NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES ) 
First Regular Session 
)
SENATE
S.B, No.. 4.712-
of till' i&r-rrtai'j)
23 JAN 19 P5:31
RECEIVED BV;
Introduced by SENATOR IMEE R. MARCOS
AN ACT
STRENGTHENING THE PHILIPPINE RETIREMENT AUTHORITY, 
EXPANDING ITS POWERS AND FOR OTHER PURPOSES
EXPLANATORY NOTE
The Philippine economy continues to undergo structural changes to cope with 
its tight foreign exchange situation, emphasizing the urgent need to establish programs 
to attract foreign investment into the country. The promotion of the Philippines as a 
retirement haven/destination makes use of a concept that has been tried and proven 
in other parts of the world and resulted in the intensified inflow of foreign earnings to 
the country concerned.
On July 4,1985, by virtue of Executive Order (E.O). No. 1037 signed by President 
Ferdinand E. Marcos, the Philippine Retirement Park System (PRRS) was established to 
"develop and promote the Philippines as retirement haven to accelerate the social and 
economic development of the country and strengthen its foreign exchange position as 
well as provide the best quality of life to the targeted retirees in a most attractive 
package." The PRRS was later renamed the Philippine Retirement Authority (PRA) 
under E.O. No. 26 signed on August 31, 2001, and placed under the control and 
supervision of the Board of Investments - Department of Trade and Industry, from the 
Office of the President. On May 12, 2009, under Republic Act No. 9593, otherwise 
known as the Tourism Act of 2009, the PRA became an attached agency of the 
Department of Tourism and placed under the supervision of its Secretary.
Currently, the PRA is tasked with developing and promoting the Philippines as a 
retirement haven for former Filipino citizens and foreign nationals. The agency issues 
the Special Resident Retiree's Visa (SRRV) which is a special non-immigrant visa for 
foreign nationals who would like to make the Philippines their second home or 
investment destination. The SRRV entitles its holder to indefinite stay in the country 
with multiple entry/exit privileges, and exemption from travel tax and customs duties 
and taxes for one time importation of household goods and personal effects, among 
others.


In this time when we strive for economic recovery post-pandemic and when 
tourism is once again a lucrative source of foreign income for most states, it is a great 
idea to revitalize the role of the PRA in boosting our foreign exchange generation and 
in promoting the country's image as a livable and comfortable retirement destination.
This bill seeks to provide stronger incentives, such as permanent resident status 
and further tax and license exemptions, for foreign nationals and former Filipino citizens 
not just to have a vacation or reside in the Philippines but also to invest in businesses 
in the country. It also seeks to include the Filipino elderly and returning Overseas 
Filipino Workers (OFWs), insofar as applicable, as recipients of the Authority's 
privileges. In addition, the PRA will be tasked to protect local and foreign investors, 
thus creating an impression of investor security in the country. Voluntary accreditation 
of retirement facilities is also sought to be provided. Finally, the promotion of the 
country as an attractive retirement destination will be strengthened as a form of 
boosting domestic tourism.
In view of the foregoing, the approval of this bill is earnestly sought.
. MARCOS


S’Ciial*’
NINETEENTH CONGRESS OF THE ) 
REPUBLIC OF THE PHILIPPINES ) 
/7/-5^ Regular Session 
)
23 JAN 19 P5:31
SENATE
S.B. No. 1712
RECEIVED By:
Introduced by SENATOR IMEE R. MARCOS
AN ACT
STRENGTHENING THE PHILIPPINE RETIREMENT AUTHORITY, 
EXPANDING ITS POWERS AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress 
assembled:
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SECTION 1. Short Title. - This Act shall be known as the "Strengthening the 
Philippine Retirement Authority Act".
SEC. 2. Declaration of Policy. — It is hereby declared the policy of the State to 
develop and promote a Philippine Retirement Program and sustain the retirement 
industry for foreign nationals, former Filipino citizens, and the returning Filipino elderly, 
so as to generate for the country more employment, income opportunities, foreign 
exchange inflows, investments, and technology transfers, among others.
Towards this end, the Government shall:
(a) Provide strong incentives for foreign nationals, former Filipino citizens, and 
returning Filipino elderly to reside, retire, vacation, and invest in the country;
(b) Encourage and protect local and foreign investors, entrepreneurs and other 
stakeholders in the establishment and operation of retirement accommodations, 
facilities and services, and extend to them incentives and benefits;
(c) Sustain the business and growth of the retirement industry in the Philippines 
in collaboration with the private and public sectors;
(d) Initiate programs integral to the national socio-economic development 
efforts to improve the quality of life of marginalized Filipino elderly who are 
abandoned and neglected; and


