WHY DO MOST FOREIGNERS WANT TO RETIRE IN CEBU CITY, PHILIPPINES?
About Cebu City, Philippines
Cebu tourist arrivals increase by 8.2%
http://globalnation.inquirer.net/cebudailynews/enterprise/view/20080802-152204/Cebu-tourist-arrivals
By Cris Evert Lato
Cebu Daily News
First Posted 09:38:00 08/02/2008
International tourist arrivals in Cebu reached 284,059 during the first semester of the year, an 8.2 percent growth from last year’s 262,539 arrivals.
The growth in foreign tourists arrivals in Cebu is higher than the national growth rate of 7.4 percent. The country’s foreign tourists reached nearly 1.4 million during the first semester of 2008.
Around 1.3 million foreign tourists visited the country in 2007, based on data presented by Department of Tourism (DOT) Undersecretary Phineas Alburo earlier this week.
Alburo said the Philippines has projected between 3.4 to 3.5 million tourists to “visit and explore tourist destinations” this year.
The average tourist growth rate is at seven percent to nine percent, Tourism Secretary Joseph “Ace” Durano said in an interview recently.
However, Durano clarified that growth should be evaluated based on number of tourist arrivals and tourist spending.
“The real story is in the tremendous increase in tourist spending which may be obtained from shopping, adventure tourism activities and spa and wellness services,” Durano said.
Despite rising prices of fuel and basic commodities, Alburo said the tourism sector remains optimistic that they would reach their target as more direct flights opened between Cebu and international points.
He said the presence of China-based airlines plying direct charted flights from Cebu to Shanghai, Nanning and Guanzhou (and vice versa) would ensure continuous tourist flow at least by the end of the year.
Three Chinese airlines namely China Eastern, China Southern and Shanghai Airlines are now operating direct flights to Cebu.
The other direct flights to Cebu, such as those for Mumbai and New Delhi in India and Vladivostok in Russia, are still under negotiation. The tourists from these two countries are known to be big spenders.
DOT in talks with foreign airlines for more flights to Europe, China
hina.html
Thursday, February 07, 2008
DOT in talks with foreign airlines for more flights to Europe, China
THE Department of Tourism (DOT) considers the establishment of more direct international flights from target markets as a short-term priority to beef up tourism activities in Cebu.
Tourism Secretary Joseph “Ace” Durano made the announcement last Tuesday during the 888 News Forum. He said tourism stakeholders are negotiating with China Shenzhen Airlines for the opening of a direct flight between Nanning, China and Cebu this March.
“The lack of direct flights makes Cebu tour packages more expensive,” he said.
Last year, China Southern Airline started its direct flight to Cebu with four chartered and regular direct and indirect flights from Shanghai every week. Durano said he expects more Chinese airline companies to follow, considering the strong outbound market of China.
In Asia, countries like China, Korea, Japan and India are considered to be top market priorities of the Philippines.
Durano said the tourism sector is also determined to capitalize on the fast growing tourism markets in New Delhi and Mumbai in India.
A direct India-Cebu route will significantly increase traffic of Indian tourists who come to the province for leisure, he added.
European tourists
To attract more high-spending European tourists, Durano said the DOT is planning to negotiate with Middle Eastern airlines by offering them competitive rates.
German carrier Lufthansa announced earlier it will stop its flights to Manila in April.
Durano said the DOT also intends to regularize the thrice-monthly chartered flight from Vladivostok, Russia to Cebu.
“Doha, Qatar, which is a major stopover on the way to Cebu, is not a competing destination,” Durano said, adding that Doha’s dessert environment complements Cebu’s tropical climate.
“These airlines in the Middle East provide growth capacity for tourism here,” he said. He said airline companies in the Middle East are “aggressive” in looking for new flight destinations.
Philippine aircraft carriers have not expressed plans to open a route to Europe, said Durano.
This is why, he said, the best strategy to penetrate Europe is by working with Middle Eastern airline operators.
Durano said Europe accounted for nine percent of the total foreign arrivals in the country last year.
Russian tourist arrivals, on the other hand, posted a 160 percent growth, making them “the fastest growing market over-all,” he said.
According to the DOT, visitor arrivals from France registered a 22 percent growth last year while the number of German visitors in the country grew by eight percent. Scandinavian tourists also posted double digit growth.
“We have a healthy growth rate from the European countries,” Durano said.
