Rules and Regulations Implementing Executive Order No. 1037 Creating the Philippine Retirement Park System, Providing Funds therefor, and for Other Purposes (Otherwise Known as the Philippine Retirement Authority)

April 10, 1987

RULES AND REGULATIONS IMPLEMENTING EXECUTIVE ORDER NO. 1037 CREATING THE PHILIPPINE RETIREMENT PARK SYSTEM, PROVIDING FUNDS THEREFOR, AND FOR OTHER PURPOSES (OTHERWISE KNOWN AS THE PHILIPPINE RETIREMENT AUTHORITY)

RULE I

Declaration of Policy

SECTION 1. National Policy — The development and promotion of the Philippines as a retirement haven as a means of accelerating the social and economic development of the country, strengthening its foreign exchange position, at the same time providing further the best quality of life to the targetted retirees in a most attractive package, is hereby declared to be a national policy. aDSTIC

RULE II

Restatement of Purposes and Objectives

SECTION 1. Purposes or Objectives — The purposes and objectives of the AUTHORITY shall be as follows:

a. To develop and promote the country as a retirement haven:

b. To adopt the integrated approach in the development or establishment of retirement communities in the country considering the eleven (11) basic needs of man;

c. To provide the organizational framework to encourage foreign investment in the AUTHORITY's development projects;

d. To provide effective supervision, regulation and control in the development and establishment of retirement communities in the country and in the organization, management and ownership of the AUTHORITY’s projects; and

e. To make optimum use of existing facilities and/or assets of the government and the private sector without sacrificing their competitiveness in the international and local markets.

RULE III

Definitions

SECTION 1. Definition of Terms — The following terms shall mean:

a. AUTHORITY — The Philippine Retirement Authority as created under Executive Order No. 1037, dated July 4, 1985;

b. PROGRAM — The retirement program being implemented by the AUTHORITY;

c. RETIREE — Any overseas Filipino or foreign national who is at least fifty (50) years old; Provided, however, that in certain cases specified in Rule III of the Rules and Regulations Implementing Letter of Instruction No. 1470, the age requirement may be reduced to forty (40) years;

 (As amended by Resolution No. 006, Series of 1988)

d. OVERSEAS FILIPINO — A Filipino who has become a permanent resident or citizen of another country and has resided abroad continuously for a period of at least seven (7) years;

e. SPECIAL RESIDENT RETIREE VISA — An endorsement made by the proper authorities on a retiree’s passport, classifying the retiree as a non-immigrant and allowing him multiple entry to and residence in the Philippines for an indefinite period; and that it shall be valid for entry within one (1) year from date of issue;

f. RESIDENT RETIREE — A retiree who has been issued a Special Resident Retiree's Visa;

g. SPOUSE — The legitimate spouse of the retiree based on the laws of the country of which the retiree is a citizen;

h. DEPENDENT — A retiree’s unmarried child who is under twenty-one (21) years of age, whether legitimate or legally adopted.

i. UNSTRUCTURED ACCOUNT — Shall refer to the treatment of the retiree’s requisite US$50,000.00 or equivalent foreign currency deposit depending on the nature of proposal submitted by the marketing intermediaries for Board approval. This account shall be opened only to a group as herein defined.

j. STRUCTURED ACCOUNT — Shall refer to the treatment of the retiree’s requisite US$50,000.00 or equivalent foreign currency as an entry deposit of the retiree pursuant to existing rules and regulations of the AUTHORITY;

k. GROUP — Shall refer to FIFTY retirees or more who have satisfactorily complied with the requirements of the PROGRAM and have qualified for participation in the PROGRAM;

 (As amended by Resolution No. 21, series of 1989)

l. OFFEROR — Any person natural or juridical, duly registered with the AUTHORITY, responsible for the delivery of a service to or use of a facility by the retiree;

m. PACKAGER — Any person, natural or juridical, duly registered with the AUTHORITY who creates a packaged lifestyle from the services and facilities of an offeror or a combination of offerors and who promotes and markets the same;

n. MARKETER — Any person, natural or juridical, duly registered with the AUTHORITY, who renders services to the retiree to facilitate his enlistment in the PROGRAM;

o. BOARD — The duly constituted Board of Trustees of the AUTHORITY.

SECTION 2. Gender, Number — Whenever used herein, the masculine pronoun shall include the feminine and neuter gender, the singular number shall include the plural and the plural shall include the singular, unless the context clearly indicates a different meaning.

