CdO eyed as foreign retirement hub

CAGAYAN DE ORO CITY — The Philippine Retirement Authority (PRA) is looking to attract more foreign retirees to Northern Mindanao, with Cagayan de Oro being considered as a potential retirement destination hub.

PRA chief executive officer and general manager Bob Zozobrado discussed opportunities to develop international-standard retirement facilities and expand retirement services in Northern Mindanao during an investors’ forum at the Limketkai Luxe Hotel.

Zozobrado said the agency is planning to establish a satellite office in Cagayan de Oro, noting the city’s potential to become a retirement hub.

The PRA currently has satellite offices in Davao, Cebu, Baguio and the Clark-Subic area.

The forum also brought together investors, stakeholders and foreign retirees living in the city to discuss investment opportunities, retirement services and concerns affecting foreign nationals settling in the Philippines.

The PRA is also encouraging investments in retirement facilities, which may qualify for incentives through the Philippine Economic Zone Authority, subject to applicable requirements.

The agency said foreign retirees can contribute to local economies through spending, business investments, job creation and tourism-related activities.

The initiative forms part of the PRA’s broader effort to expand the country’s retirement market and attract more foreign retirees to destinations outside major urban centers.