But Durano said the lack of international flights to Cebu is one of the factors that hampered the growth of the tourism industry in the province, and has made it less attractive to foreign tourists compared to Singapore, Malaysia, Hong Kong, Vietnam and Indonesia.
He said these countries get the bulk of the traveling market since their national carriers provide flight services to international routes, unlike Philippine carriers which concentrate more on regional destinations and those in the Pacific.
Durano also said the establishment of more international flights makes the expansion of the Mactan Cebu International Airport more urgent. (MMM)
CEBU CITY: POPULATION GROWTH RATE RECOVERED FROM A DOWNFALL
(Results from the 2000 Census of Population and Housing, NSO)
http://www.census.gov.ph/data/pressrelease/2002/pr02150tx.html
Population to double in 39 years
Cebu City recorded a total population of 718,821 persons in the 2000 Census of Population and Housing (Census 2000). This was up by 56,522 persons as compared to the 1995 Census of Population (POPCEN) results. For the period 1995 to 2000, the annual population growth rate for Cebu City was 1.77 percent, still low compared to the growth rate during the �70s and �80s but higher than the 1.54 percent annual population growth rate during the 1990 to 1995 period. If the current annual population growth rate of the province continues, the population of Cebu City is expected to double in 39 years.
The number of households increased to 147,600 as compared to 134,986 households in 1995. The average household size recorded in Census 2000 was 4.84 persons, slightly lower than the 1995 figure of 4.85 persons and the national average of five persons.
Cebu City ranked fourth in Central Visayas
Cebu City ranked fourth in terms of population size among the four provinces (Bohol, Cebu, Negros Oriental and Siquijor) and two highly urbanized cities (Cebu City and Mandaue City) comprising Central Visayas region. This city contributed 12.61 percent to the 5.7 million population in the region. At the national level, the city shared 0.94 percent to the total population of 76.5 million as recorded in the Census 2000.
Barangay Guadalupe was the largest in terms of population size
Cebu City is composed of two districts, of which District II had the bigger population with 53.75 percent of the city population.
Barangay Guadalupe, which is part of District II was the biggest barangay in terms of population size, accounting for 6.26 percent of the total population of the city. The least populous barangay was Kalubihan, under District I, with only 611 persons (0.09 percent).
Cebu City had a median age of 23 years
Cebu City had a median age of 23 years. This meant that in 2000, half of the population were below 23 years old. In 1995, the median age was 22 years.
Sex ratio was recorded at 96
Females outnumbered their male counterparts with a sex ratio of 96 males for every 100 females, the same sex ratio recorded in 1995.
Dependency ratio was 57
The proportion of the total population belonging to the age group 0 to 14 years was 32.80 percent. The age group 65 years and over accounted for 3.38 percent of the city population while 63.82 percent were aged 15 to 64 years (economically active population).
The overall dependency ratio in 2000 was 56.69. This meant that for every 100 persons aged 15 to 64 years, there were about 57 dependents (52 persons aged 0 to 14 years � young dependents; and five persons aged 65 years and over � old dependents).
Higher percentage of female voters
Out of the total population, there were 437,953 persons or 60.93 percent belonging to the voting population where the proportion of females (52.05 percent) was higher as compared to that of the males (47.95 percent).
More than half of females were in childbearing ages
Out of 367,181 females, 207,813 or 57 percent belonged to child bearing or reproductive age group (15 to 49 years). The highest percentage of which, was reported among women aged 15 to 19 years and 20 to 24 years with 20.33 percent and 20.12 percent, respectively.
Males dominated the post secondary level
About 33 percent of the household population aged five years old and over in Cebu City attended or completed elementary; 29.43 percent, high school; and 29.81 percent with higher education. On the other hand, the number of children aged 5 to 6 years old who had completed pre-school and were likely to become Grade I students in the next school year was 11,187 pupils (1.77 percent).
Males dominated the pre-school and post secondary levels with 50.77 and 52.93 percent, respectively.
Widowed were mostly women
About 46.36 percent of the total population 10 years old and over were single while 42.67 percent were married.
The remaining 10.96 percent were either widowed, separated/divorced, with other marital arrangements or with unknown marital status.
There was an almost equal proportion of women (50.81 percent) and men (49.19 percent) among single persons. On the other hand, the proportion of widows was noticeably higher (77.81 percent) than widowers (22.19 percent).
