Gordon concerned about young Chinese retirees in Philippines

Senator Richard J. Gordon on Monday expressed concern that Chinese retirees, mostly 35 year olds, compose 40 percent of the total foreign retirees in the country.

During the budget deliberation in the committee level for the Department of Tourism and its attached agencies which includes the Philippine Retirement Authority, Gordon directed Tourism Secretary Bernadette Romulo Puyat and PRA General Manager Bienvenido Chy to submit a report on the foreign retirees in the country and on the PRA’s policies.

“I suggest Sec. Puyat, you better look into this very rapidly and give us a formal report on this,” the senator said.

“Kahit na dinatnan mo yan, you should be savvy enough to know and check kung anong ginagawa ng mga 35 year olds na ‘yan dito. How can they retire at 35 years old? That is just too young to retire. A retiree has just finished his job and wants to spend his money and later years here in the Philippines… I’m disturbed by it,” he told Chy, meanwhile.

Records show that with 27,678, the Chinese tops foreign nationals who choose the Philippines for their retirement and majority of them are 35 years old.

Gordon said the Senate Committee on Tourism should conduct an inquiry with the aim of amending pertinent laws to attract more of the old population from other countries such as Japan and the United States.

Aside from the Chinese from the People’s Republic of China, the foreign retirees’ population in the Philippines is comprised of 14.144 Koreans, 6,120 Indians, 4,851 Taiwanese, 4,016 Japanese, 3,704 Americans, 1,870 Chinese from Hong Kong, 1595 British, 792 Germans, 752 Australians, and 4,498 other nationalities.

“The Committee on Tourism should look into this and amend this provision because retirees, as you know, retire at the average of 56 to 60, to 65 years old. To retire at 35, that’s very liberal,” Gordon stressed. SENATE.GOV.PH