37% of consumers see PH going cashless

One in three consumers, or 37 percent of the surveyed respondents, believes that the majority of Filipinos could be using cashless payment by 2030 as consumers become more comfortable in using mobile wallets and cards.

The Annual Visa Consumer Payment Attitudes Study reported on Thursday that cash payments in the country declined to 87 percent in 2023 from 96 percent in 2022.

On the other hand, the usage of mobile wallets and cards increased to 87 and 70 percent, respectively.

"In the past, there has been a big disparity between cash, mobile and cards but what we've seen now, mobile payment now is more or less synonymous to cash at 87 percent," Jeffrey Navarro, Visa country manager for the Philippines, said in a briefing in Makati City.

"Filipinos are becoming more comfortable with cashless payments, and we are confident that they will continue to embrace new innovations in the digital payment landscape," he added.

Navarro said these trends support the survey's result that 37 percent of Filipinos believe that the country will be using cashless modes of payment in six years or sooner.

"I think these are good indicators that really give us the confidence that directionally, it's going cashless," he added.

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Source: Manila Times and VISA

The Benefits of the Philippines' Special Resident Retiree’s Visa (SRRV)

The Special Resident Retiree’s Visa (SRRV) is a special non-immigrant visa granted to foreign nationals and overseas Filipinos who want to choose the Philippines as their second home for retirement or investment purposes.

The retiree who plans to apply for a Special Resident Retiree’s Visa (SRRV) can have the option to enroll in the program based on their retirement status, and the approval of their application will come from the Bureau of Immigration.

In addition, the Philippine Retirement Authority will make the application pre-evaluation where applications are filed; processing takes 7 to 10 working days upon receipt of the complete requirements of the retiree.

Benefits of the SSRV

The Benefits that SRRV given to future Foreign Nationals and Overseas Filipino Retirees are as follows:

• Indefinite stay with multiple entry/exit privileges

• Access to the Greet & Assist Program at selected Philippine airports

• Free subscription to the PRA Newsletter

• Discount privileges from PRA accredited Merchant Partners;

• Free assistance in transacting with other government agencies;

• Entitlement to PHILHEALTH benefits & privileges.

• Exemption from the Philippine Bureau of Immigration ACR-I Card (Annual Report), Customs duties & taxes for one-time importation of household goods & personal effects worth up to US$7,000.00 Tax from pensions & annuities, Travel Tax if the retiree has not stayed in the Philippines for more than 1 year from the last date of entry and Student Visa/Study Permit.

If you are nearing retirement or know someone planning to do so, considering living in the Philippines under this retirement programme may just be the right fit for you!

Source: Philippine Retirement Authority