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(e) Promote tourism through industry investment, employment, growth and
national development.
SEC. 3. Definitions. - For purposes of this Act, the following shall be defined as 
follows:
(1) "Authority" shall refer to the Philippine Retirement Authority, created under 
the Executive Order No. 1037, dated July 4, 1985;
(2) "Retiree" shall refer to any foreign national, former Filipino citizen, or Filipino 
elderly who is at least sixty (60) years old;
(3) "Former Filipino" shall refer to a former Filipino citizen who has been 
naturalized in a foreign country;
(4) "Resident Retiree" shall refer to a retiree who has been issued a Special 
Resident Retiree's Visa (SRRV); and
(5) "SRRV" shall refer to an endorsement made by the proper authorities on a 
retiree's passport, classifying the retiree as a non-immigrant and allowing him multiple 
entry to and residence in the Philippines for an indefinite period, under such terms, as 
may be provided by the PRA Board.
SEC. 4. Reorganization and Renaming. — The provision of Executive Order No. 
26, series of 2001 which renamed the "Philippine Retirement Park System" established 
by Executive Order No. 1037, series of 1985, into the "Philippine Retirement Authority" 
is hereby enacted into law. The Philippine Retirement Authority, hereinafter referred to 
as the Authority, shall have the power of succession in its name and shall be attached 
to the Department of Tourism pursuant to Republic Act No. 9593, otherwise known as 
the "National Tourism Policy Act".
SEC. 5. Objectives. -The Authority shall have the following objectives;
(1) Implement, as lead agency, the national policy to promote and develop the 
Philippines as a retirement destination for foreign nationals, former Filipino citizens, 
and returning elderly Filipinos, and aim to optimize the economic and social benefits 
which would be derived therefrom by the country and people;
(2) Plan, carry out, support and promote incentive schemes, infrastructure 
developments, establishment, and operation of facilities and services, as well as 
marketing and promotion efforts to encourage foreign nationals, former Filipino 
citizens, and the returning Filipino elderly retire, vacation, reside, and invest in the 
Philippines;


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(3) Encourage and protect private investors, entrepreneurs, developers, 
operators, workers and other stakeholders in the establishment and operation of 
retirement habitats, complexes, accommodations, facilities and services, as well as 
marketers and promoters of programs and projects of the Authority;
(4) Raise and regulate the standards of quality of retirement accommodations, 
facilities and services in the Philippines, and enhance the country's competitive edge 
as a retirement destination in addition to its innate assets of tropical climate, low dollar- 
costs of commodities and services, Filipino hospitality, and English language 
proficiency;
(5) Undertake continuing studies of the problems and opportunities of the 
retirement industry, and on the incentive schemes, practices, facilities and services in 
other countries, which may be adopted or improved upon for the Philippines; and
(6) Accelerate and promote the growth of the retirement industry in the country.
SEC. 6. Powers and Functions. - The Authority shall have the following powers 
and functions:
(1) All corporate powers bestowed upon corporations as provided under the 
Revised Corporate Code of the Philippines such as the adoption and use of corporate 
seal, the ability to sue and be sued, the adoption of by-laws, and the power to hold, 
purchase, or otherwise acquire property, as well as enter contracts over the same;
(2) To create programs promoting corporate social responsibility (CSR) for 
Filipino elderly and foreign retirees (Executive Order No. 26, August 31, 2001);
(3) To regulate retirement development projects for the issuance of 
accreditation and the grant of incentives by appropriate government agencies;
(4) Delegate to field offices, in coordination with local government units (LGUs), 
specific powers and functions in the implementation of retirement policies, plans, 
programs and projects;
(5) Collect, in the exercise of its regulatory power, necessary fees and charges 
for the proper implementation of retirement policies, plans and projects; and
(6) Exercise such other powers and functions as are necessary for the 
implementation of this Act.
SEC. 7. Board of Trustees. The business, affairs and assets of the Authority shall 
be directed, managed and safeguarded, and its powers exercised, unless otherwise


