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MAKATI CITY – The Philippine Retirement Authority (PRA) kicks off the year with four notable events in today’s press conference, which sets the pace for increased growth and development of the retirement industry.
It is common knowledge that the graying populations of the world will soon overtake generations X and Y. Studies reveal that by the year 2015, there will be 425.6 million retirees in Japan, Korea, Taiwan, China, Europe and the United States.
To tap into this huge market, PRA chose a highly-targeted niche using a nine-point integrated business model that includes housing, healthcare, lifestyle services, transportation, management, human resources, safety and security, insurance and finance. PRA also adheres to the United Nations Principles for Older Persons which emphasizes independence, participation, self-fulfillment and dignity.
Today’s meeting begins with PNP Gen. Edgar B. Aglipay, PRA Chairman and Col. Fernando Z. Francisco, PRA Acting General Manager, signing two distinct Memoranda of Agreement (MOA) with Hon. Reinaldo A. Bautista, Mayor of the City of Baguio, and Enrique M. Soriano III, Director of Belo Medical Group, Inc. witnessed by the representatives from the Philippine Retirement Incorporated, namely its Chairman, Mr. Ernesto Ordonez and its President, Mr. Francisco Eizmendi.
Memorandum of Agreement with the City of Baguio
Under the MOA, the City of Baguio will promote the retirement program thru briefings directed to interested foreigners and former Filipinos in good standing; provide assistance in the processing of applications, either for the Special Resident Retiree Visa (SRRV) or Associate memberships; and actively participate in PRA projects. To ensure its effective implementation, PRA personnel will be provided with an office.
In exchange for their support, PRA will provide the office of Mayor Bautista with PRA marketing collaterals for free. PRA will also speed up retiree applications duly endorsed by the office of Hon. Bautista. PRA will also pay remunerations due the city for every successful Regular and Associate member-enrollees of US$250 and US$30 (or its peso equivalent), respectively.
This is in line with Executive Order No. 372 which acknowledges the invaluable support of local government units (LGUS) and other stakeholders in marketing the retirement program. The MOA with Mayor Bautista represents the latest addition to a growing number of PRA program advocates. In 2007, Aglipay forged similar agreements with Angeles City Mayor Blue Boy Nepomuceno; Subic Mayor James J. Gordon; and Cebu City Mayor Tomas N. Osmeña.
Memorandum of Agreement with Belo Medical Group, Inc.
Although PRA continues to enjoy strong ties with government agencies, it also pursues partnerships with the private sector. One of the PRA’s newest partners is the Belo Medical Group, Inc. (BMG).
As a Merchant Partner, BMG will grant PRA retiree-members, booked/endorsed prospective PRA members/guests and PRA employees with discounts on selected services. Some of these procedures include Contouring Facial; Glycopeel Cleaning; Pan Germinal Rejuvenation; Carbon Dioxide Laser; Collagen Induction Therapy; and Versapulse.
BMG offers a ten percent (10%) discount for cash transactions; while a five percent (5%) discount will be granted for credit card purchases. However, these discounts will not be applicable to existing and future installment or deferred payment schemes of BMG.
To avail of these benefits, PRA members, employees and guests simply present their identification cards along with an endorsement for their booking at any of seven branches participating in the program, i.e. Alabang, Greenhills, Medical Plaza Makati, Podium, Tomas Morato, Rustan’s Makati and Trinoma.
Demo of PRA Pre-Online Processing
Following the contract signing is a demonstration of the online processing of retiree applications via PRA website, www.pra.gov.ph. PRA maximizes the capabilities of information and communications technology (ICT) to quicken customer service response time. The eagerly anticipated innovation reduces the time-consuming manual filing of documents and application forms. With downloadable forms and easy-to-use features, qualified retirees can apply for an SRRV.
PRA 2007 Accomplish Report
On top of the conference agenda is Gen. Aglipay’s presentation of PRA’s year-end report for 2007. As one of the flagship projects of the Philippine government, PRA is mandated to develop and promote the Philippines as a retirement haven and contribute to the increase of foreign investments.
Unaudited financial statements for 2007 reveal that gross income for the year was Php 264,935,284 and net income reached Php90, 172,203. Since its inception in 1984, PRA has contributed a total of Php 519,600,000 to the National Treasury – Php 231,700,000.00 representing income tax and Php 287,900,000.00 in dividends.
The enrolment of 2,620 retirees principal retirees and dependents is expected to generate 10,480 jobs based on a conservative estimate of four workers per principal retiree.
Intensified Marketing Campaign
PRA launched Oplan Green soliciting the support of private establishments to strategically display PRA’s marketing collaterals within view of foreign nationals based in their areas.
With the projected influx of retirees to the Philippines, efforts have been in place to encourage more foreign investments in retirement facilities and/or villages.
PRA, in coordination with the Philippine Retirement, Inc. regularly conducts Consortium Selling projects in Japan and Korea; Road Shows in the United States and China; and participated in trade and travel expositions to promote our retirement program to foreign investors and retirees.
Safety and Security
Police visibility in focal areas and retiree desks in Police Stations to further ensure the security of the retirees.
PRA reorganized and launched a move towards the adoption of E-NGAS and Oplan E (Economize). The Management Service Office (MSO) identified six focal retirement areas. These are Batangas, Subic/Clark, National Capital Region (NCR), Tagaytay, Cebu and Davao.
One of the highlights of accomplishments for the period was the approval of the Guidelines for the Registration of Retirement Economic Zones (Retirement Ecozone Parks/Centers) and Facilities Enterprises. With this in place, investors can now avail of the incentives provided under Republic Act (R.A.) 7916.
In the same period, we also launched six (6) Retirement Focal Areas which include the Nasugbu Master-Planned Eco-Tourism and Retirement Community located in Batangas. PRA recently initiated a two step accreditation process which retirement facility developers have to comply with, namely the Approved Project and the Accredited Facility.
In response to the growing number of retirees in Cebu, PRA launched a One Stop Action Centers in Makati and Cebu. More of these offices are in the pipeline in order for PRA to respond to retirees retiree concerns in real time. In addition, PRA’s office at the 29th floor of the Citibank tower houses an extension office of the Bureau of Immigration (BI) and the National Bureau of Investigation (NBI) for the processing of retiree documentation requirements.
PRA will continue to support Her Excellency President Gloria Macapagal-Arroyo’s 8 by 2008: Investing in People Thrust that is geared towards directly benefiting Filipinos. Furthermore, PRA will incessantly strive to strategically manage the resources of PRA in order to further contribute to our country’s prosperity