SECTION 3. Age, Deposit — Any reference to the minimum age requirement of 50 years and the required minimum deposit of US$50,000.00 appearing in these Rules and in the Rules and Regulations Implementing Letter of Instructions No. 1470 shall be deemed qualified or modified by the provisions of Rule III (Persons Entitled to the Visa) of the Rules and Regulations Implementing Letter of Instructions No. 1470.

(A new Section inserted by Resolution No. 006, Series of 1988)

RULE IV

Participation in the Program

SECTION 1. Eligibility Requirement — Retiree — A retiree can participate in the PROGRAM by making a minimum deposit of US$50,000.00 or equivalent foreign currency with a foreign or domestic bank duly accredited by the AUTHORITY: Provided, however, that in certain cases specified in Rule III of the Rules and Regulations Implementing Letter of Instruction No. 1470, the minimum deposit may be reduced to US$30,000.00. These amounts, respectively, shall likewise cover the retiree’s spouse and one dependent.

(As amended by Resolution No. 006, series of 1988)

SECTION 2. Eligibility Requirements — The spouse and one (1) dependent of an eligible retiree can automatically participate in the PROGRAM and are included in the US$50,000.00 requisite deposit. The other dependents of the eligible retiree can also participate in the PROGRAM if the retiree makes an additional deposit of US$15,000.00 or equivalent foreign currency per dependent with a domestic or foreign bank duly accredited by the AUTHORITY.

SECTION 3. Effects of Participation — A retiree who had qualified for participation in the PROGRAM shall be issued a Special Resident Retiree’s Visa. His spouse and dependents who had qualified for participation in the PROGRAM shall likewise be issued special resident retiree’s visas.

SECTION 4. Succession — In the event of death of the resident retiree, his spouse may assume the status of a resident retiree, together with the concomitant rights and obligations, provided the spouse:

a. Meets the required minimum deposit of S$50,000.00 or equivalent foreign currency; or

b. Opts to the treat the retirees deposit as his own deposit if the same is legally adjudicated or transferred to him.

SECTION 5. Processing of Retirement Program Application — The AUTHORITY, through its Resident Retirees Servicing Center, shall process all retirement program applications in accordance with Rule IV (Procedure for Processing and Issuance of the Visa) of the Rules and Regulations Implementing Letter of Instructions No. 1470 Directing the Issuance of a Special Resident Retiree’s Visa and the Establishment of a Resident Retirees Servicing Center, duly promulgated by the AUTHORITY.

SECTION 6. Registration of an Offeror — An offeror, as hereinabove defined, with an offering that requires pre-payments in any form from its/his clients-retirees or participants, or those capable of providing or delivering services or leasing its/his facilities for the use or more than 10 retirees such as but not limited to food and medical or health care services and recreational and lodging facilities, shall apply for registration as such offeror with the AUTHORITY.

SECTION 7. Registration Requirements — Offeror —

a. The application for registration of an Offeror shall fully disclose the following information:

1. Name of Offeror

2. Address

3. Capitalization

4. Names, nationalities and stocks subscribed and paid-up by the top five stockholders

5. Names, positions, and nationalities of the members of the Board, Partners or Owners

6. Names, positions and nationalities of principal officers

7. Descriptions and prices for use of existing facilities and services included in the offering

8. Details of companies whose facilities and/or services are part of the offering offered

9. List of offerings under development

10. Financial scheme and schedule of the offering, if applicant will pre-sell the same.

b. The application for registration of an Offeror shall be accompanied by the following documents:

1. Articles of Incorporation and By-Laws or Articles of Partnership or Association and amendments thereof, as the case may be, duly registered with the Securities and Exchange Commission in the case of a corporation, partnership or association;

2. Certificate of Registration of Business Name issued by the Bureau of Domestic Trade and Bio-Data of the proprietor, in the case of a single proprietorship;

3. Certificate of Resolution of the Board of Directors, if applicant is a corporation, or a Certification by the majority of the partners, if a partnership, or a Certification issued by owner or proprietor, if a single proprietorship, all of which shall be under oath, authorizing the filing of the application for registration of an Offeror and designating its/his duly authorized representative to transact business with the AUTHORITY;

4. Such other documents as may be required by the AUTHORITY showing capacity of the applicant to provide the facilities or services.

SECTION 8. Registration of a Packager — A Packager, as hereinabove defined, who has created a packaged lifestyle aimed at providing services to and use of facilities by the retiree from one (1) offering or a combination thereof, shall apply for the registration as such Packager with the AUTHORITY. All offerors with offerings included in the lifestyle packaged as abovementioned shall likewise be registered with the AUTHORITY.

