Fiscal Incentives - EO 1037 (Philippine Retirement Act)

EO 1037 (July 4, 1985) created the Philippine Retirement Authority (PRA), a corporate body with the primary objective of promoting and developing the Philippines as a leading retirement destination for foreign nationals and overseas Filipinos as well as former Filipino citizens by providing them the best quality of life in the most attractive package. A retiree-participant is entitled to the following incentives:

1. Exemption from customs duties and taxes for one time importation of personal effects, appliances, and household furniture worth US$7,000.00 which should not be of commercial quantity and
must be availed of within 90 days upon issuance of a Special Resident Retiree’s Visa;

2. Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one year from the date of his last entry into the country; and

3. Tax-free remittance of pensions and annuities to the Philippines.