2011 - Philippine Retirement Authority

PRA Annual Report 2011
I. Our Business
The PRA is a government-owned and controlled corporation created by virtue of
Executive Order No. 1037, and signed by then President Ferdinand E. Marcos on
July 4, 1985.
On August 31, 2001, through Executive Order No. 26, the control and supervision
of PRA was transferred from the Office of the President to the Board of
Investments (BOI).
Last May 12, 2009 Republic Act No. 9593, the National Tourism Policy Act of
2009, was signed into law making the PRA an attached agency of the
Department of Tourism (DOT).
Mandate
PRA is mandated to attract foreign nationals and former Filipino citizens to invest,
reside and retire in the Philippines with the end-view of accelerating the socioeconomic
development of the country, contributing to the foreign currency of the
economy by providing them the best quality of life in the most attractive package.
Vision
To make the Philippines a leading and significant destination for the world's
retirees, seniors and elderly.
Mission
To develop PRA's capabilities and to enable and empower all segments of the
government and private sectors which are relevant to the Philippine retirement
migration agenda.
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II. Board of Trustees
Ex-Officio Members
Hon. Ramon R. Jimenez, Jr.
Chairman, PRA Board of Trustees
Secretary, Department of Tourism (DOT)
Hon. Veredigno P. Atienza
Vice-Chairman, PRA Board of Trustees
General Manager, Philippine Retirement Authority (PRA)
Hon. Ricardo A. David, Jr.
Member, PRA Board of Trustees
Commissioner, Bureau of Immigration (BI)
Hon. Amando M. Tetangco, Jr.
Member, PRA Board of Trustees
Governor, Bangko Sentral ng Pilipinas (BSP)
Representative / Alternate Board of Trustees
Hon. Juan J. De Zuniga, Jr.
Member, PRA Board of Trustees
Deputy Governor, Bangko Sentral ng Pilipinas (BSP)
Hon. Siegfred B. Mison
Member, PRA Board of Trustees
Associate Commissioner, Bureau of Immigration (BI)
Hon. Evelyn R. Cajigal
Member, PRA Board of Trustees
Director Legal Services, Department of Tourism (DOT)
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III. General Manager’s Report
We take our corporate inspiration from President Aquino’s campaign promises of “pagbabago,
pagbibigay pag-asa, paglutas sa kahirapan.” This is the base of our values and initiatives.
On the ground, in PRA, we seek the ultimate aspiration of “1 to 10 million retirees in PNoy’s 6
years.” One million brings the retirement business to the level of annual OFW remittances;
three million pays for all Philippine foreign debt; four million pays for all public debt - unrealistic
in a way, but great for giving us direction.
We also practice good governance “GG 4 W” in our pursuit of good governance: 1. Bawal
magnakaw 2. Bawal magpanakaw 3. Bawal magwalangbahala pag may nagnanakaw and 4.
Bawal makisawsaw sa ninakaw. Without necessarily having a witch-hunting attitude, we will
uphold integrity at all levels.
Consistency of intentions with actual directions taken is a sign of intelligent planning and
purposeful execution. In 2011, various initiatives were taken, not to pursue change for the sake
of change, but to advance the Philippine retirement agenda. Initiatives were taken, without
sacrificing current performance, without losing our stability and balance.
We have edited and sharpened our vision statement. We have not changed our aspirations, but
we have expressed them in a manner that lends to easier execution, better measurement and
control, and more precise direction-setting.
We have sharpened our focus: focus on the customer, focus on retirees, seniors, and the
elderly.
We are likewise making our mission statement more realistic. A mission statement that talks of
mission impossible is no mission statement at all. It is no longer our corporate mission to
“provide world-class services” by ourselves. There is no way that a company like ours, with
only 35 regular employees and 60 contractual employees can deliver on the original statement.
Our mission should be more humble and more realistic. We will develop PRA’s capabilities
where possible, and “enable and empower” others whose resources and capabilities are
relevant to the Philippine retirement vision. Together, we move to provide the world class
services needed by our retirees. It cannot simply be the work of PRA alone.
For 2012, we intend to have a proper matching of market needs and our realistic resources.
This matching determines what we should offer to our clientele, no more, no less. 2012 will be
a continuation of initiatives launched in 2011, in compliance with the October 2010 product-mix
strategy.
VEREDIGNO P. ATIENZA
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IV. PRA Departments and Satellite Offices Accomplishments
The PRA is focused on bringing in more foreign retirees to the country. It is aggressive in
promoting the Philippines as a top retirement destination in Asia through various media
platforms so as to meet its target enrollment.
The Authority has continued to lead the Industry in fulfilling its objective to attract foreign
nationals to return, reside, retire and invest in the Philippines in a bid to accelerate the socioeconomic
development of the country, increase foreign currency reserve, provide jobs for local
Filipinos and offer foreign retirees the best quality of life.
