The Philippine Retirement Authority (PRA) is a government-owned corporation established to make the Philippines a prime retirement destination for retirees worldwide. Created by Executive Order No. 1037 in 1985, PRA has grown in its mission to enhance the country’s appeal as a retirement haven.
Targeting retirees looking for a vibrant and fulfilling retirement, PRA offers a range of services, including the Special Resident Retiree’s Visa (SRRV), comprehensive retiree support, and collaborations with government and private sectors.
Expect a seamless and enjoyable retirement experience in the Philippines, enriched by PRA’s dedication and extensive resources.
The Philippine Retirement Authority (PRA) is a government-owned and controlled corporation established to make the Philippines a top choice for retirees worldwide.
Created by Executive Order No. 1037, signed by former President Ferdinand E. Marcos on July 4, 1985, PRA has since grown in enhancing the country’s appeal as a retirement destination.
In 2001, through Executive Order No. 26, the supervision of PRA was transferred to the Board of Investments (BOI) – Department of Trade and Industry from the Office of the President.
By 2009, under the Tourism Act (Republic Act No. 9593), PRA became an attached agency of the Department of Tourism, further strengthening its mission.
The Mission and Vision of PRA
PRA’s mission is to develop and promote the Philippines as a retirement haven, thereby accelerating social and economic development.
It aims to boost the country’s foreign exchange position while offering retirees an excellent quality of life through attractive packages.
The vision of PRA is to establish the Philippines as an internationally recognized and significant retirement destination in Southeast Asia by 2022.
To achieve this, PRA continually enhances its capabilities and collaborates with both government and private sectors to support the retirement migration agenda.
Legal Framework of PRA
The legal foundation of PRA began with Executive Order No. 1037 in 1985, which marked its creation.
In 2001, Executive Order No. 26 transferred its control to the Board of Investments under the Department of Trade and Industry.
Later, the Tourism Act of 2009 (Republic Act No. 9593) incorporated PRA as an attached agency of the Department of Tourism, placing it under the supervision of the Secretary of Tourism.
Partner Agencies
The Philippine Retirement Authority (PRA) collaborates with various government and private sector agencies to enhance the retirement experience for SRRV holders.
These partnerships provide a comprehensive support system for retirees, offering a wide range of services and benefits.
Government Agencies
Since 2009, PRA has been an attached agency of the DOT, thanks to the Tourism Act.
This partnership allows PRA to leverage DOT’s resources and expertise to promote the Philippines as a premier retirement destination.
The BI plays an important role in administering the Special Resident Retiree’s Visa (SRRV).
With BI representation on the PRA Board of Trustees, the collaboration promotes smooth processing and management of SRRV-related immigration matters.
The central bank, BSP, is also represented on the PRA Board.
BSP helps oversee the SRRV program, so that financial transactions and investments made by retirees are secure and compliant with Philippine regulations.
Private Sector Partners
- Insurance Companies
PRA partners with insurance providers such as Pacific Cross to offer a variety of insurance products and services to SRRV holders.
These partnerships help retirees access health insurance, travel insurance, and other essential coverage, providing peace of mind during their stay in the Philippines.
- Assisted Living/Retirement Facilities
To cater to the diverse needs of retirees, PRA collaborates with assisted living and retirement facilities like Palms Residential Care.
These facilities offer comfortable accommodation options, so that retirees have access to quality living arrangements that meet their needs.
- Travel and Consulting Agencies
PRA accredits numerous travel and consulting agencies that promote the SRRV program.
These agencies provide valuable services to foreign retirees, helping them navigate the visa application process and settle into their new life in the Philippines.
Retiree Services
Exclusive Benefits
One of the most attractive features of the Special Resident Retiree’s Visa (SRRV) is its lifetime validity.
SRRV holders enjoy numerous benefits, including exemption from Bureau of Immigration requirements.
This means no more lengthy immigration processes, allowing retirees to live worry-free in the Philippines.
Additionally, SRRV holders have the unique advantage of being eligible to work, study, or invest in the country.
Whether you want to start a new business, pursue further education, or simply enjoy your retirement, the SRRV provides the flexibility to make your dreams a reality.
Comprehensive Assistance
Navigating a new country can be challenging, but PRA is here to help.
They offer comprehensive assistance in securing essential government documents.
From obtaining a driver’s license to acquiring National Bureau of Investigation (NBI) Clearance and Alien Employment Permits (AEP), PRA sees to it that retirees can easily manage these administrative tasks.
This support helps retirees settle into their new life smoothly and efficiently.
