Published on page B1 of the August 21, 2006 issue of the Philippine Daily Inquirer
DAEJEON, SOUTH KOREA--A perceived peace and order problem. Apprehensions over the political situation. Delay in the modernization of public infrastructures.
Notwithstanding those weaknesses, the government's foreign retirees program still managed to bring in more than $123 million in additional revenue from 2001 to 2005.
But the Philippine Retirement Authority (PRA) thinks it's not good enough.
The agency is set to launch shortly a worldwide campaign, which PRA chair Edgar Aglipay calls "Come (to the Philippines) and be our family."
"It will be an intensive PR and marketing campaign like Malaysia's 'Truly Asia' and Thailand's 'Amazing Thailand' tourism drives. And we firmly believe it would be good to start with the Koreans," Aglipay said.
The plan is to promote the Philippines as the Koreans' "second home."
South Korea is a "potential gold mine" as far as the Philippine retirement industry is concerned, according to the former chief of the Philippine National Police.
In 2001, South Korea had a population of 47.9 million, 34.07 million of whom were classified as either active or retiring while 3.48 million were either retired or elderly. Minors totaled 10.3 million.
Aglipay told the Inquirer that the South Koreans "obviously like Filipinos and what we have, and there is mutual respect and love for each other. Add to that the fact that there are now more Koreans in the Philippines than Filipinos in South Korea."
Aglipay's claims are affirmed by, among others, the print media here like the Korea Times, which reported recently that "more Koreans look to retire in the Philippines"
Said the daily: "For the past three decades, the Philippine government has been promoting the country as a retirement haven for foreigners. However, it is only in the last few years that they have actively sought Korean retirees."
Attractions
"Relying on its tropical weather, friendly people and low cost of living, the Philippines is touting itself as Asia's retirement haven to attract foreigners, especially Chinese, Japanese, Koreans, Americans and Europeans."
The paper quoted Aglipay as having said that the government was "focusing on the Korean market because of the sheer volume of Koreans visiting the Philippines."
Koreans reportedly make up nearly 20 percent of foreign tourists to the Philippines.
Between January and April this year, more than 180,000 Korean tourists arrived in Manila, an increase of 10 percent over 2005 figures.
"With beach resorts in Boracay (Aklan), Cebu and Palawan always filled with Korean tourists, the Philippines' popularity as a leisure destination is undeniable. A Filipino resort owner said there are more Korean tourists in Boracay than Filipinos during summer," said the Korea Times.
Department of Tourism records showed that a total of 489,465 Koreans visited the country last year. There were 207,957 in 2001, 288,468 in 2002, 303,867 in 2003 and 378,602 Korean visitors in 2004.
According to the Korean newspaper, "the main attractions for Koreans traveling to the Philippines are the warm weather, low cost of living, good business opportunities and English-language education."
It also noted that "while Seoul continues to rank as one of the most expensive cities in the world (actually second after Moscow, according to a recent Newsweek magazine report), Manila has consistently been ranked as one of the least expensive."
"Living on 2 million won a month for Korean retirees in Seoul would be difficult. However, 2 million won converted into Philippine pesos or roughly P110,000 ($2,075) would make for easy living in the Philippines. For instance, a sizeable house in a gated community or a posh condominium unit can be rented for P20,000 to P30,000 a month (370,000 to 550,000 Korean won). For that money, the retirees can also have a car, driver, maid and send their children to a good school, and be able to live comfortably," the paper said.
'Korea towns'
The broadsheet also reported that "Koreans living in the Philippines should not get homesick as 'Korea towns' pop all over the country."
"One of the most well-known is in Barangay Poblacion in Makati (City). Here, there are dozens of Korean restaurants, churches, schools and supermarkets selling instant ramyon and kimchi. Even some Filipino-owned stores have signs written in Korean. Aside from Makati, many Korean retirees also choose to settle in quieter provincial cities such as Clark, Subic, Davao and Baguio."
The paper also featured Korean businessman Kim In-duk who had chosen to retire in Metro Manila because "the living conditions in the Philippines are better than in Korea."
The 62-year-old Kim lives with his wife and two sons in a Makati condominium. They have a vacation home in nearby Tagaytay City and "enjoy traveling the Philippines in their free time."
"Kim does not have any plans to live again in South Korea, saying he is content with his life in Manila. He is literally the poster boy for the Philippine (government) retirement program, since his face is displayed in pamphlets written in Korean and distributed around South Korea," including the Daejeon metropolitan city, a two-hour drive from Seoul and about 350 kilometers south of the Demilitarized Zone, which separates South Korea from the communist north.
The Inquirer traveled to Daejeon upon the invitation of the same Korean business group, which established the Philippine-Korean Cultural House in the South Korean capital.
The group, led by Son Jong Sun, James Kim and David Song, has vowed to promote not just Philippine cultural activities but also the PRA program.
Investors
In March, the PRA accredited at least 55 retirement villages and other facilities throughout the Philippines.
Just recently, a Korean business group expressed interest in putting up a retirement village in Nasugbu, Batangas, disclosed Aglipay.
But China still has the "greatest potential of all PRA's focus markets (worldwide) due to its size."
"The Philippines, through its SRRV mechanism, can tap into the motivations of the Chinese by presenting itself as a business destination and a location where Chinese entrepreneurs and businessmen can develop satellite offices and alternative businesses for their existing operations in mainland China."
Retirees visa
Applying for a Special Resident Retirees Visa (SRRV) in the Philippines is relatively easy. Applicants must be foreign nationals, 35 years old and above. Those aged 35 to 49 are required to make a cash deposit of $75,000, while those over 50 need to post cash deposit of $50,000.
The SRRV is a non-immigrant, multiple entry visa. It gives a foreigner the right to reside permanently in the Philippines.
SRRV benefits include exemption from the following: exit clearance and re-entry permit, Bureau of Customs duties and taxes for the importation of personal effects worth up to $7,000, special study permit, and the Bureau of Immigration's annual registration requirements.
Other benefits include tax-free remittance of annuities and pensions, guaranteed repatriation of retirement deposit and government assistance in obtaining an Alien Employment Permit.
South Korean retirees "can do almost everything except buy land and vote in the elections," according to Aglipay.
In the Philippines, he noted, Korean retirees could "experience hospitality, friendliness and innate respect and love for the elderly."
Aglipay also promised the Koreans "wherever your travels take you in our 7,107 islands, you will experience the unique charm of this historic land. Filipinos' zest for life has made us a world-class professional human resource."
For sure, he said, the Philippines was "definitely better than Malaysia or Thailand as retirees' destination this side of the globe."
"There are around 12 million Filipinos all over the world and that's already half of the population of Malaysia. They're highly skilled and caring people and definitely world-class. That's why, the Malaysians cannot claim they are better than us," he added.
Copyright 2006 Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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