Saturday, November 03, 2007 Cebu, CV to benefit from entry of retirees
CEBU and the rest of Central Visayas will gain from the entry of foreign retirees who were invited by the Philippine Retirement Authority (PRA) to permanently reside in the country, said PRA Chairman Edgar Aglipay.
“Retirees consume goods and services and pay taxes that support government projects. They also bring capital and investments that further stimulate business activities,” Aglipay said in an interview.
The success of PRA programs, he said, will lead to the creation of jobs and strengthen the fiscal position of the government.
“In short, the retirement proposition makes good business sense and is synonymous with economic growth on the local and national level,” Aglipay said.
Several real estate developers have submitted proposals to construct retirement villages in Cebu.
Director Geronimo Rosas of the Bureau of Immigration (BI) 7 said that he was informed that every retiree who wants to apply for permanent residency is required by PRA to put up an investment bond of about $43,000.
“The Bureau of Immigration will conduct the registration and documentation of the concerned retiree. That is our role in the foreign retirement program,” Rosas said.
General Manager Danilo Augusto Francia said the Mactan-Cebu International Airport Authority (MCIAA) will earn additional income under this PRA program because investors and partners will come to Cebu and they have to pay airport fees.
Visiting kin
He also said that once retirement villages will operate, visiting relatives as well as retirees themselves go on tours, and the money they spend will benefit not only the airport but several sectors.
This is also the reason the PRA opened its first extension office at Cebu City Waterfront Hotel in Lahug, in addition to its first satellite office in Cebu on Lapu-Lapu St., Cebu City headed by Visayas area division chief Lory E. Morgia.
Aglipay also mentioned the establishment of similar PRA service offices across the country. (EOB)