SECTION 9. Registration Requirements — Packager —

a. The application for registration of a Packager shall fully disclose the following information:

1. Name of applicant (business name)

2. Address

3. Line of business

4. Registration details

5. Names, positions, nationalities of members of the Board, Partners or owners

6. Capitalization

7. Names, nationalities and stocks subscribed and paid-up by Top Five Stockholders

8. Names, positions, and nationalities of the principal officers

9. Services included in the Service Packages for the Retirees

10. Financial Scheme of the Service Packages

11. Marketing Scheme of the Service Packages

12. Monthly Income of Target Market

b. The application for registration of a Packager shall be accompanied by the following documents:

1. Articles of Incorporation and By-Laws or Articles of Partnership or Association and amendments thereof, as the case may be, duly registered with the Securities and Exchange Commission, in the case of corporation, partnership or association;

2. Certificate of Registration of Business Name issued by the Bureau of Domestic Trade and Bio-Data of the proprietor, in the case of a single proprietorship;

3. Certificate of Resolution of the Board of Directors, if the applicant is a corporation, or a Certification by majority of the partners, if a partnership, or a Certification issued by the owner or proprietor, if a single proprietorship, all of which shall be under oath, authorizing the filing of the application for registration of the Packager and designating its/his duly authorized representative to transact business with the AUTHORITY; and

4. Such other documents as may be required by the AUTHORITY showing capacity of the applicant to provide the packaged lifestyle or facilities or services offered by the offeror or offerors.

SECTION 10. Registration of a Marketer — A Marketer, as hereinabove defined, shall apply for the registration as such Marketer with the AUTHORITY.

SECTION 11. Registration Requirements — Marketer —

a. The application for registration of a Marketer shall fully disclose the following information:

1. Name of company/individual

2. Country Registered

3. Address

4. Names, positions and nationalities of members of the Board/Partners Owners

5. Capitalization

6. Names, nationalities and stocks subscribed and paid-up by Top Five Stockholders

7. Principal Officers

8. Local or foreign tie-ups with other companies

9. Subsidiaries, affiliates, branches in the Philippines

10. Target markets

11. Retirement areas in the Philippines offered to prospective retirees

12. Income profile of prospective retirees

b. The application for registration of a Marketer shall be accompanied by the following documents:

1. Articles of Incorporation and By-Laws or Articles of Partnership or Association and amendments thereof, as the case may be, duly registered with the Securities and Exchange Commission, in the case of a corporation, partnership or association;

2. Certificate of Registration of Business Name issued by the Bureau of Domestic Trade and Bio-Data of the proprietor, in the case of a single proprietorship;

3. Certificate of Resolution of the Board of Directors, if the applicant is a corporation, or a Certification by the majority of the partners, if a partnership or a Certification issued by the owner or proprietor, if a single proprietorship, all of which shall be under oath, authorizing the filing of the application for registration of a Marketer and designating its/his duly authorized representatives to transact business with the AUTHORITY; and

4. Such other documents as may be required by the AUTHORITY showing capacity of the applicant to render services to the retiree to facilitate his enlistment in the Program.

SECTION 12. Processing of Application for Registration of Offeror, Packager and Marketer — The AUTHORITY shall process all applications for registration of an Offeror, Packager and Marketer in accordance with established procedure and guidelines promulgated or issued by its Board of Trustees.

SECTION 13. Issuance of Certificate of Registration — Upon approval of the application, the AUTHORITY shall issue the necessary Certificate of Registration.

SECTION 14. Fees — The AUTHORITY may charge such application/processing fee or fees from the applicants for registration, including retiree-applicant for enlistment in the Program. If the enlistment of a retiree-applicant in the Program is facilitated by a Marketer, the latter shall be entitled to a Marketing Fee payable by the AUTHORITY from the total application/processing fee paid by the retiree-applicant. The application/processing fee payable to the AUTHORITY shall cover such fees that may be charged against the retiree by other government offices or agencies in relation to the visa issuance or conversion of his current visa into a Special Resident Retiree Visa.

