(File photo of Boracay)
Senator Loren Legarda stated that this is being exploited by some foreign syndicate members.
Philippine Retirement Authority General Manager and Chief Executive Officer Roberto Zozobrado admitted that their agency offers this to foreigners who wish to retire in the Philippines. They are provided with a non-immigrant visa for a fee of US$20,000, which they may deposit in any accredited bank.
If a foreigner is receiving a pension ranging from US$800 to US$1,200, they need to deposit US$10,000.
Former Filipinos or officials of multinational organizations accepted by the Department of Foreign Affairs, on the other hand, must pay US$1,500.
Zozobrado explained that with the non-immigrant visa, they can stay in the Philippines for as long they please unless they wish to change their status and return to their home country. An advantage of this, he added, is they can travel in and out of our country.
Legarda, however, called for further study of this matter.
Zozobrado revealed that there have been 58,000 foreigners who have retired in the Philippines since 1997 to the present. Most of them are from China, followed by those from South Korea.
Tourism Secretary Christina Frasco said that they only see how it also aids tourism and the economy with the liberalization of the issuance of long-stay visas, which is also being done by member countries of the Association of Southeast Asian Nations.
The Secretary said there are monitors in place for security and to ensure that this type of visa will not be exploited by syndicates.
Legarda requested the list of 58,000 foreigners who have been issued a long-stay visa for study.