A. The Resident Retiree Servicing Center
The Resident Retiree Servicing Center (RRSC) delivers two (2) basic services namely: (a) the
pre-processing of retiree’s application for the issuance of the “Special Resident Retiree’s Visa”
(SRRV), and (b) servicing the needs of the Retiree upon entry into the country and for the
duration of his participation in the Retirement Program of the Authority. The RRSC also
performs investment monitoring to ensure that retiree investment subsists in the country.
1. Top 10 Nationalities
Nationalities
Principal &
Dependents
1 Chinese (PROC) 742 32.44%
2 Korean 613 26.80%
3 Japanese 219 9.58%
4 American 149 6.52%
5 Chinese (Taiwan) 70 3.06%
6 Chinese (Hong Kong) 65 2.84%
7 British 61 2.67%
8 Indian 58 2.54%
9 Australian 41 1.79%
10 German 39 1.71%
Others 230 10.06%
T O T A L 2,287 100.00%
%
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Shown here in graphical presentation:
The figures on SRRV enrollment for the year show the distribution of the number of principals
and dependents among nationalities. The Chinese (PROC) and Korean consist of more
dependents than principals.
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2. Enrollment vs Cancellation
ENROLLMENT CANCELLATION
MONTH PRINCIPAL SP./DEP TOTAL PRINCIPAL SP./DEP TOTAL
January 80
52
132 45 34 79
February 98 75 173 37 37 74
March 95 44 139 45 39 84
April 75 38 113 27 21 48
May 99 64 163 17 12 29
June 137 123 260 25 20 45
July 114 99 213 46 36 82
August 113 125 238 29 16 45
September 118 107 225 33 34 67
October 125 109 234 28 22 50
November 103 73 176 18 13 31
December 131 90 221 16 22 38
TOTAL 1,288 999 2,287 366 306 672
Shown here in graphical presentation:
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Enrollment in SRRV surged during the month of June which could be attributed to the
launch of SMILE Program. Cancellation figures indicate higher retention of enrolled retirees.
3. Foreign Currency Generated by the Program
Month 2011
January $1,677,500.00
February $2,417,500.00
March $2,022,500.00
April $1,745,500.00
May $2,562,500.00
June $3,042,500.00
July $2,606,000.00
August $2,653,000.00
September $2,290,500.00
October $2,693,000.00
November $2,031,000.00
December $2,523,500.00
TOTAL $28,265,000.00
4. Conversion of Requisite Deposit into Active Investments
Total amount of requisite visa deposit converted into six (6) active investments as of
December 31, 2011 equaled to US$234,950.00. This is solely for purchase of condo units
under Modified Existing Product (Classic) deposited in DBP.
5. Expansion of Services
A product-mix strategy was presented last October 2010 to the Board as the platform for
decisions and activities. The product-mix strategy tries to define the relationship between the
Authority and its environment and markets. A careful analysis of market segments was done,
the features of the existing products were reviewed, new products were conceptualized
whereby some products are visa-related while others are not, the visa products were branded
for the first time ever, and the whole slew of products was put together with product portfolio
balance and practicality in mind.
The Implementing Rules and Regulations were drawn up in detail, presented and cleared,
and published thru the UP Law Center. The IRR were official only by May 5, 2011. The
market had adopted a wait-and-see attitude in the early 2011 months, while the visa productline
was being reviewed, expanded, and rationalized. The seeming surge of enrollment in
June and July seems to validate the rationalized visa product line.
While the product-line was being rationalized, and after the May 5 launching/re-launching,
the withdrawals from the PRA program were lower than previous years, indicating higher
retention. Though the enrollees as of May 5, 2011 had contracts different from most of the
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new products, these contracts continue to be honored. Furthermore, enrollees who had
issues with their existing contracts are now being given a way out thru Migration to the Smile
product. This approach is one reason for the higher retention.
As the visa products were being studied, a review of the benefits related to the visa products
in general was conducted. Great value is being placed on the satisfaction of existing
customers.
As a result, new units were organized, branded, and placed under the Resident Retirees
Servicing Center. These units are: Social Dynamics Unit and Office of Special Concerns.
Office of Special Concerns
The Office of Special Concerns assists in addressing special and personal
concerns submitted by the retiree-members particularly on security, legal and
counseling issues. This was able to handle fifty-nine cases for the year, with eight
(8) issues remain unresolved, four (4) of which are still pending on court, two (2)
are for further study and investigation and the remaining are subject for Board
Approval. Concerns mainly required legal support and assistance in securing
government requirements which were handled accordingly.