Stay Informed with the PRA Newsletter
Staying informed about the latest developments in the retirement industry and updates from PRA is easy with the PRA Newsletter.
This resource keeps SRRV holders in the loop, providing valuable information on new services, benefits, and opportunities available to retirees.
By subscribing to the PRA Newsletter, retirees can stay connected and make the most of their retirement experience in the Philippines.
Core Programs and Services
The Philippine Retirement Authority (PRA) offers a range of programs and services designed to make retiring in the Philippines an appealing and hassle-free experience.
Special Resident Retiree’s Visa (SRRV)
At the heart of PRA’s offerings is the Special Resident Retiree’s Visa (SRRV).
This visa is a non-immigrant, multiple-entry visa that allows retirees to stay in the Philippines indefinitely.
It is crafted to meet the varied needs of retirees, providing them with a secure and flexible option for settling in the country.
The PRA ID Card: Validity and Application Process
The PRA ID Card is an essential identification card issued by the Philippine Retirement Authority to holders of the SRRV.
As of May 2023, under PRA Circular No. 002, the PRA ID Card is now valid for two years from the date of issuance, a significant improvement from the previous annual renewal requirement.
To maintain the validity of the PRA ID Card, SRRV holders must keep the required visa deposit at a PRA-accredited bank.
Retiree-members with investments must also comply with PRA’s rules and regulations.
The renewal process for the PRA ID Card is straightforward.
SRRV holders can renew their ID cards by visiting PRA head office or satellite offices in Baguio, Clark, Subic, Cebu, and Davao.
For convenience, online renewal is also available by emailing id_renewal@pra.gov.ph.
Benefits of the SRRV and PRA ID Card
The SRRV provides numerous benefits, making it an attractive option for retirees.
With the SRRV, retirees enjoy multiple entries and indefinite stays in the Philippines.
They are exempt from Bureau of Immigration requirements and have the freedom to work, study, or invest in the country.
Additionally, SRRV holders benefit from tax exemptions on pensions, annuities, imported household goods, and travel taxes.
The PRA ID Card, valid for two years, serves as proof of their retirement visa status and grants them access to these benefits.
Tailored SRRV Options
Understanding that retirees have different needs and preferences, PRA offers several SRRV options.
These options are customized based on age and specific requirements, so that each retiree finds a plan that suits their lifestyle.
Whether you are looking for a peaceful seaside home or a vibrant city life, PRA has an SRRV option for you.
Comprehensive Retiree Services
Beyond the visa, PRA is committed to enhancing the overall retirement experience.
They provide a wide array of retiree services, ranging from healthcare assistance to lifestyle amenities.
PRA collaborates with private companies to offer exclusive benefits and discounts to SRRV holders, guaranteeing retirees enjoy the best quality of life.
Retirement Attractions and Activities
PRA also focuses on making the Philippines a fun and engaging place to retire.
They promote various attractions and activities that retirees can enjoy.
From beautiful beaches and scenic mountains to cultural festivals and culinary delights, the Philippines offers a rich and diverse environment for retirees to explore.
Partnering with the Private Sector
To provide top-notch services and benefits, PRA partners with numerous private companies.
These partnerships allow PRA to offer additional perks such as discounts on travel, dining, healthcare, and more.
This collaboration maintains that retirees can enjoy a comfortable and enjoyable retirement without financial stress.
Here are some of the partner merchants connected with the PRA:
You can check out the complete media set for the PRA Merchant Partners on Facebook in this LINK.
Economic Significance of PRA
PRA attracts foreign retirees to the Philippines, bringing substantial economic benefits to the country.
Through increased investments and foreign exchange, PRA helps bolster the nation’s economy.
By promoting the Philippines as a premier retirement destination in Southeast Asia, PRA contributes to the country’s growth and development.
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Conclusion
The Philippine Retirement Authority is dedicated to making the Philippines a top-tier retirement destination.
With its comprehensive services, legal support, and commitment to quality of life, PRA is an essential resource for retirees looking to make the Philippines their new home.
Explore what PRA has to offer and discover a retirement experience like no other in the beautiful Philippines.
Contact Information of the Philippine Retirement Authority
If you are considering retiring in the Philippines or want to learn more about the services offered by PRA, you can reach out to them using the following contact details:
Office Address: Roxas Boulevard Corner Dr. J. Quintos Street Pasay City, Metro Manila, Philippines
Tel: +632 848 1412 to 16
Fax: +632 833 5638
Email: pra@philretirement.gov.ph
Website: PRA Website