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Philippines Halts Expat Retirement Visas on Senators’ Concern

Bloomberg logoBloomberg 10/24/2020 Cecilia Yap
a group of people standing in front of a building: Passengers arrive at the Ninoy Aquino International Airport (NAIA) Terminal 3 in Manila, the Philippines, on Monday, Jan. 13, 2020. A mass evacuation is underway in the Philippines, where an erupting volcano 40 miles (65 kilometers) south of the capital has triggered some 75 earthquakes and spewed “ballistic fragments,” forcing the nation’s financial markets to suspend trading and Manila airport to close. © Bloomberg Passengers arrive at the Ninoy Aquino International Airport (NAIA) Terminal 3 in Manila, the Philippines, on Monday, Jan. 13, 2020. A mass evacuation is underway in the Philippines, where an erupting volcano 40 miles (65 kilometers) south of the capital has triggered some 75 earthquakes and spewed “ballistic fragments,” forcing the nation’s financial markets to suspend trading and Manila airport to close.

(Bloomberg) -- The Philippines suspended processing retirement visas for foreigners after senators said they were worried about the high number of people in their 30s arriving from China.

The Philippine Retirement Authority is reviewing its special resident retiree’s visa program and halted applications, the agency said on its website. The plan allowed foreigners as young as 35 years old to reside in the Southeast Asian nation as retirees.

About 28,000 Chinese nationals have been granted retirement visas, accounting for 40% of the total and raising security concerns among senators in a budget hearing this week, the Philippine Daily Inquirer reported.

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