Social Dynamics Unit
This unit has the objective to keep the retiree-members active, happy and healthy through
uniting activities that would stimulate their minds and would keep them enjoy with the other
retirees. For this year, Social Dynamics was able to organize various events such as the
Chinese, Moon Cake Festival concluded last September28, 2011 with 220 retireeparticipants,
the Indian New Year, Lakbay Saya Tour, PRA Health and Wellness Day ,
Namaste Diwali Night held last Oct. 23, 2011 with 56 retiree-participants, and the regular
annual celebrations of PRA 26 th Anniversary and Christmas Party wherein service partners
were also invited.
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Social Dynamics Photos (Cont.)
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B. The Marketing Department
The Marketing Department plans, organizes, directs and controls operations with regards
to promoting the Philippines as a preferred retirement destination in Asia in accordance
with the objectives established by higher management.
Marketer Networks
While product and brand management took most of the months to date, marketing-wise;
great attention was focused on distribution or the marketer network. The persistency bonus
of USD60-100 per principal enrollee per year is being used to recruit and motivate
marketers. Data have shown that enrollment is generated mostly from marketers, 60-80%
of the time, as compared to walk-ins, thus the need for marketers arises, especially for
megamarketers.
Megamarketers are companies that have the financial base, the marketing reach, the
product-line complementarities, and the solid credibility to adopt a retirement paradigm,
whereby they can market the SRRV products, as they market their other products to the
SRRV enrollees. Megamarketers are also projected to be significant developers of
retirement-related facilities. PRA has signed up with Megaworld, and expect to do similarly
with Eton-Allied Bank, Federaland-Metrobank, Ayala International, and Tong Yang Group.
Marketing Initiatives
A national essay writing contest for high school and college students on the theme "Dear
Foreign Retiree: Why You Should Retire in My Hometown" was launched with 700
participants.
PRA also participated in conferences and exhibits and various events in cooperation with
related parties. Examples: Retirement and Healthcare Summit, Japan-Cebu Retirement
Summit, Global Conference of CREBA in Macau, Philippine Real Estate Festival,
Retirement Communities Worldwide Australia, and the 6 th Ambassadors, Consuls General
and Tourism Directors Tour to the Philippines.
The Japan-Cebu Retirement Summit and the Technical Group visit to Japan would most
likely produce one major client for PRA, the Medical Care Service Company, which will set
up an assisted-living facility in Mactan, Cebu, and more important, will bring in their own
clients/patients from Japan.
International media placements remain a top priority, but can hardly be done due to cost
constraints, and government auditing and accounting procedures. Even up to now, a
payable to TIME International Magazine remains unpaid for fear of a COA disallowance.
Opportunities to get publicized in the Economist, Le Figaro, USA Today, and CNBC were
set aside due to foreseen payment procedure problems.
International lobbying for portability to the Philippines of Medicare, Medicaid and similar
social health insurance is a top priority. PRA is partner of Eric Lachica's US Medicare
Philippines lobby group. Similar efforts are needed for Japan and Australia among other
countries.
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Specialized country programs will be pursued. The initial experiment is with Charles Chen's
China group. The Board has approved the terms of a MOA with Chen's PRA Marketing
Services Company China.
Countries where the Philippines has a Social Security Agreement with have been identified.
No marketing approach and marketing program have been developed so far to tap these
markets.
Philippine Retirement News
The Philippine Retirement News has had one issue so far with broad local and international
distribution. Positive comments have been obtained.
Display and Merchandising Unit
To promote greater awareness among Philippines-based prospective visa switchers, a
Display and Merchandising Unit is being organized, to manage the PRA wall, a display
contraption to be located in places where foreigners concentrate or pass thru.
Thru the Display and Merchandising Unit, the supply of regular marketing materials to DTI,
DOT and DFA will be regularized, both internationally and locally.
PRA is also going into taxi media coupled with social media. A trial period of three months
is being used to determine the overall effectiveness of these media.
Modest placements in print properties have been made so far, resulting in substantial
savings in marketing expenditures.
Web Marketing
Web marketing is being done thru the maintenance of PRA's website which has the highest
results when "retirement Philippines" is Googled. Top priority activity for the website has
been the production of content, especially the RADAR section. Web enhancement and
search optimization are now the next priorities.
Other Marketing Activities
a. Country Marketing Programs (China, Japan, USA)
b. Brain Gain Program (Balik Dunong with Philippine universities)
c. Essay Writing Contest final evaluation
d. Attendance in the Medical Tourism and Global Healthcare Congress held at Chicago,
USA on October 25-29, 2011
e. Commission on Filipinos Overseas (CFO) Global Summit Sponsorship and Booth
participation at the PICC from September 27-29, 2011
f. Memorandum of Agreement (MOA) Signing with Federaland as MegaMarketer on 10
October 2011
g. Megaworld 8 Newtown Boulevard (Cebu) official launch following mega marketing
agreement.
h. Talk in the 1 st Philippine Global Healthcare Forum held at the National Kidney &
Transplant Institute (NKTI), Quezon City on 11 November 2011
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i. Medical Care Service in Cebu for Japanese Retirees
j. Forum on the Sunrise Industry: Retirement to be held at the Intercontinental Hotel,
Makati City on 23 November 2011
k. Start of preparations for 2012 Philippine Retirement Summit
C. Administrative and Finance Department
The mandate of the Administrative and Finance Department is to provide the necessary
support for the Authority’s marketing, servicing functions ensuring consistency with the
Authority’s mission and vision.
