Four Reasons Why You Should Retire in the Philippines
Retirement is a phase that all people eventually face. An ideal retirement is when retirees achieve financial independence despite leaving their source of income. To achieve this, some retirees opt to become either entrepreneurs or place their retirement funds in some lucrative investment in some idyllic retirement haven.
Retirement in the Philippines is an ideal choice for any retiree exiting the workplace. With the country’s favorable business and economic climate, along with an overall general pleasant environment, the Philippines undoubtedly exudes this balance. Thus, making it the ideal retirement sanctuary for both Filipino citizens and foreign nationals. There are four various factors that contribute to why one should consider retiring in the Philippines:
4 Reasons to Retire in the Philippines
A Site of Steady Economic Growth
The country has been experiencing a steady gross domestic product (GDP) growth since 2015. For the past few years, the country’s GDP has soared to an average of 6%. Investments, government expenditures, private consumption, and exports have also increased.
According to the World Economic Forum in its Global Competitiveness Report for 2017-2018, the Philippines places 56th in the overall global competitiveness index. As for the Philippine Stock Market, it reached an all-time high of 9058.62 in January 2018. The country’s economic freedom score is also worth noting with a score of 65.0, making the economy the 61st freest in the 2018 Index. According to the Philippine Statistics Authority, total external trade totaled to $75.586 billion in the first two quarters of 2017.
Additionally, trade results are in a grand total of $15.22 billion in May 2018. All things considered, the Philippines would be an ideal country to live and ultimately, retire in.
Alongside the country’s steady economic growth, the Philippines is also a hotspot for various businesses and industries. Since 2017, the Philippine business climate has been on a constant and strong rise. It also experienced an economic expansion of 6.8% in the same year. In Metro Manila, various districts have varying booming industries and businesses. Districts such as Bonifacio Global City, Makati Business Center (Ayala), Rockwell Center, and the Ortigas Business Center are included in the list of major business centers in the Philippines.
The country is also a hotspot for foreign direct investments (FDI). With its strategic location, it serves as a bridge to multiple international channels – especially the emerging markets in the Asia-Pacific region. Additionally, business matters in the Philippines are often done in a pleasant and friendly atmosphere.
Furthermore, according to World Bank Group’s annual report, the Philippines places 113th out of 190 countries on the ease of doing a business. One of the most common types of business entities often set up in the country are domestic corporations.
The country also allows for 100% ownership in certain sectors and supports a Build-Operate-Transfer scheme. Capital investment-related opportunities are made available for export businesses, as well as incentives such as tax exemptions and duty-free importation of specific equipment and materials for businesses that register their office locations in special economic zones and freeports. Some industries worth investing in are real estate, agriculture, business process outsourcing, infrastructure and construction, tourism, and retail, among others.
Pleasant Expatriate Relations
For foreign nationals who wish to reside in the Philippines, the country has pleasant relations with the expatriate community. In the Philippines, expatriates have their own community where they share their experiences, knowledge, and concerns with fellow expatriates. Within this community, foreign nationals go through an easier adjustment process and for a shorter amount of time, with fellow expats helping the newer ones settle in the country.
With a fair amount of Filipinos knowing conversational English and are literate, the expat community has an easier time communicating with the locals. Filipinos are also known to be hospitable, friendly, and helpful thus fostering a pleasant environment for expats.
The Pearl of the Orient
The Philippines is known for the name, “The Pearl of the Orient” due to its rich and abundant natural landscapes and resources. Famous for its 7,107 islands, the country boasts of an adventure in every corner. Located slightly above the equator, the country only experiences two seasons: the wet and dry seasons.
The Philippines is also known for the never-ending fun, energetic, and warm personalities of its people- the Filipinos. Filipinos foster an easygoing and fun-loving environment wherein even in stressful situations, they still manage to smile- thus earning the title, “Land of the Smiles.”
Foreign investors find the recruitment process convenient given that a fair amount of the country’s workforce is literate and able to converse in English. Moreover, language is not a barrier nor a problem for foreign tourists and retirees.
The balance of a fun-loving and carefree environment, along with the business and economic climate, makes the Philippines well-suited to the needs of both Filipino and foreign nationals- retiree or not.
With the Philippines being an ideal location for retirement plans, the Bureau of Immigration, endorsed by the Philippine Retirement Authority (PRA), offers retiring foreign nationals a special type of visa- the Special Resident Retiree’s Visa. The Special Resident Retiree’s Visa (SRRV) is a Philippine retirement visa granted to foreign nationals. The SSRV grants benefits to the holder such as being able to reside in the Philippines throughout their lifetime as well as multiple entry privileges, so long as requirements are met.
For this reason, retiring foreign nationals are able to easily and fully enjoy their retirement with this Philippine visa application– the special resident visa for retirees. With the Philippines an ideal location for retirees, foreign nationals now have the option to retire to the country with the SRRV. Foreign investors who wish to stay in the country for an indefinite time or permanently are also able to do so with the special resident visas.
The SRRV provides retiring foreign nationals the opportunity to reside in the Philippines, benefit from the favorable business environment and warmth of the people and eventually pursue the retirement plan of their choice. Alternatively, the other special resident visas provide foreign investors the opportunity to either indefinitely or permanently stay in the Philippines to look after their investments.
The SRRV also stands to be an option for future foreign investors who wish to plan for their retirement at an earlier time. With the SRRV in mind, foreign investors can already visualize how their retirement in the Philippines would be. This enables them to fully plan ahead the steps and courses of action they will take in the future.
All things considered, retirement is an integral part of people’s lives and should be planned ahead of time. With ideal retirement being able to achieve financial independence after leaving one’s career, it is crucial to choose the ideal location for one’s retirement plans.
The Philippines, with its business and economic climate, and its overall pleasant atmosphere, is an ideal choice for retirees. Not only is the country well-suited for local retirees, but also for retiring foreign nationals. The country’s Bureau of Immigration, along with the Philippine Retirement Authority (PRA), offers the Special Resident Retiree’s Visa (SRRV). The SRRV enables retiring and soon-to-be-retiring foreign nationals the opportunity to reside in the Philippines throughout their lifetime, as well as have multiple entry privileges. Overall, the SRRV provides retirees the security to plan ahead for their retirement in the Philippines.