Majority of the houses were made of strong materials for the roof and walls
Majority of the housing units in Cebu City had galvanized iron/aluminum (88.22 percent) for the roof, while wood (35.20 percent) and half concrete/brick/stone and half wood (30.14 percent) for the outer walls.
Of the total occupied housing units, 31.49 percent had the combination of galvanized iron/aluminum for the roof and wood for the walls.
Majority of the housing units needed no repair/minor repair
Three out of four housing units in Cebu City needed no repair or if needed one with minor repair only; 18 percent, needed major repair; three percent, with unfinished constructions; and 0.9 percent, under construction.
About 16 percent of the housing units that needed no repair or minor repair were built from 1981 to 1990.
CEBU CITY
Cebu City, the “Queen City” of the South, is bounded on the east by Compostela, Liloan, Consolacion and Mandaue City, on the west by Toledo City and Balamban, on the south by Talisay and Minglanilla, on the north by Danao City and Austurias, and on the southeast by the Mactan Island.
The name Cebu came from the word “Sebu” meaning animal fat. Long before the coming of the Spaniards, it was a fishing village ruled by Rajah Humabon
HISTORICAL HIGHLIGHTS
April 7, 1521 – Ferdinand Magellan arrived in Cebu.
April 14, 1521 – Rajah Humabon, his wife, and about 800 men, were baptized into Christianity.
October 20, 1936 – Cebu became a chartered city by virtue of Commonwealth Act No. 58, amended by
Commonwealth Act No. 129 on November 5, 1936.
June 10, 1964 – revised the charter City of Cebu.
April 28, 1965 – anniversary of the 4th Centenary of the Christianization of the Philippines was celebrated.
1970s – the population growth of the province began to equal the average growth of the country. The primary reason was the expansion of Cebu City and the emergence of Metropolitan Cebu.
Cebu City is the largest Metro Cebu unit not only in population but also area wise.
Sources:1) Website of League of Cities(www.lcp.org.ph)
2) A Demographic & Socioeconomic Profile Based on the 1990 Census,By: Wilhelm Flieger
TECHNICAL NOTES Average Household Size � average number of people who live in the household
Growth Rate � the rate at which the population is increasing (or decreasing) in a given year due to natural increase and net migration, expressed as a percentage of the base population
Median Age � the age at which exactly half of the population is young and half is old
Sex Ratio � the ratio of males to females in a given population expressed as the number of males per 100 females
Age-Dependency Ratio � the ratio of persons in the “dependent” ages (under 15 years and over 64 years) to those in the “economically productive” ages (15 to 64 years old) in the population
Household a social unit consisting of a person or a group of persons who sleep in the same housing unit and have common arrangements in the preparation and consumption of food.
The 2000 Census of Population and Housing (Census 2000) was undertaken by the National Statistics Office (NSO) in May 2000, as mandated by Commonwealth Act No. 591, Batas Pambansa Blg. 72 and Executive Order No. 121. It was the 11th census of population and 5th census of housing undertaken in this country since the first census in 1903. It was designed to take an inventory of the total population and housing units all over the Philippines and to collect information about their characteristics. Census day for the Census 2000 was May 1, 2000 (12:01 a.m.). Enumeration started on May 1, 2000 and lasted for about 30 days.
Being a highly urbanized city, the population of Cebu City was excluded in the population counts of Cebu. As defined in the 1991 Local Government Code, a city is considered highly urbanized if it has an annual income of not lower than fifty million pesos based on 1991 constant prices, as certified by the city treasurer; and its population is at least two hundred thousand (200,000) inhabitants, as certified by NSO.