Accreditation of Marketers
There are 121 Accredited Marketers of the Authority which contribute significantly to the
income this year. This is led by the following Marketers with corresponding number of
retirees enrolled.
Top 10 Marketers
Name of Marketer Number of Enrollees
1. SUNTREK CO. LTD. 51
2. MRL DOCUMENT 51
3. WINPLEX CONS. 47
4. MADANGBAL INC. 47
5. NO. 1 ACTIVITY/NANS 46
6. MARY JANE GOMEZ 43
7. EMPIRE INT’L 34
8. CEBU FLOSPB 29
9. UNION ASIA 28
10. RAH RAH PHILS. 25
To support efforts to service existing and prospective retirees, the following were
established: Institute of Retirement Migration and Ageing (IRMA) which is responsible
for the institutional, departmental and self-development training programs for all PRA
employees geared towards progressive, developmental and life-long learning for leaders
and staff that complements and enhances retiree relations management, and the
Coinvestment Fund which will invest in retirement-related and health-related projects, up
to 10% of the project equity or 5% of the Fund – whichever is smaller.
Deposit consolidation, promotion of portability of retiree insurance, land banking for RTCs
are being pursued.
Ventures in translation services, electronic medical records, portable global insurance have
been conceptualized and will be presented after being seen as feasible.
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Other initiatives:
a. Botika ng Manggagawa launching in November 8, 2011 - PRAEA
b. Training by Dean Hernandez last October 1 and 15, 2011, and seminar entitled “A
Glimpse of Japanese Language and Its Culture” by the Nihonggo Kyoiku Tutorial
Services last October 8, 2011
D. Management Service Office
The Management Service Office through the Corporate Planning Division leads the
development of the Authority’s plans and programs encompassing the conceptualization
and implementation of relevant policies and procedures including the preparation of
corporate operating budget supportive to and consistent with the Authority’s mission and
vision. Continuous reporting and provision of necessary facts/figures/information for the
use of the Management in promoting the Program and for other purposes were constantly
undertaken.
Policy-Related Concerns
� PRA Circulars on:
o Accreditation of Agencies offering Wellness Cards, Health Cards, Health
Privilege Cards, Wellness Club Membership Cards and Other Similar Cards
o Additional Requirements Prior to Approval of Deposit Conversion
o Mandatory Registration of Retirement-Related Accommodation Facilities
Research Conducted
� Data on Ageing concerns for the project on Human Touch
� Dual Citizenship benefits vs. SRRV Benefits
� Japan-Philippines HMO Portability Study
o Inputs on the portability of long-term care insurance of Japanese retirees in the
Philippines to the DFA communiqué
� Medical Tourism in the Philippines
o Cost of Living in the Philippines
o Health Care in the Philippines and Other Countries – Various Indicators
o Expatriate Health Insurance in the Philippines - Portability and Other Concerns
Accreditation
The Division had accredited 32 Retirement Facilities and 47 Merchant Partners for the
year. Increased awareness and continuous efforts on invitation to become accredited are
made to target more retirement service providers and developers.
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Accredited Retirement Facilities
Accredited Merchant Partners
Page 14 of 26

Retirement Areas Deemed as Retiree-Friendly (RADAR)
It is a website-based program that puts every Philippine town and city in the global RADAR.
It also incorporates LIRA (local integrated retirement area), group homes, home-stay,
retirement Bed and Breakfast, retirement franchising and retirement entrepreneurship;
Geographic Information Systems (GIS) software will be used where possible.
Request dissemination to various municipalities was done during the first quarter of the
year to serve as inputs to RADAR. Currently, 82 provinces are supplied with basic facts
and tourist information which are continuously updated.
Mandatory registration of Retirement-Related Accommodation Facilities
Initial efforts were done as part of the implementation of Mandatory Registration of
Retirement-Related Accommodation Facilities. Notice on this was advertised on local
newspapers of general circulation and on website, and letters to municipalities were also
initiated.
