Retirement Planning for the Philippines

The level of per capita healthcare in the Philippines is one of the lowest of all South East Asia’s major economies. However, the Philippine government is committed to improving this standard and over recent years has made some significant inroads in addressing this inequity.

Healthcare in the Philippines is variable, ranging in quality from excellent to dire. If you live in and around cities, then the level of healthcare is generally of a high standard, while many rural area facilities lack infrastructure, technology, and trained medical staff.

Despite these challenges, expats are generally able to access good, affordable healthcare, so long as they live in or around major regional centres, or are willing to travel to major regional centres.

As with many SE Asian countries, the Philippines offers both a public and private healthcare system. As far as healthcare costs are concerned, expats consider both services to be very affordable.

Communication is not a problem with nearly all medical staff are able to speak and understand English.

Public Healthcare

The main different between public and private hospitals is the facilities and technologies offered. Most of the public hospitals will not be equipped to the same standard as private hospitals however, unless there is a major medical emergency, the public hospital system will be adequate and the most cost effective solution should you be on a budget.

Private Healthcare

Approximately 60 percent of the Philippines hospitals are privately operated, so private healthcare is widely available in major areas. The treatment in private hospitals is excellent and whilst expensive by local standards, the cost of treatment is cheap compared to western standards.

If you do not have international private health insurance, you will be asked to pay a deposit on admission to the private hospital service.

Get a quote for International Private Health Insurance in the Phillipines >>

Philippine Health Insurance Corporation (Philhealth)

Philhealth is the national government operated health insurance scheme. Also open to resident expats, this service provides the cheapest health insurance for expats for services provided by any government hospital.

Philhealth provides both inpatient and outpatient cover and reimburses up to set limits within 60 days of submitting the reimbursement request.

Foreigners can enrol by submitting a member registration form with a photocopy of their Alien Certificate of Registration issues by the Bureau of Immigration. If you are married to a Filipina, you are able to register as a dependent and also get cover.

Summary of Filipino retirement visa requirements

The Philippines has a number of retirement options, which are part of program known as the Special Residents Retiree’s Visa (SRRV)program.

There are four types of SRRV, the ‘Classic’, the ‘Smile’, the ‘Courtesy’ and the ‘Human Touch’. Each type of visa has its own age and financial requirements, but all of them require you to provide a Medical Certificate, secure a Police Clearance and in certain circumstances, a National Bureau of Investigation (NBI) Clearance.

What are the age and financial requirements for each SRRV option?

Classic:

Designed for active/healthy retirees who require a Visa Deposit of US$50,000, which is A$66,666 (using a rate of US$0.75 for A$1.00), if the applicant is between 35 and 49 years of age. For applicants 50 years old and above, the Visa Deposit is US$10,000 (A$13,333) with a Pension and US$20,000 (A026,666) without a Pension.

Smile:

Designed for active/healthy retirees, aged from 35 years and above, who are required to maintain a Visa Deposit of US$20,000 (A$26,666).

Courtesy:

Designed for former Filipinos (aged 35 years and above) and foreign nationals (aged 50 years old and above) who have served as diplomats, ambassadors, officers/staff of international organisations and must maintain a Visa Deposit of US$1,500 (A$2,000).

Human Touch:

Designed for ailing retirees, aged from 35 years and above, who are shown to have medical needs and services. A Visa Deposit of US$10,000 (A$13,333) is required, together with a monthly pension of at least US$1,500 (A$2,000) and Health Insurance acceptable in Philippine hospitals.

Note: All Visa Deposits must remitted to a designated and/or accredited PRA Bank in the Philippines.

How long is the SRRV visa valid?

Indefinite

Is the visa multiple entry?

Yes, you can leave and re-enter the country as many times as you like.

Can I work whilst I’m in the Philippines?

Yes, work is permitted.

Introduction to Property in the Philippines

Buying apartments in the Philippines

Foreigners are allowed to buy apartments freehold, as long as the apartment block as a whole is no more than 40% foreign owned.

Buying land in the Phillippines

Foreigners are prohibited from buying and owning land in the Philippines. You can however, own the building on a piece of land, just not the land underneath.

Some foreigners get around this by purchasing in their Filipino spouse’s name. In this case, legal ownership will be with the spouse and you should be aware that you may not have any rights to the property should the relationship sour.

Corporations can also purchase property in the Philippines but must be at least 60% Filipino owned and have at least 5 shareholders. The benefit of this approach is that you will still retain a 40% ownership should a falling out occur.

Renting in the Philippines

Rental opportunities are broad and numerous. There are a wide range of properties available to suit all styles of life, whether it be at one of the beautiful beach locations the Philippines are renowned for, or perhaps the bustle of Cebu, or even somewhere like the Makati district of Manila.