The state-run Bases Conversion and Development Authority (BCDA) has urged foreigner retirees to seek legal and long-term residency at the Clark Green City, where retirement villages and wellness centers are expected to be built.
BCDA president and CEO Arnel D. Casanova disclosed that there were investors who have expressed interest to set up wellness centers that would form part of an eco-friendly retirement community for foreigners at the Clark Green City, which is being developed into the country’s first smart, green and disaster-resilient metropolis.
“Imagine our Tagaytay of 20 years ago and the hot springs of Los Baños combined into one,” Casanova said in a recent meeting with members of the American Chamber of Commerce of the Philippines (AmCham).
“Our huge appeal for foreign retirees is the country’s cost of living, which is readily affordable. The country’s picturesque destinations, our English-speaking and friendly people are also major factors that make the Philippines a much more welcoming place for Western retirees,” Casanova explained.
He added that the government-run corporation might directly negotiate with any 100-percent foreign company that wanted to invest in the retirement village at the Green City.
“Since it (Clark) is a special economic zone, the Foreign Investment Lease Act allows BCDA to undertake direct negotiations for foreign direct investments,” Casanova said.
Foreigners who wish to make their permanent stay in the Philippines must apply for a Special Resident Retiree’s Visa (SRRV) at the Philippine Retirement Authority (PRA). The SRRV allows foreigners to work or study in the country and they may also travel outside and re-enter anytime they wish. SRRV holders are exempt from paying the income tax on pension and annuities, customs duties and taxes on selected goods.
The 9,450-hectare Clark Green City, which is expected to break ground in 2016, is expected to serve as the urban core of the Central Luzon metropolis. This new city is also seen to play a crucial role in increasing the country’s competitiveness amid the ongoing regional economic integration among the member states of the Asean.
This metropolis is expected to rake in some P59 billion worth of fresh investments for the first five years of development, the bulk of which would be shouldered by the private sector.
At full development, the Clark Green City is seen to contribute P1.57 trillion a year to the local economy. Under the Clark Green City Concept Plan, the ideal employee-population ratio is 50-80 percent, which means that at full development in the next 50 years, projected employees for the Clark Green City is seen to reach 800,000.