Statistics and Publications Unit
In support to providing useful and relevant retirement-related data, the Statistics and
Publications Unit was created. From August to December 2011 the following requests on
retiree profile and figures from different offices were provided:
� TMS Global (Marketer)
� Korean Chamber of Commerce
� Korean Embassy
� DOLE
� BOI
� Bulacan State University
� Technological Institute of the Philippines
� University of the Philippines
� University of Santo Tomas
� Polytechnic University of the Philippines
� Technological University of the Philippines
� Ingenue
� Singaporean Researcher
Content management for the publication of the PRA Statistics booklet for 2011 was
initialized consisting of retirement data and facts which were mined and consolidated for
future distribution and future use.
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The PRA Management conducted its 2012-2013 Strategic Planning Cycle last November
11-23, 2011.
The Management Information Service Division provides a well-maintained network with
an uninterrupted data processing system, information technology, hardware and software
abreast with the latest technology that is and responsive to the ICT needs of the Authority.
Several efforts on MIS concerns were initialized specifically on Group mail software, PRA
website content, website hosting, installation of necessary IT software such as firewall and
antivirus, and other programs and applications.
Website hits for the year was at 129,569, up by 38.87% or 36,628 as compared to last year
of 93,301. Most number of visits was from the Philippines with 53.49%, followed by United
States (11.33%), Japan (8.85%), South Korea (2.93%), China (2.82%) and others
(20.58%). Firefox with 31,413 visits tops the search engine most accessed, followed by
Internet Explorer and Chrome.
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E. Satellite Offices
These satellite offices were established both for purposes of bringing PRA closer to our
retiree members who are residing in these areas, as well as for stimulating local
governments and private sectors to be actively involved in the retirement industry.
Marketing Activities
Baguio - Participation in the
Panagbenga Festival and
Happy Feet Feel Your
Heartbeat Activity
Clark-
Subic
- Briefing on PRA program to
the Baguio Elderly Assembly
and Blessed Association of
Retired Persons in presence
of Congressman Bernardo
Vergara
-Involvement in the activities
of the Baguio-Benguet
Chamber of Commerce and
Industry, CREBA and NREA
-Conduct of briefing on the
PRA Program and Look-See
Tour of Subic Retirement
Facilities with Yokohama
University Students of Japan
Cebu -Conduct of briefing with
PHILEXIM, Cebu
Investments Promotions
Center (CIPC), Primary
Homes Inc. Real Estate
Brokers, Lifecare Residences
Cebu and Pinakpot
Distribution Inc.
Retention-Related
Intitiatives
-Participation of the PRA
Retirees - Baguio Tennis
Club in the Tennis
Tournament held in
January
- Conduct of roadshow
and meeting with retirees
and service partners
- Meeting with PRA
members and industry
partners from May 6-7,
2011
- Meeting with the Central
Luzon PRA members and
Expat Committee last May
25 and November 28,
2011
-Meeting with Japanese
Retirees/Japanese
Association of Cebu on
updates of the new PRA
policies and Philippine
Gateball Association with
Mandaue Gateball
Servicing Affairs
- PRA 26 th Anniversary
Celebration at the Don
Henrico Hotel, Baguio City
last July 30, 2011
-PRA Christmas
Celebration at the Don
Henrico Hotel, Baguio City
last December 28, 2011
-PRA 26 th Anniversary
Celebration held at the
Clarkton Hotel – Discovery
Club last July 15, 2011.
-PRA Christmas
Celebration held at the
Hotel Vida, Clark Freeport
Zone last December 10,
2011
-PRA 26 th Anniversary
Celebration held at the
Teatro Casino of PAGCOR
Cebu - Waterfront Hotel in
Lahug City.
-PRA Christmas
Celebration at the Harolds
Hotel, Lahug, Cebu City
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-Participation in the PAREB
National Convention,
Manulife Investment Forum
and the Cebu International
Travel Exhibit.
-Attendance of the GM in
Japan medical facilities
benchmarking mission on
June 22-24, 2011
Davao -Involvement in the
Musikahan Festival in Tagum
City, Davao Del Norte last
February at 16, 2011, and the
Mindanao Travel and Trade
Exposition held at the NCCC
Mall, Matina Davao City last
August 8-12, 2011
-Participation in the Kayakfest
Blue Jazz Resort in Samal
Island last May 20,
2011organized by DabTOA
-Participation in the Freedom
Climb organized by the
Mindanao Federation of
Southern Philippines last
June 12, 2011
-Execution of the 1 st
Cebu-Japan Retirement
Industry Summit held last
July 23, 2011 in
collaboration with the
Cebu Investments
Promotion Center, Cebu
City LGU and with other
industry players.
last December 20, 2011
-PRA 26 th Anniversary
Celebration held at the
D’Leonor Hotel of Bajada,
Davao City last July 30,
2011
-PRA Christmas
Celebration held at the
Royal Mandaya Hotel last
December 14, 2011
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V. Financial Performance
EXECUTIVE SUMMARY OF FINANCIAL REPORT
FOR THE FISCAL YEAR 2011
A ] REVENUE FROM OPERATIONS
For the calendar year 2011, the Authority has generated a total operating revenue of
Php302,490,191.19. This year’s result followed the upward trend from previous years’ operations,
yielding almost 7% increase than last year.