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provided in this Act, by a Board of Trustees, hereinafter referred to as the Board, which 
shall be composed of the following:
(a) The Secretary of the DOT, who shall be the Chairman, or his duly designated 
representative;
(b) The General Manager of the Authority, who shall be the Vice Chairman;
(c) The Secretary of the DFA, or his duly designated representative;
(d) The Secretary of the DOF, or his duly designated representative;
(e) The Secretary of the DTI, or his duly designated representative;
(f) The Secretary of the DILG, or his duly designated representative; and
(i) The Commissioner of the BI, or his duly designated representative.
In the absence of the Chairman, the Board shall elect a temporary presiding 
officer among those present. The officials next in rank to the ex officio Board members 
shall serve as alternate members. Such alternates shall attend board meetings and 
meetings of any committee assigned to their principals in the latter's absence and 
receive corresponding per diems.
The Board shall meet regularly at least once a month and as often as exigencies 
demand. The presence of at least five (5) members shall constitute a quorum, and the 
vote of a majority of the members present shall be necessary for the adoption of any 
resolution, rule, regulation, decision, award or any other corporate act. The members 
of the Board shall receive reasonable per diems not exceeding Ten Thousand Pesos 
(Php 10,000.00) for any one (1) month, subject to the review and reasonable 
adjustments by the Board.
SEC. 8. Powers and Duties. - The Board shall have the following powers and
duties:
(a) Formulate policies, guidelines, and programs to effectively implement and 
carry out the purposes, objectives, and powers of the Authority;
(b) Oversee the management, operation and affairs of the Authority;
(c) Promulgate such rules and regulations as may be necessary and proper for 
the effective exercise of the powers and functions, as well as the discharge of the duties 
and responsibilities, of the Authority, its officers and employees;


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(d) Authorize such expenditures of the Authority as may be necessary and 
proper for its effective management, operation and administration;
(e) Upon the recommendation of the General Manager, to approve the 
Authority's organizational and administrative structures and staffing pattern, and to 
establish, fix, review, revise and adjust the appropriate compensation package for the 
officers and employees of the Authority with reasonable allowance, incentives, 
bonuses, privileges and other benefits as may be necessary or proper for the effective 
management, operation and administration of the Authority;
(g) Approve the annual and supplemental budget of receipts and expenditures 
of the Authority; and
(h) Appoint, promote, transfer, remove, suspend or otherwise discipline the 
officers of the Authority occupying executive and third level positions.
SEC. 9. Authority Proper. The Authority Proper shall consist of the Offices of the 
General Manager, Deputy General Manager, Department Managers, Division Chiefs, 
and Satellite Offices Operations In-Charge.
The General Manager and Deputy General Manager shall be appointed by the 
Board. The Board shall determine the other officers of the Authority, who shall be 
appointed by, except as provided in this Act, the General Manager, subject to the 
confirmation by the Board.
SEC. 10. Office of the General Manager. The management of the day-to-day 
operations of the Authority shall be vested in the General Manager, who shall have the 
following powers and duties:
(a) Direct and supervise the management, operation and administration of the 
Authority, and for this purpose, may delegate any or some operational and 
administrative responsibilities and duties to the other officers of the Authority;
(b) Enter into and execute, on behalf of the Authority, all contracts and 
agreement, which the Authority may enter into, and to sign, accomplish, and deliver 
any and all documents relative to such contracts and agreements, subject to the 
approval by the Board;
(c) Represent the Authority in all dealings with other offices, agencies, persons 
or entities, domestic or foreign, government or private;
(d) Appoint, promote, transfer, remove, suspend and discipline the officers and 
employees of the Authority, except those appointed by the Board, and prescribe their 
duties and responsibilities; and


