The Philippine Retirement Authority (PRA) is a government owned and controlled corporation created by virtue of Executive Order No. 1037, signed by former President Ferdinand E. Marcos on 04 July 1985. On 31 August 2001, through Executive Order No. 26, the control and supervision of PRA was transferred to the Board of Investments (BOI) – Department of Trade and Industry (DTI) from the Office of the President. On 12 May 2009, Republic Act No. 9593, otherwise known as Tourism Act 2009, PRA became an attached agency of the Department of Tourism and placed under the supervision of the Secretary. PRA is mandated to attract foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines with the end view of accelerating the socio-economic development of the country contributing to the foreign currency reserve of the economy and by providing them the best quality of life in the most attractive package.