RULE V

Additional Incentives and Benefits

SECTION 1. Coverage — In addition to the issuance of a Special Resident Retiree’s Visa, the following set of incentives and benefits are hereby accorded to the resident retiree:

a. Entitlement to the tax exemption provided by P.D. 1217 upon certification thereof by the AUTHORITY;

b. Exemption from customs duties and from other present or future import taxes for one time only and up to the value of Seven Thousand Dollars (US$7,000.00),for the importation of his personal effects and household furniture;

c. Extension of all Balikbayan privileges and exemptions;

d. A retiree may be employed under the provisions of P.D. 218 (multinational corporations), P.D. 1034 (Offshore Banking System) and R.A. 5186 (Investment Incentives Act), upon the respective recommendation of the Ministry of Trade and Industry, the Central Bank of the Philippines and the Board of Investments;

e. Other Investments — The retiree may invest under the Omnibus Investment Code (P.D. 1789), The Tourism Incentives Program of 1974 (P.D. 535) and the Investments Promotion Act in Less Developed Areas (B.P. 44).

With respect to the herein mentioned laws, the AUTHORITY shall be deputized to carry out the corresponding implementing rules and regulations insofar as they are applicable to the investment made by the retiree under said laws.

SECTION 2. Limitations — In case of any transfer of the personal effects or household furniture referred to in Paragraph (b),Section 1 of this Rule, to any other person, firm corporation or any other entity effected within three (3) years following their entry into the national territory, then the taxes due thereon but payment of which were exempted, must be paid.

RULE VI

Obligations of a Resident Retiree

SECTION 1. Obligations of a Resident Retiree — The following are the obligations of a resident retiree:

a. To register with the AUTHORITY upon arrival and entry into the Philippines;

b. To deposit with a foreign or domestic bank duly accredited by the AUTHORITY the requisite US$50,000.00 or the requisite US$15,000.00 for each dependent;

c. To give the AUTHORITY a written notice of any change in information supplied in the application form (e.g.,status, name, or address) within sixty (60)-days from such change;

d. To give the AUTHORITY a written sixty (60)-day notice of termination of his participation in the PROGRAM; cDHAES

e. To submit to the AUTHORITY within the first ten (10) days of every calendar year, a report that his required deposit with a duly accredited local bank has not been withdrawn nor reduced below the required value, together with a certification from the President of his depository bank, or any of its duly authorized officers, that his deposit has not been withdrawn nor reduced below the required value;

f. To comply with the rules and regulations of the AUTHORITY as may be promulgated from time to time.

RULE VII

Kinds of Account and Treatment of Deposit

SECTION 1. Structured Accounts — In the case of structured accounts, the US$50,000.00 or equivalent foreign currency shall be treated as entry deposit of the retiree withdrawable upon death or de-enlistment from the PROGRAM.

SECTION 2. Unstructured Account — In regard to unstructured accounts, the treatment of the US$50,000.00 or equivalent foreign currency deposit will depend on the financial package as proposed by either the Packager or Marketer on behalf of a Group of retirees as herein defined. The proposal shall be submitted to the Board for its approval.

RULE VIII

Financial Deposit System

SECTION 1. Accreditation on Banks — The AUTHORITY shall accredit any foreign or domestic bank or banks duly authorized by the Central Bank to accept foreign currency deposits, which bank or banks shall be the depository of the retiree’s requisite US$ 50,000.00 or any equivalent acceptable foreign currency. For this purpose, the AUTHORITY shall enter into the necessary separate Memorandum of Agreement with such bank or banks, containing the system and procedure for the opening and maintenance of the retiree’s account.

SECTION 2. Interest Earnings — The interest earnings of the retiree’s foreign currency deposit or account with the bank shall be converted into and paid to the retiree in Philippine currency.

SECTION 3. Share of the AUTHORITY in the Bank's Service Fee — The Authority shall be authorized to negotiate and share with the bank the latter's service fee from the earnings of the retiree’s account in such proportionate amount and under such terms and conditions as may be mutually agreed upon by both parties. The AUTHORITY shall likewise be authorized to open and maintain a Philippine or U.S. currency deposit account in any acceptable government bank wherein said share in the bank’s service fee shall be deposited and maintained.

SECTION 4. Non-Withdrawability of Retiree's Deposit — The retiree’s deposit or account shall not be withdrawn by the retiree for the duration of his participation in the Program and the depository bank shall not allow such withdrawal except upon proper notice or approval by the AUTHORITY.

