I didn’t have one before but was just extending tourist visas.
The deposit varies with pension and age. At my age without pension the deposit is $US20k. It can be as low as $1,500 and as high as $50,000 depending on age, pension and status.
You need a police clearance. Not sure in your case but I am Canadian so it is an RCMP check, it has to be national police not local or state. I am outside Canada but was able to find a fingerprint scanning place that will obtain the RCMP check and then it has to be verified and authenticated (aka red ribbon) by the Philippine Embassy to Canada. That cost me a total of US $500 including having my passport copy notarized, getting the paper fingerprints here in Haiti, courier to Canada, the RCMP report to my daughter, then to Ottawa for the verification and return. It has to be less than 6 months old.
Locally all you need is the deposit properly made, a medical check and the application form. There are agents who will assist you. They are registered with the PRA and do not cost you anything additional. I am using one recommended on this board and on some other sites. The agent will arrange the medical check, assist with other logistical issues like a Philippine driver license and opening local bank accounts.
Now you need to be in the country on a longer visa so you also need to apply for the extension before you come to the Philippines or at least be on a couple of month extension.
By the looks of things, you should be able to complete the application process in Manila within a couple of weeks but the entire process is stated as about 4 weeks so allow 6 just because. Lol
My plan is to book a place in Manila for the first 2 weeks then do some traveling around until the SRRV process is finished.
It is debatable if it is cost effective over the tourist visa extension process. Fees work out more or less the same and with the SRRV you avoid the routine hassle of getting the extension processed. You are also exempt from departure tax if you leave the country at least once a year.
My main reason is taxes. Canada will not tax a non-resident taxes on income earned outside the country. The Philippines will tax me n Philippine income but not off shore or investment income. I could become a non-resident by other means but a residency in a tax treaty country is the surest way to be a non-resident for Canadian tax purposes under the tie breaker clauses of the treaty. (And yes I read the actual treaty and court cases from Canada on this issue.)
I have a couple irons in the fire for off shore income and as an engineer, I always work on a project basis so I may take a couple short term projects just to keep out of trouble.