Govt moves to attract more Korean retirees to PHL

The Philippine government is moving to convince more Korean retirees to visit the Philippines by having a team from the Philippine Retirement Authority take part in two recent exhibitions in Korea.

PRA Marketing Department Division Chief Ray Sousa and Retirement Assistant Officer Alex Veneracion informed Philippine Ambassador to South Korea Luis Cruz on their participation in the events.

Sousa and Veneracion said they were able to "attract some interest" from Korean attendees of the 26th Korea Emigration and Investment Fair 2013 at Busan Exhibition & Convention Center (BEXCO) on October 3 and COEX in Seoul from October 5 to 6, the Department of Foreign Affairs said.

The DFA said the PRA mission sought to encourage more Koreans to migrate to or set up small and medium enterprises (SMEs) in the Philippines as retirees or as investors.

Veneracion is assigned to the PRA’s Retired Activities Office based in Subic Bay.

Sousa said Korea ranked second among the number of foreign retirees, with 19 to 22 percent of the total figure as of 2012, after China with 29 percent.

He said 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 $20,000 being one of the most popular.

For his part, Veneracion said the challenge would be to lengthen the period of residence of Koreans, which at present is six to eight months.

"Many Koreans are using the SRRV Smile to benefit their children interested in studying English in the Philippines for less than one year," the DFA said.

Silver towns

Meanwhile, commercial attaché Nicanor Bautista described a huge potential in Korea in setting up “silver towns” (premium retirement villages).

Bautista cited the retirement of the current middle-aged employees of conglomerates like Lotte, Samsung and Hyundai.

However, he said a complete product package that considers location, security, facilities, climate and insurance portability will be needed. — LBG, GMA News