Issuance of Special Resident Retirees Visa

July 4, 1985

LETTER OF INSTRUCTIONS NO. 1470

DIRECTING THE ISSUANCE OF A SPECIAL RESIDENT RETIREES VISA AND THE ESTABLISHMENT OF A RESIDENT RETIREES PROCESSING CENTER

WHEREAS, the Philippine economy is undergoing structural changes and there is an urgent need to look into non-conventional programs to attract foreign exchange;

WHEREAS, the development and promotion of the Philippines as an alternative retirement haven for overseas Filipinos and foreign nationals is a concept that has been tried and proven as a great source of income and foreign exchange and has emerged into an international service industry;

WHEREAS, there is a need to create a "one-stop-shop" facility for resident retirees which may otherwise be discouraged by the maze of various government regulations and, eventually, lost to international competitors;

WHEREAS, there is a need to issue non-immigrant multiple-entry visas to qualified resident retirees who shall participate in the program;

NOW, THEREFORE, I FERDINAND E. MARCOS, President of the Philippines do hereby direct and authorize: cd

1. The Commission on Immigration and Deportation of the Ministry of Justice and the Ministry of Foreign Affairs to issue a non-immigrant multiple-entry visa called Special Resident Retiree Visa to overseas Filipinos and foreign nationals who will participate in the programs of the Philippine Retirement Park System.

2. The Commission on Immigration and Deportation to allow holders of Special Resident Retiree Visa to reside in the Philippines for the duration of his participation or membership in the programs of the Philippines Retirement Park System.

3. The creation and management of a Resident Retirees Processing Center by the Philippine Retirement Park System for the purpose of expediting the application, processing and issuance of special resident in retirees visas and the disposition of any problems related to resident retirees.

4. The Philippine Retirement Park System may call upon the Ministry of Foreign Affairs, the Bureau of Customs, The Central Bank and the Commission on Immigration and Deportation, for each of them to detail a senior officer with appropriate and sufficient authority to the Resident Retirees Processing Center to process the documents required and attend to the needs of the resident retirees.

5. Other ministries, instrumentalities and corporations of the government to assist and cooperate with the Resident Retirees Processing Center as may be called upon by the Philippine Retirement Park System.

6. The Ministry of Finance to coordinate with the Philippine Retirement Park System for the development of the tax incentives for the participants of the program and other schemes that would maximize the foreign exchange generated herewith.

DONE in the City of Manila, this 4th day of July, in the year of Our Lord, Nineteen Hundred and Eighty-Five.