Despite recent natural disasters, the Philippines is still banking on attracting foreigners, particularly Europeans, to invest in the country as a retirement destination.

In a report to the Department of Foreign Affairs (DFA), the Philippine Embassy to Prague, Czech Republic disclosed that the Philippine Retirement Authority (PRA) is eyeing more investments and opportunities from Europeans and Filipinos based in Europe, particularly as a retirement destination.

PRA chairman Edgar Aglipay recently conducted an orientation seminar in Prague, Czech Republic to attract foreigners and Filipinos based in Czech Republic on retirement and investment opportunities in the Philippines.

PRA focuses its efforts on three sectors: housing, lifestyle services, and healthcare.

PRA has initiated a two-step process of accrediting retirement facilities: as “approved project” and “accredited facility.”

The DFA said the PRA’s innovative process ensures adherence to global standards that the senior population expect.

Earlier, British Ambassador to the Philippines Stephen Lillie disclosed that there are many British nationals who come to the Philippines upon retirement.

“The Philippines is a popular retirement destination,” Lillie said.

There are about 15,000 British nationals residing here in the country.