A Presentation by the Embassy of the Philippines for: “Making Retirees Feel at Home” A...
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Transcript of A Presentation by the Embassy of the Philippines for: “Making Retirees Feel at Home” A...
A Presentation by the Embassy of the
Philippines for:
““Making Retirees Feel at Home”Making Retirees Feel at Home”A Philippine Flagship ProjectA Philippine Flagship Project
Outline of PresentationOutline of Presentation• Industry Vision• Global Trend & Market Size• Industry Strategy• The Philippine Retirement Industry
Today• Various Industry Data• Services for Retirees• Retirement Options Under the SRRV
Program • Incentives for Investors• The Brand
Industry Vision:Industry Vision:
• Retirement industry will go a long way in helping…..Create jobs for our peopleGenerate foreign investments
• Retirement Industry will facilitate the….. Establishment of world class retirement
facilitiesShowcasing Filipino distinct traditions
and talents
Global Demographic Trend:Global Demographic Trend:
• Pension payments to retirees in developed countries become UNSUSTAINABLE.
• Pension of $1,000 - $1,500 is insufficient to live in these countries.
• Retiring and retired nationals of these countries are seeking alternative and affordable retirement places.
Retirees 60+ 2006 2010 2015
Japan 33,700,000 37,800,000 40,300,000
Korea 6,400,000 7,400,000 8,900,000
Taiwan 3,100,000 3,400,000 4,300,000
US 50,700,000 56,900,000 65,600,000
Europe 86,700,000 92,300,000 98,600,000
China 146,000,000 166,800,000 207,900,000
SubtotalSubtotal 326,600,000326,600,000 364,600,000364,600,000 425,600,000425,600,000
What is the size of the market?...What is the size of the market?...
RETIREES IN SELECTED MARKETSRETIREES IN SELECTED MARKETS
Source: U.S. Census Bureau, International Data Base.Source: U.S. Census Bureau, International Data Base.
Young Retirees 45-59 2006 2010
Japan 26,700,000 24,200,000
Korea 9,800,000 11,000,000
Taiwan 4,500,000 5,200,000
US 61,300,000 64,400,000
Europe 76,600,000 80,600,000
China 221,400,000 258,000,000
SubtotalSubtotal 400,300,000400,300,000 443,400,000443,400,000
Grand TotalGrand Total 869,100,000869,100,000
““YOUNG” RETIREES IN SELECTED YOUNG” RETIREES IN SELECTED MARKETSMARKETS
Source: U.S. Census Bureau, International Data Base.Source: U.S. Census Bureau, International Data Base.
• Climate• Safety• World-class Medical care• Caring and friendly people• Low cost of living• Natural Attractions• Desirable Accommodation Facilities
WhatWhat do Retirees look for in do Retirees look for in a retirement destination?a retirement destination?
Industry Strategy:Industry Strategy: Public-Private-PartnershipPublic-Private-Partnership
• Secretary, DTI: Align and get support from all government agencies Organize the retirement Industry Formalize relationship (MOA)
• Housing Sector: Start and build on what we have Initially develop and offer residential areas Encourage professionals in retirement and
health sectors to invest in retirement facilities
Industry Strategy: Industry Strategy: Public-Private-PartnershipPublic-Private-Partnership
• Health Sector: Support Medical Tourism initiatives (no reinventing the wheel) Standards Accreditation
• Hospitality Sector: Optimal use of resources
• Foreign Sector: Erase negative image to restore their confidence to address the needs of the market
THE PHILIPPINE RETIREMENT THE PHILIPPINE RETIREMENT INDUSTRY TODAYINDUSTRY TODAY
• Key flagship project• The retirement industry was born with the
organization of the Philippine Retirement, Inc (PRI)
Strategic directions Develop industry standards
THE PHILIPPINE RETIREMENT THE PHILIPPINE RETIREMENT INDUSTRY TODAYINDUSTRY TODAY
• Catalog of retirement industry products
• Retirement focus areas identified
• Development of BRAND – Smile at Life . . . In the Philippines.