RULE VIII-A

Conversion of Deposit into Investment and Additional Investment by Retiree

 

SECTION 1. Definition of the Term Investment — As used in these Rules, the term investment shall mean equity participation in any enterprise formed, organized or existing under the laws of the Philippines. It includes both original and additional investment whether made directly, as in stock subscription, or indirectly through the transfer of equity from one investor to another, as in stock purchase. The receipt of stock dividends by all the stockholders of a corporation on a pro-rata basis shall not be deemed new or additional investment. Ownership of bonds (including income bonds), debentures, notes or other evidence of indebtedness is not investment. Any investment, as hereinabove defined, made under the Rules shall be governed by the applicable provisions of Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987, as well as the applicable provisions of the Rules and Regulations implementing the same. The term investment shall likewise include the purchase, acquisition and ownership of a condominium unit or units by a foreign national participating in the retirement program of the AUTHORITY, for his personal, family, or for commercial use, as well as the utilization of the required US$50,000.00 as a deposit for the long-term or acquisition of leasehold rights over a condominium unit or units, subject to the applicable provisions of Republic Act No. 4726, otherwise known as the Condominium Act. Other investments not covered by this definition shall be considered by the AUTHORITY on a case-to-case basis.

SECTION 2. Qualifications of Applicants for Conversion of Deposit Into Investment — A resident retiree, as defined under Section 1 (f),Rule III of these Rules, who has maintained the required deposit of US$50,000.00 including the required additional deposit of US$15,000.00 for each additional legitimate or legally adopted unmarried child under 21 years of age or any equivalent acceptable foreign currency for a minimum period of six (6) months with a bank accredited with the AUTHORITY, may upon proper notice by the latter that he is qualified, apply with the AUTHORITY for the conversion of his aforementioned deposit into investment, as the same is defined in Section 1 of this Rule, subject to the investment criteria set forth in Section 4 hereof and to such implementing investment guidelines as may be issued by the Chief Executive Officer of the AUTHORITY.

SECTION 3. Additional Investment to Qualify Under the Exception to the Age Requirement of 50 Years — In order to qualify under the exception mentioned in Section 1(a) (5 ) of Rule III of the Rules and Regulations Implementing Letter of Instructions No. 1470, particularly, for reason of potential contribution in terms of investment, any foreign national who desires to participate in the PROGRAM of the AUTHORITY, but who is below the age requirement of fifty (50) years, shall make an investment, as the same is defined in Section 1 of this Rule, in the minimum amount of US$75,000.00, or any equivalent acceptable foreign currency, in addition to the US$50,000.00 deposit required by the AUTHORITY. The said foreign national shall not, however, in any case, be under the age of forty (40) years. The herein additional investment shall be subject to the investment criteria set forth in the next succeeding Sections and to such implementing investment guidelines as may be issued by the Chief Executive Officer of the AUTHORITY. Such investment shall likewise be governed by the applicable provisions of Executive Order No. 226, otherwise known as the Omnibus Investments Code of 1987, by the applicable provisions of the Rules and Regulations Implementing the same, or by the applicable provisions of Republic Act No. 4726, otherwise known as the Condominium Act, as the case may be.

SECTION 3-A. Registration of Investment with the Central Bank for Repatriation of Capital Investment and Earnings — Upon approval by the AUTHORITY of the resident retiree’s application for conversion into investment/s of his required deposit of US$50,000.00, additional deposit of US$15,000.00 and/or US$75,000.00, as the case may be, he may, at his option, register his investment/s with the Central Bank to enable him to repatriate his capital investment including earnings accruing thereto should he later decide to withdraw from the retirement program and transfer to another domicile.

(A new section inserted by Resolution No. 034, Series of 1988).

SECTION 4. Criteria for Investment by the Resident Retiree or Retiree-Applicant in the Program — The investment or investments made or to be made by a resident retiree as provided in Section 2 above, or by a retiree-applicant in the PROGRAM under the immediately preceding Section, shall be subject to the following criteria which shall be the basis of approval by the AUTHORITY, through its Chief Executive Officer, of the application of the resident retiree for conversion of the deposit into investment or of the Philippine Retirement Program Application of the retiree-applicant:

1. The investment shall be measurable and determinable in terms of value in money;

2. There must be proof or evidence of the investment, such as, but not limited to stock certificate/s, Deed/s of Sale, Condominium Certificate/s of Title and contracts, documents or instruments evidencing title to, or ownership of, such investment. The original contracts, documents or instruments evidencing the investment shall be submitted for verification and certified true copies or xerox copies from the original shall be filed with the AUTHORITY, within a period of thirty (30) days from the date of approval of his application for conversion of his deposit into investment, or in the case of a retiree-applicant below the age requirement of fifty (50) years, within a period of thirty (30) days from the date of submission to the AUTHORITY by the applicant of an official receipt or any other documents evidencing that the investment had been actually made, issued by a duly authorized officer of the enterprise in which the investment is made, or in the case of condominium unit or units purchase long tern lease thereof, from the date of submission for verification of the original of the deed or contract and filing with the AUTHORITY of the certified true copies or xerox copies from the original of the deed or contract evidencing the same, for which receipts shall be issued to the applicant. The period of thirty (30) days may be extended by the AUTHORITY for a similar or lesser period, upon proper request for extension by the applicant, citing the reasons therefor.