Table 1. Total Population Distribution of Top Ten Barangays: Cebu City, 2000
| Barangays | Total Population | Percent |
| Cebu City | 718,821 | 100.00 |
| Guadalupe | 45,012 | 6.26 |
| Lahug (Pob.) | 35,275 | 4.91 |
| Basak San Nicolas | 31,840 | 4.43 |
| Tisa | 29,549 | 4.11 |
| Mabolo | 27,498 | 3.83 |
| Labangon | 27,266 | 3.79 |
| Mambaling | 26,417 | 3.68 |
| Punta Princesa | 22,482 | 3.13 |
| Bulacao | 19,887 | 2.77 |
| Camputhaw (Pob.) | 17,867 | 2.49 |
Source: NSO, 2000 Census of Population and Housing
Table 2. Total Population by Age Group, Sex and Sex Ratio: Cebu City, 2000
| Age Group | Total Population | Male | Female | Sex Ratio |
| Cebu City | 718,821 | 351,640 | 367,181 | 95.80 |
| Under 1 | 18,090 | 9,372 | 8,718 | 107.50 |
| 1 to 4 | 65,862 | 33,707 | 32,155 | 104.80 |
| 5 to 9 | 78,134 | 40,035 | 38,099 | 105.10 |
| 10 to 14 | 73,701 | 37,014 | 36,687 | 100.90 |
| 15 to 19 | 79,329 | 37,083 | 42,246 | 87.80 |
| 20 to 24 | 78,481 | 36,669 | 41,812 | 87.70 |
| 25 to 29 | 65,438 | 31,912 | 33,526 | 95.20 |
| 30 to 34 | 56,658 | 27,862 | 28,796 | 96.80 |
| 35 to 39 | 48,093 | 24,098 | 23,995 | 100.40 |
| 40 to 44 | 40,953 | 20,182 | 20,771 | 97.20 |
| 45 to 49 | 32,884 | 16,217 | 16,667 | 97.30 |
| 50 to 54 | 25,174 | 12,207 | 12,967 | 94.10 |
| 55 to 59 | 17,301 | 8,400 | 8,901 | 94.40 |
| 60 to 64 | 14,440 | 6,633 | 7,807 | 85.00 |
| 65 to 69 | 9,728 | 4,296 | 5,432 | 79.10 |
| 70 to 74 | 6,551 | 2,806 | 3,745 | 74.90 |
| 75 to 79 | 4,043 | 1,712 | 2,331 | 73.40 |
| 80 & Over | 3,961 | 1,435 | 2,526 | 56.80 |
Source: NSO, 2000 Census of Population and Housing
Table 3. Household Population 5 Years Old and Over by Highest Educational Attainment and Sex: Cebu City, 2000
| Highest Educational Attainment | Household Population 5 Years Old & Over |
Male | Female |
| Cebu City | 630,661 | 306,252 | 324,409 |
| No Grade Completed | 22,824 | 11,665 | 11,159 |
| Pre-School | 13,764 | 6,988 | 6,776 |
| Elementary | 207,210 | 101,841 | 105,369 |
| High School | 185,628 | 87,771 | 97,857 |
| Post Secondary | 29,142 | 15,425 | 13,717 |
| College Undergraduate | 95,584 | 46,915 | 48,669 |
| Academic Degree Holder | 60,840 | 27,812 | 33,028 |
| Post Baccalaureate | 2,445 | 1,212 | 1,233 |
| Not Stated | 13,224 | 6,623 | 6,601 |
Source: NSO, 2000 Census of Population and Housing
Table 4. Total Population 10 Years Old and Over by Age Group and Marital Status: Cebu City, 2000
| Age Group | Total Population 10 Years Old & Over |
Single | Married | Widowed | Divorced/Separated | Others | Unknown |
| Cebu City | 556,735 | 258,115 | 237,554 | 20,403 | 7,006 | 27,964 | 5,693 |
| Below 20 | 153,030 | 144,685 | 3,277 | 118 | 186 | 2,268 | 2,496 |
| 20 � 24 | 78,481 | 55,124 | 15,826 | 117 | 389 | 6,009 | 1,016 |
| 25 � 29 | 65,438 | 26,175 | 32,267 | 203 | 701 | 5,502 | 590 |
| 30 � 34 | 56,658 | 12,880 | 37,760 | 432 | 940 | 4,160 | 486 |
| 35 � 39 | 48,093 | 6,874 | 36,177 | 663 | 1,009 | 3,095 | 275 |
| 40 � 44 | 40,953 | 3,987 | 32,076 | 1,188 | 1,043 | 2,427 | 232 |
