Palace: Chinese millennial 'retirees' in Philippines required to invest
Chinese millennials who are retiring in the Philippines are required to invest in businesses that employ Filipinos, Malacañang said Thursday, after senators criticized the entry of the young foreigners.
"Itong special retirees' visa, kailangan magpasok ng kapital. Ang kapalit po n'yan kinakailangan magpasok ng foreign exchange para magkaroon po ng negosyo na mag-eempleyo ng mas marami pang Pilipino," said Presidential Spokesperson Harry Roque.
(Holders of the special retirees' visa need to bring in capital. The requirement for that is to spur foreign exchange to create businesses that will employ more Filipinos.)
The board of directors of the Philippine Retirement Authority (PRA), which has its own charter, will meet to consider whether or not to lift the minimum age for the special retirees' visa, he said.
"We will defer to the specialized decision of the board of the Philippine Retirement Authority," Roque said.
Records show that with 27,678, the Chinese tops foreign nationals who choose the Philippines for their retirement, but majority of them are 35 years old, said the office of Sen. Richard Gordon.
The lawmaker on Monday urged Tourism Secretary Bernadette Romulo-Puyat and PRA General Manager Bienvenido Chy to submit a report on the foreign retirees in the country and related policies.
"I suggest Sec. Puyat, you better look into this very rapidly and give us a formal report on this," the senator said.
"Kahit na dinatnan mo 'yan, you should be savvy enough to know and check kung anong ginagawa ng mga 35-year-olds na 'yan dito. How can they retire at 35 years old? That is just too young to retire. A retiree has just finished his job and wants to spend his money and later years here in the Philippines... I'm disturbed by it," he said.
(Even if the policy has been in place before you were appointed, you should be savvy enough to know and check what these 35-year-olds are doing here.)