PRA Standing Strong at 30 years
The Philippines is a country replete with natural resources, caring and hospitable people and a growing economy. This is the reason why it’s an attractive retirement haven for foreign retirees. And for three decades, the Philippine Retirement Agency (PRA) remains at the forefront of providing support and attractive retirement options to the elderly from around the world who choose to call the Philippines their second home.
Founded in July 1985, the PRA is a government-owned and controlled organization with a mandate to attract foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines. The PRA is an attached agency of the Department of Tourism (DOT) and is currently under the leadership of its president and Chief Executive Officer (CEO) Valentino L. Cabansag.
In the three decades of its existence, the PRA has tucked a number of achievements under its belt, including continuous growth in revenue and with more than 42,000 foreign-retirees across 100 countries enrolled under the Special Resident Retirees Visa (SRRV). PRA has consistently and continuously maintained its fiscal autonomy and regular stream of annual remittances and dividends to the National Treasury.
Highlights of its 30th anniversary celebration include the launch of the partnership between Philhealth and the PRA, providing health coverage to all 42,000 retiree-members as soon as they enroll for their Philhealth membership under the PRA. The retirement agency also recognized retirees celebrating their centenary, as well as the various government agencies that have been supporting the PRA including the Bureau of Immigration (BOI), the Department of Foreign Affairs (DFA), the Department of Finance (DOF), the Department of Labor and Employment (DOLE), among others.
With these numerous achievements, including the Philippines being recognized by Forbes Business Magazine as one of the “top best places to retire anywhere in the world” – the PRA is poised for continuous growth, a testament to its strong 30 years and beyond.
Article by Melanie Suzon
