Nov. 19, 2006 – Philippines has become a retirement haven for thousands of foreigners, particularly the Japanese, Korean, and Northern Europeans. Along with Thailand and Malaysia, the Philippines developed communications, infrastructure, and service delivery systems specifically geared to meet the needs of foreign retirees. Better yet, unlike most European Countries and South America, nearly everyone speaks ENGLISH in the Philippines.
The Philippines offers a significantly lower cost of living. The Philippine Peso (PhP) exchange rate is approximately PhP 50 to $ 1.00 or PhP 94 to 1 Pound [Sterling (GBP)]. Housing, food, and labor costs are quite reasonable. A One bedroom condominium can be purchased for around $ 60,000 or GBP 32,500 or a Studio for only $ 34,000 or GBP 18,000 and one can dine out on average at a three star restaurant for less than PhP 500. If you hire domestic help, a private driver’s salary is approximately PhP 10,000/month, while trained housekeepers earn approximately -PhP 5,000/month. These salaries are lower if you live in the provinces.
Cable Television, Hi-Speed Internet and Satellite Communications are cheap. One can hire an air-conditioned taxicab for eight hours for less than $25.00. In a country where a provincial Governor’s salary is only PhP 28,000 per month, and a Presidential Cabinet Under-Secretary earns PhP 35,000, your pension can go a long way. So, if you have a retirement income of approximately $1,500 to $2,000 per month ( PhP 80,000 to 100,000) you can live quite well in the Philippines.
As for health care, most U.S. Health Management Organizations pay for medical expenses incurred in the Philippines. The Philippine Department of Foreign Affairs presently has a task force headed by former Secretary Roberto Romulo working to have the U.S. government accredit a number of first class Philippine hospitals for Medicare reimbursement. The Makati Medical Center, one of the nation’s best already has such accreditation. The quality of medical care at the better Manila hospitals such as the Asian, St. Luke’s, Medical city, Cardinal Santos, Philippine Heart Center for Asia, National Kidney Institute meet international standards.
A Japanese company is building a medical facility in Tagaytay city exclusively for Japanese nationals within the year. There are now close to 10,000 Japanese retirees in the country, and the number is growing annually. The British government recently acquired a large tract of land in Fort Bonifacio to build a new Embassy. The British ambassador explained the larger facility is meant to help serve the growing number of British nationals retiring there as well. Japanese and Korean investment groups are buying homes and condominiums in Manila. This has caused a mini- Real Estate boom in the country. A retirement village exclusively for Japanese nationals already exists in Tagaytay, and more are planned. These are strong indicators of what is on the horizon
The Philippines offers affordable real estate and good investment opportunities for those seeking a retirement haven
“Where can you find a 350 sqft Freehold Flat in the heart of Central London for only 25,000 Pounds and then get up to 18% per annum ROI from rental returns UK Tax Free” enthuses Collingz. “These figures probably seem Crazy to London Property Buyers unless they remember the prices of Flats and Apartments back in the late 70’s” and all of this comes complete with average 85 degree temperatures and sunshine nearly all year round” said Beth Collingz whom used to live in South Kensington and still owns several Chelsea Embankment Townhouses and St. Catherine’s Dock Flats before coming over to the Philippines
If you have $50,000 or GBP 30,000 to invest, here are some buys you could make right now with that budget:
1. A Freehold Studio Condotel Suite at the Lancaster Atrium Manila for Initial Property Appreciation Investment and Rental Income from 2010 in Metro Manila, Philippines. Pay 90% Now [USD 30,788.68] and remaining 10% [USD 3,420.96] on unit turnover from December 2009
2. A Freehold Studio Condotel Suite at the Lancaster Suites Manila for Rental Income from 2007 in Metro Manila, Philippines. Pay 90% of contract price now [USD 35,687.09] and remaining 10% balance [USD 3,965.23] on unit turnover from March 2007
3. A Freehold Studio Condotel Suite at the Lancaster Cebu Resort Residences for rental income from 2007 in Cebu, Philippines. Fully Furnished. Pay Reservation [USD 1,820.00] and Balance within 30 days [USD 47,769.72] for an Effective Total Cash Price of USD 49,589.72. Immediate Occupancy
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