Philippines Targets Korean Retirees
By Yoon Won-sup
Staff Reporter
The top Philippine government official in charge of attracting foreigners to live there after retirement said that due to various projects, the Philippines is the best destination for them.
``Our vision is to make the Philippines the most attractive country for retirees,'' Edgar Aglipay, chairman of Philippine Retirement Authority, said during a press conference in Seoul. ``Now so many Koreans are coming to our country to enjoy their retirement.''
Aglipay said the reason why Koreans choose the Philippines for their retirement destination is that the country offers excellent weather with warm temperatures, safety, world-class healthcare, hospitality, low cost of living, natural attractions such as clean beaches and good facilities for retirees.
Philippine Ambassador to Seoul Susan Castrence also agreed with the chairman because so many Korean retirees recently began settling in the Philippines that their movement is jokingly called ``invasion.''
Aglipay saw the development of retirement destinations has become a very big industry in itself. For example, in 2006, about 6.4 million Koreans are expected to retire and the number will likely reach over 7.4 million, according to him.
He was confident that those retirees will find a good place to spend the rest of their life in the Philippines, as his government declared the retirement industry one of its most important projects.
``The retirement project will reduce 5 percent of income tax for foreign retirees and exempt tax on imports for the retirement facilities, dubbed PEZA (Philippine Economic Zone Authority) measures,'' Aglipay said. ``Retirement is defined with three main aspects _ housing, healthcare and lifestyle _ and the standard is now compatible with advanced countries.''
Actually, the Philippines has almost an equal advantage for retirees compared with Spain, which is the world No. 1 destination for foreign retirees, according to Aglipay.
``Korean retirees will have tax benefits, advantages in investment and business, and they will be treated with great respect by people in the Philippines,'' he added.
For example, personal belongings, which cost $7,000 or less, can be exempt from tax when entering the Philippines from Korea and there will be no tax imposed on pension money when it is transferred overseas.
For more information, visit his authority's Web site www.pra.gov.ph.