Data on Retiree EnrolmentData on Retiree Enrolment
20062006 20052005
Principal 1,271 586
Dependents 1,119 683
TotalTotal 2,3902,390 1,2691,269
Data on Retiree Foreign Exchange Data on Retiree Foreign Exchange RemittancesRemittances
2006 2006 ((in millions of in millions of
USD)USD)
2005 2005 ((in millions of in millions of
USD)USD)
Required Deposit 43.9 36.3
Inward Remittance for Living Expenses
22.9 10.5
TotalTotal 76.876.8 46.846.8
Data onData onAccredited Retirement FacilitiesAccredited Retirement Facilities
• Retirement Villages – 4
• Retirement Destinations - 71
PRA Planned Services for RetireesPRA Planned Services for Retirees
• One-Stop Shop (29/F, Citbank One-Stop Shop (29/F, Citbank Tower)Tower) Visa ProcessingVisa Processing NBINBI Medical diagnostic clinicMedical diagnostic clinic Lounging & Orientation RoomLounging & Orientation Room
• Greet and AssistGreet and Assist• Transportation ServiceTransportation Service• Soon, a 24x7 1-800 numberSoon, a 24x7 1-800 number
Retirement Options Under the Retirement Options Under the SRRV ProgramSRRV Program
• WITHOUT PENSION PACKAGE WITHOUT PENSION PACKAGE (Effective January 4, 2007)
Deposit on retiree account 50 years old and up - $ 20T with 2 dependents (spouse
and child below 21) 35 – 49 years old - $50T with 2 dependents (spouse and
child below 21) USD 3,000 each SRRV holder on escrow
Retirement Options Under the Retirement Options Under the SRRV ProgramSRRV Program
• WITH PENSIONWITH PENSION (Effective Mid-March 2007) For 50 years old and above Pension –
$ 800 if only one; $ 1,000 with spouse
Deposit on retiree account -$10T with $3T on escrow per SRRV holder
Retirement Options Under the SRRV Retirement Options Under the SRRV ProgramProgram
• BRAIN GAIN PROGRAM BRAIN GAIN PROGRAM (Effective Mid-April (Effective Mid-April 2007)2007)
For scholars and scientists 35 years old and above
PENSION $ 600 if only one; $ 800 with spouse
Deposit on retiree account: USD 1,500 Undertaking to teach
Benefits Under the SRRV ProgramBenefits Under the SRRV Program
• Multiple-entry, indefinite stay • Exemptions
Exit clearance & re-entry permits Alien Certificate of Registration (ACR) Student Visa Travel Tax Customs duties and taxes Tax on Annuities and pensions
• Assistance in obtaining Alien Employment Permit (AEP)
• Guaranteed repatriation of required deposit
SRRV PROGRAMSRRV PROGRAM
DEPOSIT ON THE ACCOUNT OF FOREIGN RETIREES CAN BE WITHDRAWN ONLY TO:
– Purchase, acquisition and ownership of a condominium unit;
– Long-term lease of house and lot, condominium or townhouse which should not be for a period shorter than 20 years;
– Purchase, acquisition and ownership of golf or country club share/s; or
– Investment in shares of stocks of corporations duly registered with the Philippine Stock Exchange
Incentives for InvestorsIncentives for Investors
• Retirement projects as Special Retirement projects as Special Economic ZoneEconomic Zone 5% tax on gross income5% tax on gross income PRA endorsementPRA endorsement PEZA approvesPEZA approves
• PhilExim development loan PhilExim development loan guaranteeguarantee
The new theme line for Philippine retirement captures the spirit The new theme line for Philippine retirement captures the spirit of the lifestyle and mindset we can offer to retirees.of the lifestyle and mindset we can offer to retirees.
No one else in the world smiles from the heart the way Filipinos No one else in the world smiles from the heart the way Filipinos can, and the phrase “Smile at Life” promises the retiree that the can, and the phrase “Smile at Life” promises the retiree that the second half of his or her life can be the best it can possibly can. second half of his or her life can be the best it can possibly can. It is also a phrase that can mean many things to many people --- It is also a phrase that can mean many things to many people --- wonderful landscape and climate; warm, friendly people; an wonderful landscape and climate; warm, friendly people; an affordable yet luxurious lifestyle, etc.affordable yet luxurious lifestyle, etc.
The colors of the logo are sunny and warm, calling to mind both The colors of the logo are sunny and warm, calling to mind both the Philippines’ climate and the Filipino people’s character and the Philippines’ climate and the Filipino people’s character and emotional disposition.emotional disposition.
Thank you!Thank you!
Website (PRA): www.pra.gov.ph Website (PRA): www.pra.gov.ph Tel: +632-848-1412 Tel: +632-848-1412 Fax: +632-848-1411Fax: +632-848-1411
Email (PRA): [email protected] Email (PRA): [email protected] Email (PTIC-Seoul): [email protected] (PTIC-Seoul): [email protected]