The possession of the original contracts, documents or instruments evidencing the investment may be retained by the applicant but an appropriate restriction or encumbrance shall be annotated on the proper space on the face or back of the instrument particularly on the stock certificate and condominium certificate of title. Arrangements should be established with the proper government agencies for the stamping of annotations.

 (As amended by Resolution No. 007, Series of 1989)

3. The investment shall not in any manner be the subject of collusion between the parties to the contract, document or instrument referred to above, or between the retiree-investor and the enterprise formed, organized or existing under the laws of the Philippines in which the investment is made;

4. The price or cost of the investment shall be public in nature or could be disclosed to the public;

5. The investment is or shall be made in accordance with existing laws of the Philippines and the rules and regulations promulgated to implement the same and

6. The investment shall not be speculative in any manner.

SECTION 5. Visitorial Powers — The AUTHORITY or its duly authorized officers may exercise visitorial powers for purposes of determining whether an enterprise in which an investment is made by the retiree-investor is existing or is a going concern. The AUTHORITY may further require the retiree-investor or the enterprise to submit documents or papers related to the investment, for purposes of determining whether the investment is still existing and is not transferred to another enterprise or is not withdrawn from the Philippines.

SECTION 6. Visitorial Fee — The AUTHORITY may impose upon the resident retiree or retiree-applicant the payment of a reasonable annual fee in the exercise of the visitorial powers under the immediately preceding Section 5 hereof.

(As amended by Resolution No. 007, series of 1989)

SECTION 7. Penalty — In case of failure or refusal of the resident retiree to pay the annual visitorial fee for three (3) consecutive years without just cause, the AUTHORITY shall, upon due notice to the resident retiree concerned, endorse to the Bureau of Immigration the cancellation of the Special Resident Retiree’s Visa of the retiree and those of his dependents and their inclusion in the Bureau’s blacklist.

(A new Rule inserted by Resolution No. 001, Series of 1988)

RULE IX

Termination of Participation

SECTION 1. Voluntary Termination of Participation — A resident retiree may voluntarily terminate his participation in the PROGRAM in accordance with the guidelines to be issued by the AUTHORITY.

Upon termination of his participation, his Special Resident Retiree’s Visa shall be cancelled by the Ministry of Foreign Affairs upon recommendation by the AUTHORITY. The retiree’s spouse, however, shall have the option to assume the status of a resident retiree together with the attendant rights and obligations under Section 4, Rule IV, of these Rules.

SECTION 2. Revocation of Special Resident Retiree's Visa — The Special Resident Retiree’s Visa of the resident retiree, his spouse and dependents shall be revoked by the Ministry of Foreign Affairs upon recommendation by the AUTHORITY upon discovery of fraud or misrepresentation committed in obtaining the Visa or upon commission by any one of the holders of a Special Resident Retiree’s Visa of any other act punishable by existing laws.

 

SECTION 3. Effects of Cancellation/Revocation of Visa — Upon cancellation or revocation of the Special Resident Retiree’s Visa, the retiree must pay all the taxes for which he has been exempted from paying as provided for under Paragraph b, Section 1, Rule V in case of voluntary termination of participation within seven (7) years from date of entry.

RULE X

Amendments

SECTION 1. These rules and regulations may be amended, modified, complemented, supplemented and/or repealed by the Board from time to time if the interest of the AUTHORITY and its participants so require.

RULE XI

Separability Clause

SECTION 1. The provisions of these rules and regulations are hereby declared to be separable, and if any provision or section or application thereof to any person or circumstances should for any reason be held invalid or unconstitutional, such invalidity or unconstitutionality shall not affect the other provisions or sections.

RULE XII

Effectivity

SECTION 1. These Rules and Regulations shall take effect immediately.

Adopted: 10 April 1987

(SGD.) FLORECIO B. ORENDAINChief Executive Officer

ATTESTED BY:

(SGD.) JESUSITO L. BUNAG Corporate Secretary

APPROVED:

By Authority of the President:

(SGD.) CATALINO MACARAIG, JR.Deputy Executive SecretaryOffice of the PresidentMalacañang, Manila