The Philippine Institute for Development Studies (PIDS) entered into a memorandum of understanding (MoU) with the Philippine Retirement Authority (PRA), an attached agency of the Department of Tourism (DOT). The agreement entails the conduct by PIDS of a comprehensive study on the competitiveness of PRA’s retirement program vis-à-vis those in other countries and its responsiveness to the needs of its beneficiaries.

PIDS President Aniceto Orbeta Jr. and PRA Chief Executive Officer and General Manager Atty. Bienvenido Chy led the MoU signing in a virtual ceremony on February 17, 2022.

Under the MoU, PRA gives PIDS access to its data and other information relevant to the scope of the study. PRA will also provide resource persons and assistance toward the project’s completion.

For its part, PIDS will assess the retirement program of PRA and undertake a series of consultations and interviews with stakeholders in addition to an in-depth review of PRA’s database and other available literature.

In his opening remarks, Chy acknowledged the need to review PRA’s existing policies, programs, systems, and charter “to be abreast with the times”. 

Meanwhile, Orbeta said that the study “will contribute to the strengthening of PRA’s programs and the improvement of the retirement migration environment in the Philippines that will play a part in the country's overall economic growth”.

DOT Secretary Bernadette Romulo-Puyat, in her recorded congratulatory message, noted that “it is important for PRA to approach the study with an open and collaborative mindset. Helping PIDS accurately assess the current state of affairs is the best way to move forward and enjoy better opportunities and brighter prospects.”

Also present during the virtual MOA signing were PRA Deputy General Manager Atty. Maria Milagros Lisaca, PIDS Research Services Department Manager Renee Ajayi, PRA Department Manager Atty. Antonio Rivera, PIDS Senior Research Fellow Dr. Francis Mark Quimba, PIDS Research Fellow Dr. Aubrey Tabuga, and staff from both agencies.

PIDS serves as the Philippine government’s primary socioeconomic policy think tank. It is a nonstock, nonprofit government corporation engaged in the conduct of policy-oriented research to assist policymakers in crafting evidence-based policies, plans, and programs.

PRA is mandated to develop and promote the Philippines as a retirement haven to accelerate the social and economic development of the country by strengthening its foreign exchange position while providing the best quality of life to the targeted retirees in a most attractive package. ###

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