The Philippines offers a lower cost of living. The Philippine Peso exchange rate is approximately 42 to 1 USD or 70 to 1 GBP. Housing, food, and labor costs are quite reasonable. A One bedroom condominium can be purchased for less than 100,000 USD or GBP 55,000. One can dine out on average at a three star restaurant for less than 1000 pesos or 20 USD. A private driver’s salary is approximately 12,000 PHP a month, while a housekeeper earns approximately 6,000 monthly. Salaries are even lower if you live in the provinces.
Cable Television, internet and mobile Communications are cheap, as with most everything else. If you have a retirement income in the region of $1,500 to $2,000 per month (70,000 to 90,000 pesos) you can live quite well in the Philippines.
The Philippines offers affordable real estate and good investment opportunities for those seeking a retirement haven. If you have 60,000 USD or 35,000 GBP to invest, here are some buys you could make right now.
Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties all-year round. This gives buyers greater flexibility in choosing when to use and when to rent their property. The strong rental/second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental easy.
Financing Options and Security open up Philippine real estate market to International buyers. Previously a stumbling block for some international buyers was the perception that it is difficult – to obtain financing in the Philippines. But with new safeguards and incentives in place, these are no longer a problem.
Philippine real estate, medical, social services, and employment agencies are now working together under the government’s Philippine Retirement Authority (PRA) to set up standards and make the retirement industry truly world class.