Conversion of the Required Deposit into Active Investment
Retirees who qualified to join the PRA Retirement Program has the option to convert their time deposit into active investments after a holding period of thirty (30) days from the date of SRRV issuance.
Investment Areas for Retirees
A retiree can choose to invest their required deposit through the following means:
a. Purchase, acquisition and ownership of a condominium unit
b. Long-term lease of house and lot, condominium or townhouse for a period not shorter than twenty (20) years.
c. Purchase, acquisition and ownership of golf or country club shares
NOTE: Former Filipinos can purchase a lot not exceeding 5,000 square meters in urban areas or three (3) hectares in rural areas for business use or other purposes.
Acquisition & Ownership of Condominium Unit Requirement Checklist & Forms
Leasehold Rights Requirement Checklist & Forms
Proprietary Membership in Golf Clubs Requirement Checklist & Forms
A retiree who has converted his dollar deposit into an active investment may opt to substitute the same with another form of investment that is allowed under the PRA program.
In case od substitution, the value of the substituted one must at least be equal to or higher than the amount of the retiree's requisite deposit after conversion.
The Visitorial Fee must be continually paid yearly.
The allowable investments to be substituted are confined to only those mentioned above.
Guidelines for Substituting Investments:
a) The retiree must submit a letter of intent to the PRA which must indicate as to what investment outlet he will avail of and must also submit the following:
For Property/Condominium Unit:
1. Copy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) for leased/purchased property and condominium unit, respectively.
2. Copy of the Deed of Absolute Sale or Contract of Lease.
For Golf/Proprietary Membership Shares:
1. Certified true copy of the Stock Certificate.
2. Certification duly notarized by the Corporate Secretary of the Golf Club that the PRA Restriction annotated in the stock and transfer book of the golf club.
b) PRA evaluates the said documents and informs the retiree of its status.
c) PRA will give the retiree a letter addressed to the Registered of Deeds or to the Corporation for the annotation of the PRA Restirction on the TCT/CCT and/or Stock Certificate.
d) The Retiree wiil submit to PRA the annotated document.