Chinese millennials who are holders of special retiree's visa are required to invest in a business and employ Filipinos, presidential spokesman Harry Roque said Thursday amid criticisms on the entry of young foreign nationals retiring in the country.
“Holders of the special retiree's visa need to bring in capital. In exchange for the visa, they are required to spur foreign exchange to create businesses that will employ more Filipinos,” Roque said.
Tourism chief Bernadette Romulo-Puyat on Wednesday said the Philippine Retirement Authority (PRA) board of trustees would move to repeal its current policy allowing foreigners as young as 35 years old to retire in the Philippines.
Based on PRA data provided by the DOT, some 26,969 Chinese nationals have been allowed to retire in the Philippines, topping the list as of December 2019, followed by 13,912 Koreans; 5,951 Indians; 4,801 Taiwanese; and 3,950 Japanese.
Of the total Chinese retirees, some 8,130 nationals aged 35 to 49 are residing in the Philippines.
Roque said the Palace will leave it up to the PRA to decide on the proposal to lift the minimum age for the special retiree's visa.
"We will defer to the specialized decision of the board of the Philippine Retirement Authority," Roque said.
PRA general manager Bienvenido Chy said the agency is studying to change the minimum age from 35 to 50 years old.
Back in 1985, Chy noted that the entry age was at 50 years old and above, with a bank deposit requirement of $75,000. The bracket was lowered to 35 years old in 1993 "to open the program to military servicemen who retire as early as 35 like the (Americans) Taiwanese, and Koreans."
