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PIA Press Release
2007/04/10

Feature: Retirement haven on the drawing board

Tuguegarao City (April 10) –- The Philippine Retirement Authority (PRA) plans to put up a retirement facility for foreigners in this city.

In a briefing conducted here recently, retired police director – general Edgardo Aglipay, PRA Chairman said he is coordinating with Mayor Randolph Randolph Ting for this possibility.

Aglipay said that PRA is targeting just one for every thousand retirees to come to the Philippines to spend their retirement here.

Aglipay further said that in 2006, there were about 326 million retirees worldwide which was brought about by declining fertility rate and increasing life expectancy due to the advance of medical science.

Aglipay projected that by 2015, the retirement industry will generate an investment of US$44 billion which could create 4 to 6 million jobs, and support 3 million entrepreneurs nationwide.

The PRA uses the slogan “Smile at life.” (PIA Cagayan) [top]

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