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I am 58 years old and have been to the PI many times. I want to retire there in a few years. I plan to apply for the SRRV classic. I understand I would need to make a $10k depost and maintain that amount in my bank account.
I already have a BOD account. My understanding is I need to set up a PRA Dollar Time Deposit account, and that I must direct deposit my SS, and or pension check into this Philippine bank account. My concern is what if something happens to this bank (close, or in default, etc.), or if there is political government issues, than my money will be at risk.

Is there a way I can open this type of account, and I manually transfer each month the required $800 from my USA bank into the PI PRA bank account, would this be valid and meet the SRRV requirement?

Please advise.


Double check Jim when you arrive at the SRRV Office in Makati just across the road from the PRA, Philippine Retirement Authority Office. My old friend Jerry, an American went there 3 years ago after turning 62 years old and only had to show a U$10,000 Deposit and pay P500 / year maintenance fee ( you can pay 5 years in advance )and the process was easy and fast. But here on Boracay, one of our yearly guests David, an Australian put up U$25,000 2+ years ago when he was only 48 years old but before xmas 2012 found out the amount required had been reduced to U$20,000 if you were 50 years old but younger than 62.

Bank accounts are dependable and nothing to worry about; we've maintained several checking accounts peso savings and U$ savings accounts with both Metrobank and Allied Bank for many many years since early 90s. Before that we had a Trader's Royal bank account but the bank was sold or merged with another bank so we were able to close our account no problem. Only Banco Filipino is famous for cheating their account holders out of their money. For the best service ask your US bank where your checks are deposited or where you plan to transfer funds to the philippines what are their "sister" banks. All banks are associated with 1, 2 or 3 banks in each country worldwide making transfers quicker and sometimes cheaper.  


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Bill and Lorna Collings


Feel FREE to ask us about traveling, living, relocating, retiring and investing in the Philippines. Guests from 93 countries, the latest being a female PHD from Uganda, make our place in Manila an incredible meeting place for world travelers who exchange travel stories. We understand both the joys and the hardships of living and traveling in the Philippines.


I arrived in the Philippines in January 1980 to travel for 2 months; I stayed 4 months before reluctantly leaving. I met my Filipina wife, Lorna. an incredible stellar, "one in a million" individual in 1983 in Seoul and we moved to the Philippines in 1986 and opened our 3BR house to world travelers on a budget. After welcoming thousands of guests from 93 nations our place has grown to 38 bedrooms in 5 townhouse units, 4 of which are attached but will never lose its "Home away from Home" atmosphere. Almost everyday at The Townhouse Hotel there's a party-like social scene with vibrant, almost magical energetic conversations between our guests who have the pleasure to meet each other and share their life's many experiences.Often three groups with conversations in different languages are going on at the same time. So we've been exposed to every kind of person from all over the world and shared their experiences. Since arriving back in the Philippines Nov 2011 from traveling for 8 months my wife and I have been busy buying land, building houses and expanding our Boracay beach front resort, Casa Camilla for 16 months. Hopefully we'll be finished by the end of 2013 with a total of 50 apartments, 44 units for yearly stays and the six units in our house to be saved for short term stays.

Publications,, who asked me to apply with

some college 2-1/2 years - no degree - I've been traveling since I was 18, almost 30 years.

Awards and Honors
Luckily, my wife and I have been semi-retired since we were 30 years old, almost 30 years.

Past/Present Clients
3000 to 4000 world travelers and guests on a budget pass through our guest house style Townhouse Hotel / Hostel each year since 1986 so we do get a lot of feedback and share a lot of experiences with people which we can then pass on to help others with their questions and problems

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