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Philippines - a viable investment and retirement destination

In this blog, we will endeavor to provide information regarding the Philippine economy, investment, tourism and real estate in general and also in owning, selling, renting or leasing out properties in particular. Also posted are independent articles that the website administrator feels can help investors and retirees understand why the Philippines is a viable investment or retirement destination.

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New law attracts foreigners
New law attracts foreigners by Joel Zurbano

MEMBERS of various foreign chambers in the Philippines would support passage of the proposed Philippine immigration act now pending in Congress, for the benefit of the tourism industry.

Officials of the Joint Foreign Chambers of the Philippines, in a meeting with Bureau of Immigration Commissioner Marcelino Libanan, said the proposed bill, which makes the immigration law more responsive to world trends in tourism and economic development, would encourage more foreigners to visit and do business in the country.

Robert Sears, American Chamber of Commerce executive director, said the proposed law provides for additional visa classifications for foreigners, making it easier to get visas based on specific needs, activities, profession or line of business.

The new immigration act would make the country a magnet for tourism and economic development, as foreigners wanting to stay and set up businesses would get more choices as to the type of visas they would want and need, Sears said.

As a prime tourist and investment destination, the Philippines would gain medical tourism, as more foreigners would prefer to undergo medical treatment here, he said.

Libanan also got a briefing on the Retirement and Healthcare Coalition, a non-stock, non-profit organization that promotes the retirement and healthcare facilities in the Philippines.

Immigration technical staff chief Patch Arbas said the bureau supports such initiatives that encourage foreigners to use country’s medical facilities and programs for foreign retirees.

“Under the proposed bill, medical tourists may now be given an initial stay of six months instead of the existing two-month initial extension,” Arbas said.

Also with Sears in the meeting were Henry Schumacher, executive vice president of the European Chamber of Commerce of the Philippines, Japan Chamber of Commerce vice president Nonuo Fujii, Korean Chamber of Commerce president Edward Eun-Gap Chang and Korean businessman Kim Young Ki. Joel Zurbano

Published Saturday, February 27, 2010 1:12 AM by Odilon "Ody" dela Merced

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