Philippine Retirement Authority (PRA), represented by PRA General Manager Atty. Bienvenido K. Chy with Acting-Deputy General Manager Atty. Ma. Milagros R. Lisaca, and Bank of Commerce, represented by Senior Vice President Edward J. Zshornack, First Vice President Chona C. Lacson, Vice President Anna Delos Santos, and Atty. Joysha Mamanlac, signed the Memorandum of Agreement last December 18, 2017 at the PRA main office.
The agreement involves the re-accreditation of the Bank of Commerce as an authorized depository bank for SRRV Applicants to remit their US Dollars under the PRA program. To date, Bank of Commerce is the 9th accredited private bank of the Authority.
A formal dialogue also took place during the MOA signing between the Authority’s officers and the bank’s representatives—with the motivation to mount innovative and effective ways of providing better services for the potential clients.
Both parties are expecting a fruitful long-term partnership.
PRA is mandated by virtue of EO 1027 to promote the Philippines to foreign nationals and former Filipino citizens as a retirement haven to help accelerate the economic and social development of the country and strengthen its foreign exchange position. With this, members are required to make a deposit in any bank accredited by PRA.