2010
2011
Particulars
(Audited)
(Actual) Variance
[A] [B] [C] = [B] – [A]
Operating Revenue 282,929,758.74 302,490,191.19 19,560,432.45
Occupying more than half of the operating revenue, or equivalent to more than 58%, is the income
earned from retirees’ deposits (Management Fees) in existing accredited banks. Other income from
operations are visitorial fees from retirees’ active investments, application fees from processing
SRRV applications, accreditation fees from accredited marketers/facilities, ID renewals and other
service income.
Particulars Amount Percentage
Application fees 89,945,927.71 29.74%
Management fees 175,856,685.95 58.14%
Visitorial fees 26,628,649.21 8.80%
Service Fees 972,480.83 .32%
ID fees 7,143,245.05 2.36%
Accreditation Fees 1,464,656.12 .48%
Other Service income 478,546.32 .16%
Total 302,490,191.19 100%
Equally worth noting in the 2011 operation was the implementation of new products and services
that contributed to the revenue earned. The result or impact of estimated revenue or cash expected
to flow to the Authority from these new products & services to the overall financial performance will
also be felt in the next fiscal year.
With the new “SMILE” and other product schemes which began in the second month of 2 nd quarter,
the Authority has accumulated a total aggregate amount of US$15,131,164.00 visa deposits by the
end of the year. However, it was eventually reduced by the actual pre-termination of time deposits
amounting to US$494,982.50. The early pre-termination was due to the discontinuances of SRRV
application, cancellations of membership from the program, withdrawals of excess deposit and
conversions into active investments.
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Visa deposits were placed under special time deposit with the Development Bank of the Philippines
(DBP) that will earn interest income upon reaching maturity in 2012. Bigger portion of it will
generally go to the Authority’s account.
B] EXPENDITURES
Personal Services
The Personal Services for 2011 is reported at Php18,739,532.15, noting an increase of 22%
compared to the 2010 actual expense.
The increase in PS is largely attributed to the actual increase of number of personnel and
implementation of the 3 rd tranche of salary increase for government personnel beginning the last
month of the first semester.
MOOE (Except Direct Costs & Marketing expenses)
For 2011, the total maintenance and other operating expenses incurred totaled Php39,013,878.59.
Like in the prior years, part of this amount which is about 26% was used mainly to finance the
salaries and wages and administrative cost of general services for the agency-hired employees.
This year’s amount has grown slowly by 4% higher than the 2010 actual expenses. Except for
uncontrollable accounts, this gradual increase is associated principally to the Authority’s strict
implementation of and compliance with the government’s mandate on cost-cutting measures.
Direct Costs
Cost directly associated to delivering services for the calendar year 2011 equaled
Php36,152,069.72, an increase by nearly 8% than last year. This amount consists of:
Marketing Expense
Marketers’ Fee …………. Php21,712,190.25
BI Fees………… ……….. …….2,864,730.00
Medical Fee…..………….. …….1,505,664.47
NBI Fee………………..…. …..........69,485.00
Marketing expenses for 2011 amounted to Php11,715,563.00 or 44% lower than those of 2010.
said lower expenses coupled with the increase in enrollment constituted an increase in marketing
expenditure productivity.
Particulars
2010
(Audited)
Marketing Expenses 20,986,718.16
2011
(Actual)
11,715,563.82
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C] NET INCOME
Earnings before tax (EBT) and net income after tax (NIAT) for the calendar year 2011 surged by
36.59% to Php210,000,831.69 and 50.09% to Php150,911,056.84, respectively. These positive
movements in net income, by surpassing its targets, reflect an efficient operation for this year
thereby maximizing its profits.
Particulars
Earnings before tax (EBT)
Net income after Tax (NIAT)
2010
(Audited)
2011
(Actual)
153,750,316.00 210,000,831.69
100,545,707.00 150,911,056.84
The basic factors in the favorable increase in profits are the increase in enrollment and the decline
in operating and marketing expenses. Recovery from currency exchange losses in the previous
years which was brought about by the global economic slowdown also contributed to the favorable
result.
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VI. Partners in Service
A. Banks
For all the undertakings towards servicing the needs of the retirees and other stakeholders,
PRA had a continued partnership with other government agencies and the private sector. It
provided accreditation of banks, marketers, developers, merchant partners and retirement
facilities.
Allied Bank
Asia United Bank
Banco De Oro
Bank of China
Bank of Commerce
Development Bank of the Philippines
Eastwest Banking Corporation
Korea Exchange Bank – Manila Branch
Malayan Bank Savings and Mortgage Bank, Inc.
