By Richmond Mercurio (The Philippine Star) | Updated March 3, 2016 - 12:00am
MANILA, Philippines – The Department of Trade and Industry said the country’s retirement industry roadmap is nearing completion, pushing its bid to put the Philippines firmly on the global list as a top retirement destination.
The Board of Investments (BOI) said the roadmap, crafted by stakeholders in the retirement industry and other government agencies, would be finalized within the first half of the year.
The roadmap outlines the course of action needed for the industry to be more globally competitive, the BOI said.
“With our compassionate and competent pool of healthcare professionals and world-class wellness facilities, the Philippines is fast becoming an attractive country for foreign and Filipino retirees from around the world,” BOI managing head Ceferino Rodolfo said.
According to the BOI, the retirement industry has made considerable contributions to the economy as reflected in revenues from visa deposits of Special Resident Retiree’s Visa (SRRV) holders.
The BOI said total visa deposits of SRRV holders as of end-2014 amounted to $452 million or about P19 billion.
“Although not yet comprehensively documented, significant economic contributions are known to also come from local retirees and pensioners from the Government Service Insurance System and Social Security System (of about 1.3 million individuals combined), Philippine Veterans Affairs Office, and the Retirement and Separation Benefits System for the uniformed services,” the BOI said.
The Global Retirement Index 2016 of International Living Magazine ranked the Philippines 17th out of the 23 best countries to retire in.
The annual index bases its rating on a number of factors, namely, real estate costs, special benefits for retirees, cost of living, leisure amenities, healthcare services, infrastructure and climate.