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(e) Exercise such other powers and perform such other duties as may be 
assigned by the Board.
The General Manager's power and duties shall include, among others, all the 
day-to-day regular operations of the Authority. All other matters shall be brought to 
the Board for approval. He shall be appointed by the Board and shall only be removed 
for cause and after due process.
SEC. 11. Office of the Deputy General Manager. The Office of the Deputy 
General Manager shall consist of the Deputy General Manager and his immediate staff.
SEC. 12. Corporate Secretary. The Authority shall have a Corporate Secretary 
who shall be appointed by the Board and under the administrative supervision of the 
Chairman. The Corporate Secretary shall record the deliberations and acts of the Board 
and shall have custody of the records and other papers pertaining to the Board.
SEC. 13. Legal Counsel. The Authority shall have a legal staff headed by a 
Corporate Legal Counsel, who shall be a lawyer, appointed by the General Manager 
and confirmed by the Board. In appropriate cases, however, the Authority may call 
upon the assistance of the OGCC and other legal services of the Government.
SEC. 14 Internal Auditor. The Authority shall have an internal audit unit headed 
by an Internal Auditor, who shall be appointed by the Board. The Internal Auditor is 
responsible for strengthening internal control and for ensuring that efficiency of 
operations, reliability of reporting and compliance to applicable laws, regulations and 
internal policies are achieved.
SEC. 15. Retirement Program. "Program" shall refer to the retirement program 
being implemented by the Authority.
SEC. 16. Coverage. The Program shall cover all Retirees as defined under this
Act.
SEC. 17. Special Resident Retiree Visa (SRRV) Issuance. The Authority and the 
Department of Justice (DOJ) through the Bureau of Immigration (BI) shall develop a 
system of granting SRRVs.
The Resident Retiree Servicing Center (RRSC) shall be created to expedite the 
application, processing and issuance of SRRVs and the disposition of any problems 
related to resident retirees.


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The Authority may call upon the DFA, BI, BOC, and BSP for each of them to 
detail an officer with appropriate and sufficient authority to the RRSC to process the 
documents required and attend to the needs of the resident retirees.
SEC. 18. Field Offices. The Authority shall establish, operate and maintain field 
offices in the country. A Field Office, headed by a Satellite Offices Operations In-Charge, 
shall have the following functions:
(a) Assist the RRSC to expedite the application, processing and issuance of 
SRRVs and the disposition of any problems related to resident retirees;
(b) Implement laws, policies, plans, programs, rules and regulations of the 
Authority, particularly those relating to compliance therewith, and to the accreditation 
of retirement projects;
(c) Coordinate with field offices of other departments, bureaus, and agencies, 
LGUs, NGOs in the implementation of such laws, policies, plans, programs, and rules 
and regulations;
(d) Undertake research and data gathering on local retirement trends and other 
relevant retirement information;
(e) Together with LGUs, establish such tourist information and assistance 
centers in strategic locations as are necessary to disseminate relevant information 
pertaining to the retirement locations and products and to assist tourists and retirement 
enterprises;
(f) Conduct information campaigns, and assist in domestic promotions in the 
pertinent area on subject matters such as this Act, the functions of the Authority, the 
retirement program, among others; and
(g) Make recommendations to the General Manager on all matters relating to 
retirement in the area. Changes to the functions of the Field Offices shall be approved 
by the General Manager.
SEC. 19. Resident Retiree Incentives and Benefits. Foreign nationals, former 
Filipino citizens, and, whenever benefits are applicable, Filipino elderly, who take up 
permanent residence, vacation, and/or invest in the Philippines under the Program or 
in the projects of the Authority shall be entitled to the following incentives and benefits:
(a) Guaranteed repatriation and, in the event of death of the participant, 
exemption from the Philippine's estate taxes of any foreign exchange currency remitted 
to, brought in or invested in the Authority and/or its development projects. Profits or 
incomes earned in the Philippines out of such fund shall be taxable;