Philippine Business Bank, Inc.
Philippine Savings Bank
Tong Yang Savings Bank Inc.
Union Bank of the Philippines
B. Marketers
583 Immigration and Travel Consultancy
A2EN Documentation Services
Abuan General Merchandize
ACGI Healthcare Referral Services
Adventure Flight Education & Sports Inc.
AILC Consultancy Services
Al Abde Rahman Tours & Services
Alamid Travel and Tours, Inc.
AMJ Documentation & Consultancy Services
Angeles International Travel Center, Inc.
Anita G. Chua
Asia Dragon Travel & Tours
Asian Tigers Mobility Inc.
Atty. Henry R. Onia, CPA
Atty. Jesus Lim Law Office
Atty. Richelieu S. Baclay
Baguio Yeson Tour Services Inc.
Baul Consultancy Services Inc.
BEP NZ Aust Corporation
Best Travel
BNJ Marketing
Camox Philippines Inc.
Catubay and Associates
Cebu FLOSPB Management and Consultancy
Services
Cesar D. Advincula
Chang Ming Enterprises Ltd. Co Citilogic
Marketing
Climaco Realty & Development Corp.
CYHS-MNL Healthcare Training Center
Dacodion Int’l Group Inc.
Del Rosario Bagamasbad & Raboca
Discovery Tour, Inc.
E-Bike MLM Enterprises
Eduyoung.com Consultancy Inc.
Empire International Travel & Tours
Everlast International Placements Inc.
Fast Pass Tours
Page 22 of 26

Fei Shang Immigration Documents Consultancy
Services
Floris Visa Assistance Services
Fly Dragon International Travel Agency
Foreign Investors & Visitors Assistance Ctr, Inc.
Friendship Tours and Resorts Corp.
Futures.Holdings Inc.
Gotera Marketing and Allied Services
Green Davao Event Organizer
Guangdong Wall Street Immigration Consultants
Gunil international Corporation
Heaven Eleven Marketing Services
Hilda C. Ong
Honest Smart Consultant Limited
Hong Kong Investment Immigration Consultants
Ltd.
Hua Xia Consultant Services
Immi-Visa.com Investment Consultancy Limited
Intl Retirement Assistance Foundation, Inc.
Japan Town Philippines, Inc.
JEJ Documentation Services
Jinlai International Investment Company Limited
JPVA Hello World Tour, Inc.
Kwangsan International Travel & Consultancy
L. Guitones-Veloso Law Office
Leap Fast – 888 Travel & Tours, Inc.
LK Global Realty & Development Corporation
Love China Fellowship, Inc.
LRA Documentation & Processing Services
M & M Multi-Consultancy Central Inc.
Ma. Theresa B. Chua
Madangbal, Inc.
Makison Mngt Resources Philippines Corp.
Manila Business College Foundation Inc.
Manila Visa & Immigration Consultants Intl. Inc.
Mary Saballa Ang Marketing
Megaworld Corporation
Monenza Boutique
MRL Document Processing Services
MTAG Transport Services
Mulberry Realty
My 2nd Home Philippines Corporation
Nicolas & De Vega Law Offices
No. 1 Activity Network System (NANS)
Northern FICEM, Inc.
Octagon Travel
Open Mic Acoustic Lounge
OZ-Korea Philippines Travel & Consultancy Corp.
Phil 119 Tours and Travel Agency Corp.
Phil-Kansai Global Ventures Inc.
Philippine Retirement Authority (PRA) Japanese
Club, Inc.
PhilKoRoad Corporation
Pinaka POT Distribution, Inc.
Popular Publishing House
PRA Marketing Services Corporation
Rah Rah Phil Retirement Services
Rainbow_HoldingsInc.
Richard & Jenny Visa Immigration Consultancy
Services Agency
Ricson Travel & Tours, Inc.
Royal Permanent Residence, Inc.
Servtek Investment Consultancy Services
Shanghai Zery Realty Invstmnt & Cnsltation, Ltd.
SPR Boracay Real Estate Inc.
Starry Sky Consultancy Corp.
State Service Agency
Sunhun Corporation
Suntrek Co. Ltd.
Suzhou Visas Overseas Co. Ltd.
Ta Yu Global Wealth Management Limited
The Fiduciary & Consulting International Co. Inc.
The Iplus Group of Company Inc.
The Law Office of Atty. June C. Reyes
TMS Global Consultancy Phil., Inc.
Tomcats, Inc.
Travel Gold Inc.
Tricontinental Hi-Way, Inc.
Tutuban Travel & Tours
Union-Asia Documentation Services Ltd Co.
Van Ingen Management
Venvi Development Corporation
Veterans of the Foreign Wars of the United
States Post 2485, Inc.
