start new businesses or expand existing ones, he said, adding the Filipino economy has grown by 6.9 per cent in 2017.

The recently released Expat Explorer survey revealed over 50 per cent of expats living and working in the country have a stronger sense of personal fulfillment than they had in their home countries. Another strong point as regards choosing to retire in the Philippines is the genuine friendliness of the people, and the fact a majority in the country have a good command of the English language. Close family ties are the norm, and Roman Catholic Christianity is the major religious belief, due to the archipelago’s 300 year-rule by Spain.

Manila is a hub for working expats, whilst expat retirees tend to congregate in smaller cites and towns on other islands such as Cebu and the Visayas, a large group of individual smaller islands home to the country’s impressive biodiversity, unspoiled natural beauty and amazing beaches. Cebu City, known as the ‘Queen City of the South, is a major hub for tourism, culture, industry and commerce and is easily reached from the smaller, quieter towns strung out along the island’s coastline.