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MANILA, Philippines - At least 80 foreigners who chose to retire in the Philippines saw their savings go down with Export and Industry Bank.
In a statement, state-run Philippine Retirement Authority (PRA) said it would assist the 80 foreign retirees in securing insurance claims from the Philippine Deposit Insurance Corp. (PDIC), which has taken over ExportBank.
Veredigno Atienza, PRA general manager, said the agency will not terminate the special resident retiree's visa (SSRV) of the 80 foreigners with savings accounts in ExportBank.
The SRRV is issued by the Bureau of Immigration (BI) under the Retirement Program of the PRA to foreigners and overseas Filipinos. The visa entitles the holder to multiple-entry privileges with the right to stay permanently or indefinitely in the Philippines.
Under PRA guidelines, foreign retirees between 35 and 49 years of age are required to make visa deposits of at least $50,000 to any bank accredited by the agency.
Foreign retirees who are 50 years old and above but without pension are required to deposit $20,000, while those with pensions, $10,000.
Atienza said PRA will request PDIC to release all insurance proceeds to state--run Development Bank of the Philippines as the new accredited bank of the retirees.
"PRA will develop a collection mechanism for the balance of visa deposits which will no longer be covered by PDIC, subject to the approval of the PRA Board and appropriate agencies," he said.
Atienza said PRA intends to keep its legal and moral obligations to its retiree-members and their heirs most especially in times of crisis.
Data from PRA showed that over 25,000 were enrolled in the retirement program. In 2011 alone, the program had 2,234 enrollees from the People's Republic of China, Korea, Republic of China (Taiwan), Japan, and the US.
Foreign retirees with deposits at ExportBank who are not included in the list released by PRA may call 848-7572 or 817-1090 or log in to www.pra.gov.ph.
The Monetary Board placed ExportBank under receivership on April 26 because of the thrift bank's inability to meet its obligations as they fell due.
Meanwhile, Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said that everything that thge monetary authorities did was based on the provisions of the law and they cannot go beyond it.
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