The Philippine Retirement Authority (PRA) was officially turned over to Department of Tourism (DoT) as an attached agency, from the Board of Investments of the Department of Trade and Industry (DTI), during rites held in Malacañang recently.

The ceremony was attended by Tourism Secretary Ace Durano, out-going DTI Secretary Peter Favila, and PRA Chairman Edgar Aglipay.

Durano said that the move was made in accordance with Republic Act 9593, also known as the national Tourism Policy Act.

He said that the change will highlight the significant contribution of the long-staying silver market or foreign retirees to the country's tourism industry.

Durano also said that the move is a welcome development in the Philippines’ continuous growth, both in the tourism and retirement sectors.

“The programs of the PRA complement that of the Department’s Live your Dreams campaign, which aims to attract foreign seniors to make the Philippines their home,” Durano said. (Jacky Lynn A.Ortega)