PRA 7 backs proposed Japanese retirement haven in Cebu

CEBU CITY, Feb. 10 (PNA) — The Philippine Retirement Authority (PRA) has supported the “Japan Longstay Paradise Cebu,” the proposed P1.4-billion Japanese retirement facility at the South Road Properties (SRP) in Cebu City.

PRA 7 officer-in-charge Elma Corbeta said PRA general manager Veredigno Atienza has helped promote the retirement facility at the SRP since last year.

Corbeta said the SRP retirement project will be a collaboration project between Cebu City government and the Japanese group I-Land Company Ltd.

Corbeta said it will also involve the PRA, the Department of Tourism and the Philippine Export Zone Authority (PEZA).

The SRP is registered with the PEZA, Corbeta said.

The retirement facility, composed of some 500 apartments in two buildings, will rise on an 8,000-square-meter property at the SRP and will have a total floor area of 33,000 square meters.

Corbeta said they will issue to Japanese retirees who want to settle at the SRP a Special Retirees Residence Visa (SSRV) once they deposit the required investment of between US$ 10,000 and US$ 50,000, depending on their age.

She said that with SSRV, Japanese retirees can use their apartment unit in Cebu as a vacation place where they can stay for as long as they want without becoming overstaying aliens.

If a retiree is a former Filipino who became a foreigner through naturalization can return as a balikbayan and will be issued an SSRV with only US$ 1,500 as investment. (PNA)