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(b) Grant of permanent resident status subject, however, to cash remittance or 
deposit by the applicant with the Authority or duly accredited banking institution of a 
trust fund in the minimum amount of Fifty Thousand US Dollars (USD 50,000.00) or its 
foreign currency equivalent, or any amounts which the Authority may require and set 
for special cases. Such trust fund shall be withdrawable only upon the participant's 
withdrawal from the program of the Authority. The Authority may increase or decrease 
the required trust fund amounts as conditions of national interests may warrant;
Permanent resident status shall also be granted to the lawful spouse and one 
(1) legitimate or legally adopted child below twenty-one (21) years of age of the 
applicant or principal participant, who are accompanying or thereafter joining the latter 
for permanent residence in the Philippines. Similar entitlement by any additional 
dependents or legitimate or legally adopted children below twenty-one (21) years old 
shall be subject to a trust fund deposit for each in such amount as may be required by 
the Authority;
The trust fund deposits may, after a period of time set by the Authority from 
date of deposit and at option and application of the principal participant with the 
Authority, be converted into investments approved by the Board;
In the event of death of a participant, his/her trust fund deposit shall be inherited 
by the surviving heirs in accordance with the laws of his/her country. Such inheritance 
shall not be subject to the Philippine estate taxes. The heirs may opt to continue the 
trust fund deposit for their own residency status. When the deposit, however, shall 
have been converted into investments approved by the Board, the conversion shall be 
subject to Philippine estates taxes;
(c) Exemption from payment of custom duties and other import taxes for 
importations in the Philippines of household appliances and furnishings, for one time 
only and up to the import valuation of Twenty Thousand US Dollars (USD 20,000.00) 
or its equivalent, or such other maximum amounts as the Authority may determine and 
set from time to time as market conditions warrants;
In case of termination from the Program, the sale or transfer of any of the 
properties referred to above to any other person or entity within the period of three 
(3) years from date of entry of the item in the Philippines, then the taxes due thereon 
which were exempted shall accordingly be payable and enforced. The Authority shall 
provide the rules which shall apply to the total loss of any such household items through 
force majeure, larceny or unavoidable accident;
(d) Exemption from securing prior work permit for employment in the 
Philippines;


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(e) Exemption from securing Special Study Permit for children studying in 
academic institutions in the Philippines;
(f) Exemption from securing the annual registration requirements of the BI and 
all other permits issued by government agencies;
(g) Entitlement to the benefits accorded to Senior Citizens, provided SRRV 
holders are 60 years old and above;
(h) Importation of one automotive vehicle for personal or family use, free of all 
importation, customs, sales, and economic stabilization taxes shall be allowed. Such 
vehicles may be sold or transferred to third parties, exempt from the aforementioned 
taxes, after seven (7) years have lapsed from the date of entry of said vehicle into the 
country.
Should the beneficiary withdraw from the programs/projects of the Authority 
within seven (7) years, he must pay all the programs/projects of the Authority taxes 
for which he has been exempted from paying by virtue of the provisions of this Section.
The Authority is hereby authorized to promulgate and enforce such rules and 
regulations as may be deemed necessary for the proper implementation of the 
foregoing provisions pursuant to the objectives and mandate of the Authority; and
The grant of the foregoing incentives and benefits shall not preclude the 
entitlement, when applicable, of the enterprises invested in by foreign nationals and 
former Filipino citizens to the incentives and benefits under other investment laws of 
the Philippines.
SEC. 20. Accredited Banks, Marketers, and Merchant Partners. The Authority 
shall evolve a system of standards for the accreditation of banks, marketers, and 
merchant partners which shall be accredited to provide the services required for the 
implementation of this Act. Such system of standards shall adhere, insofar as 
practicable, to those recognized internationally.
SEC. 21. Accredited Faciiities. In order to encourage global competitiveness, 
strengthen data gathering and research on retirement, and facilitate the promotion of 
individual retirement facilities and the retirement industry as a whole, the Authority 
shall prescribe and, regulate standards for the operation of the retirement industry. 
Accreditation shall be voluntary.
The Authority shall evolve a system of standards for the accreditation of these 
facilities which shall adhere, insofar as practicable, to those recognized internationally.


