IS THE GOVT CHEATING RETIRED FOREIGNERS IN THE PHILIPPINES?
Posted:11:50 PM (Manila Time) | Oct. 15, 2002 ABOUT 15 years ago, to attract scarce foreign exchange and investments, the Philippine government invited retired foreigners to come live here in retirement peace, quiet and bliss. All they have to do is deposit 50,000 dollars in a Philippine bank and invest in Filipino companies. Pamphlets were circulated all over the world describing the Philippines as paradise where the senior citizens could retire and enjoy the sun, sea, surf and sand. A government agency, the Philippine Retirement Authority (PRA), was set up for the retirees. It collected various fees from each individual member, including children, of the retiree’s families. More than 6,000 foreigners from 53 countries accepted the invitation. It is estimated that they brought in 300 million dollars in required direct bank deposits and another three billion dollars in investments in various business ventures. It is projected that an additional 1,000 families of foreign retirees a year