| 45 � 49 | 32,884 | 2,714 | 25,822 | 1,597 | 926 | 1,686 | 139 |
| 50 � 54 | 25,174 | 1,958 | 19,053 | 2,151 | 728 | 1,169 | 115 |
| 55 � 59 | 17,301 | 1,174 | 12,722 | 2,168 | 453 | 692 | 92 |
| 60 � 64 | 14,440 | 978 | 9,808 | 2,888 | 276 | 420 | 70 |
| 65 � 69 | 9,728 | 613 | 6,095 | 2,574 | 172 | 229 | 45 |
| 70 � 74 | 6,551 | 421 | 3,528 | 2,329 | 86 | 140 | 47 |
| 75 � 79 | 4,043 | 237 | 1,845 | 1,786 | 59 | 89 | 27 |
| 80 & Over | 3,961 | 295 | 1,298 | 2,189 | 38 | 78 | 63 |
Source: NSO, 2000 Census of Population and Housing
Table 5. Household Population by Ethnicity and Sex: Cebu City, 2000
| Ethnicity | Both Sexes | Male | Female |
| Cebu City | 714,509 | 349,283 | 365,226 |
| Cebuano | 679,270 | 332,748 | 346,522 |
| Bisaya/Binisaya | 9,169 | 4,046 | 5,123 |
| Tagalog | 3,237 | 1,659 | 1,578 |
| Boholano | 2,765 | 1,179 | 1,586 |
| Hiligaynon/Ilongo | 2,609 | 1,187 | 1,422 |
| Others | 12,424 | 5,831 | 6,593 |
| Foreign Ethnicity | 2,100 | 1,158 | 942 |
| Not Reported | 2,935 | 1,475 | 1,460 |
Source: NSO, 2000 Census of Population and Housing
Table 6. Total Occupied Housing Units by Construction Materials of the Outer Walls and Roof : Cebu City, 2000
| CONSTRUCTION MATERIALS OF THE OUTER WALLS |
Total Occupied Housing Units |
CONSTRUCTION MATERIALS OF THE ROOF | |||||||
| Galvanized Iron/ Aluminum |
Tile/ Concrete/ Clay Tile |
Half Galvanized, Iron/Half Concrete |
Wood | Cogon/ Nipa/ Anahaw |
Makeshift/ Salvaged/ Improvised Materials |
Asbestos/ Others |
Not Reported | ||
| Cebu City | 142,406 | 125,633 | 1,244 | 4,711 | 3,509 | 3,539 | 1,414 | 329 | 2,027 |
| Concrete/Brick/ Stone |
31,481 | 30,293 | 778 | 272 | 77 | 29 | 6 | 26 | - |
| Wood | 50,134 | 44,839 | 130 | 568 | 3,107 | 1,239 | 207 | 44 | - |
| Half Concrete/ Brick/Stone and Half Wood |
42,928 | 38,709 | 218 | 3,641 | 197 | 121 | 24 | 18 | - |
| Galvanized Iron/ Aluminum |
566 | 502 | 6 | 39 | 8 | 7 | 3 | 1 | - |
| Bamboo/ Sawali/Cogon/ Nipa |
10,045 | 7,809 | - | 71 | 71 | 1,933 | 122 | 38 | 1 |
| Asbestos | 175 | 139 | 8 | 1 | 9 | - | - | 18 | - |
| Glass | 76 | 64 | 9 | - | 1 | - | - | 2 | - |
| Makeshift/Salvaged/ Improvised/Materials |
3,462 | 2,076 | - | 22 | 11 | 172 | 1,026 | 154 | 1 |
| Others/ Not Reported |
3,356 | 1,053 | 86 | 96 | 23 | 37 | 15 | 22 | 2,024 |
| No Walls | 183 | 149 | 9 | 1 | 5 | 1 | 11 | 6 | 1 |
Source: NSO, 2000 Census of Population and Housing
ABOUT SPECIAL RESIDENT RETIREE’S VISA (SRRV) FOR FOREIGNERS WHO WANT TO RETIRE
IN THE PHILIPPINES
General Information of SPECIAL RESIDENT RETIREE’S VISA (SRRV)
- WHAT IS THE SPECIAL RESIDENT RETIREE’S VISA (SRRV)?
- WHO MAY APPLY?
- HOW CAN ONE JOIN THE PRA PROGRAM?
- WHAT ARE THE FEES FOR JOINING THE PRA PROGRAM/APPLYING FOR SRRV?
- HOW LONG IS THE VISA VALID?
- CAN A RESIDENT RETIREE BRING HIS/HER FAMILY MEMBERS WITH HIM/HER INTO THE COUNTRY TO JOIN THE PROGRAM?
- WILL DEPENDENTS CONTINUE TO BE SRRV HOLDERS OR RETAIN THEIR SRRV EVEN AFTER REACHING 21 YEARS OLD?