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The Authority shall likewise have the power to impose fines, or downgrade, 
suspend or revoke accreditation, for violation of terms thereof. The Authority shall have 
the power and the duty to issue advisories pertaining to retirement facilities found to 
have violated the terms of their accreditation.
SEC. 22. Value of Accreditation. The Authority shall develop a system to 
enhance the value of accreditation among retirement facilities. Only accredited 
enterprises shall be beneficiaries of promotional programs of the Authority.
Accredited facilities shall, insofar as practicable, give due preference to other 
accredited facilities or merchant partners in obtaining relevant services.
SEC. 23. Investor Incentives and Benefits. Retirement industry-related 
enterprises shall be endorsed by the Authority to receive the same incentives and 
benefits accorded to investments recognized by other government agencies upon 
compliance with the requirements set by the said agencies.
The following agencies shall provide incentives and benefits to retirement 
industry-related enterprises:
(a) Board of Investments (BOI);
(b) Philippine Economic Zone Authority (PEZA); and
(c) Other similar agencies.
SEC. 24. Capitalization. -The Authority shall have an authorized capital stock 
of Two Hundred Million Pesos (Php 200,000,000.00) divided into ten million shares with 
a par value of One Hundred Pesos (PIOO.OO) per share which shall be fully subscribed 
and paid for by the Government of the Republic of the Philippines.
The funds and other assets of the Authority which are existing as of the 
enactment of this Act, as certified by the Commission on Audit, shall be deemed and 
set off as a partial payment by the Government for its subscribed shares of stocks of 
the Authority. The payments for the unpaid balance of the Government's subscription, 
as well as such amounts as may be necessary to support the Authority's operations, 
maintenance and expansion, shall accordingly, be provided for in the General 
Appropriations Act.
SEC. 25. Exemption from Taxes, Duties and Fees. The Authority is hereby 
declared exempt from all income and other internal revenue taxes, tariff, customs 
duties, as well as all other kinds of taxes, fees, charges and instrumentalities.
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SEC. 26. Transitory Provisions. Upon the efficiency of this Act, the Board shall 
immediately be constituted and conveyed. All incumbent officers and employees of the 
Philippine Retirement Authority shall continue in office as officers and personnel of the 
Authority without demotion in rank or diminution in pay and fringe benefits. The Board 
is authorized to provide for the granting of suspension benefits for those who may opt 
for early retirement.
All funds, assets, rights, claims and interests of the Philippine Retirement 
Authority or the previous corporation shall, upon the effectivity of this Act, be deemed 
transferred to the Authority, and all liabilities and obligations of the former shall be 
assumed by the latter.
SEC. 27. Separability Clause. -If for any reason, any provision of this Act is 
declared invalid or unconstitutional, the remaining parts or provisions not affected shall 
remain in full force and effect.
SEC 28. Repealing Clause. - All laws, ordinances, rules, regulations, other 
issuances or parts thereof, which are inconsistent with this Act, are hereby repealed or 
modified accordingly.
SEC. 29. Effectivity. - This Act shall take effect fifteen (15) days after its 
publication in the Official Gazette or in a newspaper of general circulation.
Approved,
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