11 October 2013 –Representatives of the Philippine Retirement Authority (PRA) called on Philippine Ambassador to South Korea Luis T. Cruz on October 07 to report on their participation in two exhibitions in Korea’s two largest metropolitan areas to attract more Koreans to migrate to or set up small and medium enterprises (SMEs) in the Philippines as retirees or as investors.
Ray Sousa, Division Chief III of the PRA’s Marketing Department, and Alex Veneracion, Retirement Assistant Officer of the PRA’s Retired Activities Office based in Subic Bay, said they were able to attract some interest from Korean attendees of the 26th Korea Emigration & Investment Fair 2013 at Busan Exhibition & Convention Center (BEXCO) on October 03 and COEX in Seoul from October 05 to 06.
Mr. Sousa said Korea ranked second among the number of foreign retirees, with 19-22 percent of the total figure as of 2012, after China with 29 percent. He added that Koreans expressed interest in a number of Special Resident Retiree's Visa (SRRV) Products, with SRRV Smile for young retirees 35 years and up and a visa deposit of US$20,000 being one of the most popular.
The challenge, Mr Veneracion said, would be to lengthen the current average period of residence of Koreans that now stands at 6-8 months. Many Koreans are using the SRRV Smile to benefit their children interested in studying English in the Philippines for less than one year.
Commercial Attaché Nicanor S. Bautista described a huge potential in Korea in setting up “silver towns” (premium retirement villages) in anticipation of the retirement of the current middle-aged employees of such conglomerates as Lotte, Samsung and Hyundai. What is needed, however, is a complete product package that considers location, security, facilities, climate and insurance portability. If the various Philippine government agencies can cooperate to put together a package, then it is feasible to attract any of these firms or Korea’s National Pension Service to invest in the Philippines. END