- WHAT HAPPENS IF THE PRINCIPAL RETIREE DIES?
SRRV Requirements
- WHAT IS THE AGE/DEPOSIT REQUIREMENT OF AN APPLICANT?
- WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE PROGRAM?
- WHAT ARE THE BENEFITS UNDER THE PROGRAM?
- WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?
- DOES PRA ALLOW CURRENCIES OTHER THAN US DOLLARS AS REQUIRED FOREIGN CURRENCY DEPOSIT?
- CAN THE REQUIRED DEPOSIT BE DIVIDED INTO ANY OF PRA’s ACCREDITED BANKS?
- UNDER WHOSE NAME IS THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CREDITED?
- WHEN CAN THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CONVERTED INTO INVESTMENT?
Investments
- WHAT AREAS OF INVESTMENTS ARE AVAILABLE TO A RESIDENT RETIREE?
- CAN RESIDENT RETIREE APPLY FOR PHILIPPINE CITIZENSHIP?
General Information
Q. WHAT IS THE SPECIAL RESIDENT RETIREE’S VISA (SRRV)?
A. It is a special non-immigrant visa issued by the Bureau of Immigration of the Republic of the Philippines through the Retirement Program of the Philippine Retirement Authority (PRA) to foreigners and former Filipino citizens. It entitles the holder to multiple-entry privileges with the option to reside permanently in the Philippines.
Q. WHO MAY APPLY?
A. All foreign nationals provided they are issued an entry visa by the Philippine Embassy/Consulate and former Filipino citizens who are now holders of foreign passports both of whom are at least 35 years old.
Q. HOW CAN ONE JOIN THE PRA PROGRAM?
A: Through online at www.pra.gov.ph
or If you are based in the Philippines, you may secure an application form and file the same at:
Philippine Retirement Authority
29/F Citibank Tower
8741 Paseo de Roxas
Makati City 1227
Tel. No.: (632) 848-1412 to 16
Fax No.: (632) 848-1411
Direct Line: (632) 848-7104
Website: http//www.pra.gov.ph
E-mail: inquiry @pra.gov.ph
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Q: WHAT ARE THE FEES FOR JOINING THE PRA PROGRAM/APPLYING FOR SRRV?
A: A one-time payment of US$1,400.00 for the principal and US$300.00 for each dependent (spouse/children).
Note: These fees are inclusive of the Bureau of Immigration fees and the fee for the issuance of the initial PRA I.D. Card.
Q: HOW LONG IS THE VISA VALID?
A: The SRRV is valid for so long as one remains a member of good standing of the Program and provided his time deposit and/or investment exists in the Philippines.
Q: CAN A RESIDENT RETIREE BRING HIS/HER FAMILY MEMBERS WITH HIM/HER INTO THE COUNTRY TO JOIN THE PROGRAM?
A: Yes. A resident retiree can bring with him/her, without additional deposit, his spouse and a child who is unmarried and below 21 years old or if the spouse is not joining, two (2) children (provided they are unmarried and under 21 years of age). Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000.00 per child. The deposit is subject to the same terms and conditions with that of the principal deposit. This does not apply to former Filipinos citizens.
Q: WILL DEPENDENTS CONTINUE TO BE SRRV HOLDERS OR RETAIN THEIR SRRV EVEN AFTER REACHING 21 YEARS OLD?
A: Yes. For so long as the principal retiree remains a member of the Program, his dependents retain their SRRV even if they reach 21 years of age and above.
Q: WHAT HAPPENS IF THE PRINCIPAL RETIREE DIES?
A: The surviving spouse, provided he/she is a SRRV holder, has the option to assume the status of a principal retiree using the original account as his/her qualifying deposit. Should he/she not choose to become the principal retiree, then the law on Succession prevails.
As far as the beneficiary is concerned, the withdrawal of the time deposit should be made in accordance with the Philippine banking rules and regulations. The beneficiary will have to pay estate tax as the retiree is treated as a resident alien and therefore covered by the National internal Revenue Code.
SRRV Requirements
Q: WHAT IS THE AGE/DEPOSIT REQUIREMENT OF AN APPLICANT?
