PRA generates P27.4 million investments
Mayor Jerry P. Treñas and Philippine Retirement
Authority chair Edgardo Aglipay huddle during a
break in yesterday's press briefing.
A. Chris Fernandez
The Philippine Retirement Authority (PRA) has generated P27.4 million worth of investments for its "Smile at Life in the Philippines" business venture. The current worth of investment is only a portion of their target until 2015 which is US$ 44 billion. Iloilo City is considered as one of satellite areas for retirees in Visayas.
PRA General Manager Fernando Z. Francisco said the investment poured in the Smile at Life in the Philippines program for foreign nationals continue to increase. In January 2007 alone, the worth of investment for retirees amounted to P19,167,385. It increased to P27.4 million a month after. It has increased by 70 percent.
In February 2006, the PRA only generated P14.7 million worth of investment for its retirees program. In the same year, PRA has a dividend earnings of P80 million. PRA is a government-owned and controlled corporation established by Executive Order No. 1037 on July 4, 1985 under the Office of the President.
Franciso, a retired army colonel, before he joined the PRA attributed the increase of investment to the aggressive promotion effort and streamlining of work process. The PRA is gunning for efficiency.
By virtue of Executive Order No. 26, it was attached to the Board of Investments (BoI) on August 31, 2001. The PRA is currently chaired by retired Gen. Edgardo B. Aglipay. It has a mandate to attract foreign nationals and former Filipino citizens to retire in the Philippines. Its thrust is towards accelerating socio-economic development, contributing to foreign currency reserve and providing in a most attractive package the best quality of life to its foreign-retirees.
The Smile at Life in the Philippines, is the government's design to make Philippines as Asia's retirement haven. It will cater to the needs of three categories of retirees such as active retirees, assisted living retirees and continuous care retirees. The business venture was presented yesterday by Aglipay and the PRA's management team.
The PRA figured out Baguio, Subic, Clark, Cebu, Tagaytay and Davao as conducive retirement areas for foreign nationals. While, Iloilo and Bacolod are only listed as "satellite areas for retirement." Both cities have no international airports which is a requirement for making an area as site for retirement.
In the PRA's list of foreign national preferences, the warm climate top their list. The would-be client also wants safety, world class health care, caring and friendly people, low cost of living, natural attractions and desirable accommodation facilities.
Meanwhile, PRA chairman Aglipay assured the client's and would-be clients that they have their way of protecting their investments under the Smile at Life in the Philippines business venture. They will not end up just like other business ventures that suddenly disappear.
Aglipay said they have complete financial records of every transactions. They have also made a stand that no transaction will take place in the United States without the approval of the American Chamber of Commerce. This is to protect the would be clients abroad.
Aglipay said when he was abroad selling the Smile at Life in the Philippines, a foreign national informed him that he bought a land in the Philippines without a title. There should be endorsements from the Philippine Retirees Inc. and the foreign chambers of commerce to ensure the highest quality of retirement products and services.
The Philippines have all the resources to become the haven of retirees compared to Spain. In the Philippines, there is no winter and no train bombings. We will give Spain a run for its money, said Aglipay.