PHL among 20 best foreign retirement havens for 2015, according to Forbes

With its low cost of living and its leaving foreign income untaxed, the Philippines has been named among the 20 best foreign retirement havens for 2015 by American business magazine Forbes.

"For US retirees the principal appeal of the Philippines is a low cost of living in a tropical environment full of English speakers and outdoor beauty," Forbes said in its article "The Best Foreign Retirement Havens For 2015."

"Foreign income is untaxed, and permanent residency can be had on a minimal showing of retirement income," it further noted.

It noted popular locations such as Tagaytay that are "elevated and therefore cooler" and Subic Bay, with its US navy base infrastructure.

Forbes also noted that there are nonstop flights between Manila and US that take an average of 15 hours.

According to the magazine, it identified the 20 "appealing foreign countries" based on a review of factors such as cost of living, cultural attractions and scenery, safety, tax matters—especially breaks for retirees—local hospitality, weather, availability of adequate healthcare and prevalence of English.

Other countries included in the list are: Australia, Belize, Canada, Chile, Colombia, Costa Rica, Croatia, Ecuador, France, Ireland, Italy, Malaysia, Mexico, Nicaragua, Panama, Portugal, Spain, Thailand, and Uruguay.

Last year, Forbes ranked Dumaguete City in Negros Oriental fifth on the list of best places to retire.

Malacañang welcomed Forbes' assessment and said Filipinos should exert more effort in improving the country's investment climate.

"Siyempre po ikinakagalak po natin ang pahayag na ‘yan ng isang reputable na pahayagan, ang Forbes, at ito ay dapat na maging basehan upang tayo ay higit pang magpunyagi sa pagpapaganda ng investment climate sa ating bansa," Presidential Communications Operations Office Secretary Herminio Coloma said on government-run dzRB on Sunday.

According to Coloma, Tourism Secretary Ramon Jimenez Jr. noted that in 2014, foreign tourist arrivals reached 4.83 million—a 3.25-percent increase from 2013—and tourism revenues hit P214.8 billion.

"At dahil po dito, ibayong pagsisikap pa rin sa bahagi ng pamahalaan sa pangunguna ng Department of Tourism sa paggawa ng lahat ng nararapat para mapanatili ang pagiging attractive destination ng ating bansa," Coloma said.

According to the National Tourism Development Plan, the Tourism department had a target of 6 million visitor arrivals in 2014.

This year, the agency eyes 8 million foreign tourist arrivals. — Kathryn Mae P. Tubadeza/BM, GMA News