Senator Loren Legarda voiced her concerns during a Senate finance subcommittee hearing on Tuesday, calling for a review of the Philippine Retirement Authority’s (PRA) visa policy that allows foreign retirees to legally stay in the Philippines for as long as they wish in exchange for a US$20,000 fee.
At the hearing, PRA General Manager Roberto Zozobrado explained that foreign nationals can obtain non-immigrant visas by depositing US$20,000 in accredited banks. However, for those receiving a pension between US$800 and US$1,200, the required deposit drops to US$10,000. Additionally, former Filipino citizens and multinational officers are charged only US$1,500.
Legarda, who chairs the Senate subcommittee, expressed alarm over the policy. “That’s why there’s so many syndicates here,” she remarked in a GMA News report after confirming that for roughly 1.5 million pesos, foreigners can secure long-term residency in the country.
While Zozobrado acknowledged the need for a fee increase, Legarda stressed the importance of a thorough review. “No wonder. I think this should be reviewed,” she added, noting that the current fees are too low given the security risks.
The senator highlighted the potential exploitation of the program by foreign criminal syndicates and called for a balance between attracting foreign retirees and addressing security concerns.
Tourism Secretary Christina Frasco noted that while the Department of Tourism supports national security, the liberalization of long-stay visas is a growing trend in other ASEAN countries. Frasco emphasized that “security blankets” are in place to prevent misuse of these visas.
Zozobrado assured the committee that the PRA has access to Interpol’s database and requires foreign nationals to present police clearances from their home countries. Nonetheless, Legarda insisted on tighter background checks and requested data on the 58,000 foreign retirees currently residing in the Philippines.
