The Philippines generated $38.2 million,, or P1.8 billion from the investment deposits made by new foreign retirees in the country last year.

In a statement, the Philippine Retirement Authority said 2,396 foreign retirees enrolled in its retirement program and availed of the special resident retirement visa in 2008.

The special resident retirement visa is a special non-immigrant visa issued by the Bureau of Immigration through the Retirement Program of the Philippine Retirement Authority to foreigners and former Filipino citizens aged 35 years and older. It entitles the holder to multiple-entry privileges with the option to reside permanently in the Philippines.

Foreign retirees are required to make deposit of $50,000 for those aged 35 to 49; and $20,000 for retirees aged 50 and above.

These investment deposits from foreign retirees had “a significant contribution to the foreign reserves in the country,” the agency said.

Top retirees in the Philippines were from China, representing 37 percent of the total; Korea, 30 percent; the United States, 7 percent; Japan, 5 percent; and Taiwan, 4 percent. Roderick T. dela Cruz