Wakyo Soken Company
West Gate Travel and Tours, Inc.
White Horse Travel Agency Corporation
Winplex Consultants Philippines Inc.
Yusan Travel Documentation Services
C. Megamarketers
Megaworld
Federaland
Page 23 of 26

D. Merchant Partners
Ambassador Travel Services Int’l Corp.
Asian Mansion II
BSA Mansion Condotel
By the Sea Resort Hotel
Caliraya Resort Club
Cebu Pacific Pension House
Citadel Inn Management Corporation
Executive International Movers, Inc.
Hacienda San Benito
Imperial Palace Suites
Lago De Oro
Manulife Philippines
Nature’s Village Resort
Philam Asset Management, Inc.
Pinakapot Distribution Inc.
Placido Deveza and Chan Law Offices
Prince Plaza II
Quantum Hotels and Resorts
Quezon Travel and Tours
Reality Homes Inc.
Speed Money Transfer Japn K.K.
St. Francis Square Mall-Tiangge
Star Seiko Travel and Management Corp.
Tagalopedia Corporation
The Garden Heights
E. Condominium Projects
8 Newtown Boulevard
168 Residences
Acqua Private Residences
ADB Avenue Tower
Arya Residences
Azure Urban Resort Residences
Bay Gardens
Belton Place
BSA Twin Towers
Canyon Woods Residential Resort
Eton Emerald Lofts
Forest View Leisure Residences
Grand Midori
Grand Towers
The Legend Villas
ThreeSixty Marketing Inc.
UFLC Value Plus Rentals Corp.
Ultimate Visa Corporation
Healthcare-Related
Academy of the World Healing Foundation, Inc.
Ageless Skin, Inc.
Americare Global Inc.
Arguelles Medical
Carelink Healthcare Services Company
Flawless
Global Healthcare Network
Gulf Express – Health and Leisure
Healthcore Research, Communications and
Management, Inc.
Healthway Medical
Homecare Plus Nursing Employment Services
Lorma Medical Center
Nurture Spa Village
Oral Confidence Ortho Dental Clinic, Inc.
Queen Mary Holistic Center
Tokyo Healthlink
U.S. Healthcare, Inc.
Kiener Hills Mactan
Lancaster Tower A
LIG Condominium
Linmarr Tower
Manors at North Belton
Marco Polo Residences
One Central
Oriental Garden
Riverview Mansion
Subic Holiday Villas
Subic Homes Park Terraces
Two Central
Page 24 of 26

VII. PRA Officers
Office of the General Manager
Veredigno P. Atienza
General Manager
E-mail address: gm@pra.gov.ph
Office of the Deputy General Manager
Reynaldo De Leon Lingat
Deputy General Manager
E-mail address: dgm@pra.gov.ph
Resident Retiree Servicing Center
Orlando H. Habitan
Department Manager
E-mail address: dm_rrsc@pra.gov.ph
Annalyn A. Eria
Division Chief, Processing Division
E-mail address: processing@pra.gov.ph
Darius R. Maya
Officer-in-Charge (OIC), Servicing Division
E-mail address: servicing@pra.gov.ph
Marketing Department
Noehl D. Bautista
Department Manager
E-mail address: dm_marketing@pra.gov.ph
Loreto E. Morgia
Division Chief, Ads & Promo Division
E-mail address: ads_promo@pra.gov.ph
Raymond R. Sousa
Division Chief, Client Relations Division
E-mail address: clientrelations@pra.gov.ph
Admin and Finance Department
Thelma N. Rupa
Department Manager
E-mail address: dm_adminfinance@pra.gov.ph
Page 25 of 26

Evelyn R. Tansiongco
Officer-in-Charge (OIC), Finance Division
E-mail address: finance@pra.gov.ph
Marcelina T. Carbonel
Division Chief, Administrative Division
E-mail address: admin@pra.gov.ph
Management Services Office
Leonarda M. Garcia
Department Manager
E-mail address: dm_mso@pra.gov.ph
Irma S. Lappay
Division Chief, Corporate Planning Division
E-mail address: corplan@pra.gov.ph
Satellite Offices
Eric De Ausen Pati
Officer-in-Charge (OIC), Baguio Satellite Office
E-mail address: baguio@pra.gov.ph / eboy_pati@yahoo.com
Carlo Ponti T. Zialcita
Officer-in-Charge (OIC), Subic / Clark Satellite Office
E-mail address: clark-subic@pra.gov.ph / carloponti_zialcita@yahoo.com
Elma A. Corbeta
Officer-in-Charge (OIC), Cebu Regional Office
E-mail address: cebu@pra.gov.ph
Jaime B. Llames
Officer-in-Charge (OIC), Davao Satellite Office
E-mail address: davao@pra.gov.ph
Page 26 of 26