A: Retirement Option and their Required Time Deposit
1. With Pension – 50 years. Old and above – the required time deposit is US$10, 000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000.00 for couple
2. Without Pension
- 35 to 49 years old – US$50, 000.00 time deposit
- 50 years old and above – US$20, 000.00 time deposit
- Former Filipino Citizens (at least 35 years old, regardless of the number of dependents – US$1,500.00
- Ambassadors of foreign countries who served and retired in the Philippines, current and former staff members of international organizations including ADB -US$1,500.00
Note: The PRA Accredited banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account as the United States Dollars or Philippine Pesos equivalent
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Q. WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE PROGRAM?
A: A prospective retiree-participant shall submit to PRA the following:
- PRA application form;
- Original passport with valid entry status;
- Medical Examination Clearance -can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, this can also be secured at the PRA One-Stop Shop
- Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks;
- Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office. Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.This also applies to spouse and dependents 18 years of age and above;
- Photographs, 12 pieces 2”x2”;
- If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, original Marriage Certificate; and
- If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence abroad.
Note: If you prefer to enroll under the With Pension Scheme, below are the additional requirements:
a. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, date of effectivity of the payment of pension and the amount of monthly pension; and
b. Proof of your monthly pension remitted to the Philippines.
Q: WHAT ARE THE BENEFITS UNDER THE PROGRAM?
A: Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits. These include:
1. Option to Retire Permanently
a. You may live, work and study in the Philippines
2. Multiple Entry Privileges
b. You may travel outside the Philippines and re-enter anytime
3. Exemptions from:
a. Income tax over your pension and annuities;
b. Exit and re-entry permits of the Bureau of Immigration;
c. Annual registration requirement of the Bureau of Immigration;
d. Customs Duties and Taxes with regard to the importation of household goods and
e. personal effects up to US$7,000.00;
f. Travel tax, if you stay in the Philippines is less than one year from the last entry date; and
g. I-Card
As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies. These include, but are not limited to:
a. Alien Employment Permit
b. Driver’s License
c. Tax Exemption/Extension Certificate
National Bureau of Investigation (NBI) Clearance
Q: WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?
A: 1. Yearly renewal of the PRA ID Card
Retirees may request for a 3-year validity of the ID card upon the accomplishment of a Deed of Undertaking that the required deposit will remain in the bank for another 3 years.
2. Payment of Annual Visitorial Fee
Retirees are obliged to pay the annual visitorial fee and submit specific documents if the required deposit has been converted into active investment.
3. Notification of Changes in Personal Information
These changes may include change in address, phone numbers and email address.
4. Cancellation of the SRR Visa
Retirees should provide a written notice to the PRA within 30 days prior to his/her cancellation of the SRR Visa.
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Q. DOES PRA ALLOW CURRENCIES OTHER THAN US DOLLARS AS REQUIRED FOREIGN CURRENCY DEPOSIT?
A. For purpose of applying for SRRV, the PRA allows currencies other than US Dollars as required foreign currency deposit. This is explicitly provided for under Section 2(b), subsection 1.7 of the Memorandum of Agreement between PRA and accredited banks, which read:
Section 2. Duties of the Bank
b.1. Opening of Account
1.7. A retiree may elect to remit or deposit funds in any of the Following foreign currencies:
a. British Pound
b. Australian Dollar
c. Canadian Dollar
d. Hong Kong Dollar
e. Japanese Yen
f. Singapore Dollar
g. Swiss Franc
h. US Dollar
i. Euro
j. Korean Won
k. Chinese Yuan
Provided there is proof of foreign currency remittance by the retiree, a copy of which shall be furnished PRA, the retiree shall have the option to open the account in US Dollar or its equivalent in Peso. Furthermore, the bank and the retiree maybe allowed to convert the retiree’s remitted or deposited funds into US Dollar, if allowable, or into Philippine Peso, for purpose of opening the deposit account and maintaining the same. The remitted currency, maybe maintained, provided that it maintains the value of the minimum required deposit.
Q: CAN THE REQUIRED DEPOSIT BE DIVIDED INTO ANY OF PRA’s ACCREDITED BANKS?
A. Yes, for a minimum deposit of US$10,000.00 per PRA Accredited Banks.
Q: UNDER WHOSE NAME IS THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CREDITED?
A: The required foreign currency deposit maybe opened in the name of the principal retiree or under an “and/or” account with the spouse provided the latter is also a member of the PRA Program. This applies also to an applicant/retiree who is legally married to a Filipino Citizen even if not a PRA member.
Q: WHEN CAN THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CONVERTED INTO INVESTMENT?
A: After one (1) month from the date of the issuance of the SRR Visa.
Investments
Q: WHAT AREAS OF INVESTMENTS ARE AVAILABLE TO A RESIDENT RETIREE?
A: The areas of investment are the following:
- Purchase of condominium unit/s; Click here : Affordable Condominiums in Cebu City
- Long term Lease of a house and lot, condominium or townhouse unit/s;
- Construction of a residential unit on a leased parcel of land;
- Purchase of Proprietary Membership/Golf shares in golf clubs;
- For former Filipinos, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares rural areas to be used for business or other purposes.
Q: CAN RESIDENT RETIREE APPLY FOR PHILIPPINE CITIZENSHIP?
A: Yes, in accordance with the Naturalization Law of the Philippines. One of the basic requirements for naturalization is the continuous residency in the Philippines for a period of ten (10) years.
The period may be reduced to five (5) years if the applicant has any of the following qualifications:
- Has honorably held office under the Government of the Philippines or under that of any of the provinces, cities, municipalities, or political subdivision thereof;
- Has established a new industry or introduced a useful invention in the Philippines;
- Being married to a Filipino citizen;
- Has been engaged as a teacher in the Philippines for a period of at least two (2) years;
- Has been born in the Philippines.
Note: For former Filipino citizens, the Citizenship Retention and Reacquisition Act of 2003 applies.
Condo Investment in Cebu City
Ramos High-Rise Studio Condo Hotel Project:
400 Studio type condo units. unit area ranges from 28 square meters to 66 square meters. This condo building is 33 storey high including one (1) floor commerical spaces, three (3) floors for parking spaces and the condo units from 3rd floor to 33rd floor.
As a unit owner, you can receive Lifetime income from this affordable high-rise condo investment in Cebu city, because this high-rise condo building will be run as a hotel by Crown Regency Hotel. As a unit owner, you can also enjoy your overseas vacation every year in your unit and also any of the Crown Regency hotels.
The projected return of investment or the yield of your high-rise condo hotel investment is at least 20% per annum base on 60% occupancy. Plus it’s definitely a worry free lifetime investment which will bring you the solid income and vacation lifestyle!
Affordable Payment Option:
10% downpayment in 6 months and balance payable in 4 years with Zero Interest
Fuente High-Rise Loft Condo Project:
High Return loft condo Investment with 10% downpayment and 5 year Zero (0%) interest affordable payment option
Before you judge if this is a high return good high-rise loft condo investment, please go over the privileges that you will enjoy from this investment:
- Club Ultima Membership integrated with medical horizon, family entertainments, world class sky adventurous games, international fine dining resturants, Casino, convention halls, swimming pool, etc.
- FREE nigh stays overseas in Crown Regency Hotels and affiliated hotels in more than 2,900 hotels with Interval International.
- Ownership of a world class concept condo unit which is bringing you a complete balanced lifestyle.
- High return on investment by the prime location (Central of the City) and by the continuous Membership Clubs, Condo projects and Condo Hotel projects in every famous tourist spot as value enhancers.
Area: 75 square meters to 100 square meters
Affordable Payment Option:
10% downpayment in 6 months and balance payable in 5 years with Zero Interest
Ultima Prime High-Rise Condos, Loft Condos,1,2,3 Bedroom Residential Condo Project:
Condo Unit Features:
• Basement-6th Floor Parking 7-28th
• (97) Residential Units
• 64-126 square meters
• 1,2-3 bedrooms Loft type units
• Security Cameras Stand-by Generator
• Set High-Speed Elevators
• Internet Ready Video Intercom (Unit-Lobby)
Affordable Payment Option:
10% downpayment in 6 months and balance payable in 5 years with Zero Interest
For more information, you can also visit my website www.cebucondoreview.co.cc
If you are interested in any of our prjects and would like to have further discussions through phone or online chatting, kindly please E-mail me your contact details and available time and I will be the one to call you back.
Daisy Guo
Fuente Triangle Realty Development Corp.
International Marketing Assistant
E-mail: ftrdcmarketing@gmail.com or info@cebucondoreview.co.cc
Cell: (+63917) 462-1174
Skype & Yahoo! Messenger: daisy_guo_onlinemarketing
My website: www.cebucondoreview.co.cc
My wordpress: http://daisyguoonlinemarketing.wordpress.com
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