How long have you been considering living in the Philippines, and leaving for good standard Britain or standard U.S.A.? I have been a regular visitor to the Republic of Philippines and with over 15 tours of duty behind me, can truly say, that I have come to love and consider the 7000+ islands of the Republic of Philippines my Home of choice, so much so, that I have decided its the only place for me to be when I retire.
Firstly, what do you really know about the Philippines ? have you read any guides, or do you read about what other's have said, isn't it worthwhile now just stepping back for a few moments and reading the experiences of others before you take the plunge, I know I read as much as I could before I decided to invest my hard earned money in my future retirement.
Firstly, before you start selling everything you own, and buying flight tickets, there are many factors that you need to research before making any permanent decisions to make the move, for those who are considering an expatriate lifestyle in the Philippines, there are 2 major considerations for you to start planning for immedeatly, firstly, Where will you derive your income from to have a comfortable living when you reach the Philippines.
Could this be from savings ? and perhaps a pension or two ? if you are lucky enough to be well off in your retirement, then thats great !, however if your not at retirement age and are not lucky enough to have pensions and perhaps some investments to fall back on, you need to seriously give this issue much thought, whether it be a business, interest from capital savings, or even local job, it is not impossible to get local jobs, but experience suggests that its hard for foreigners to get jobs, and when they do, the financial rewards may not be worth the effort.
Secondly, and just as important, where will you live ? housing is of prime concern when it comes to trying to make that dream come true of living in the Philippines.
Many expat's who go to live in Philippines from the UK and from the U.S.A. with a one sided view of the life they will have, recent stories have surfaced, have grossly underestimated what life will be like when it comes to the amount of income needed, not only that, but they have completely forgotten to think about other issues in life that need addressing such as, Medical treatment, Dentist treatment, schools for children, local issues, cultural issues, and a whole host of other factors known as the Filipino factors.
Many used to say, you could live like a King on about £700.00 a month, or even less, depending on which part of the 7000 plus islands you live on, firstly, it won't cut it any more, things in the Philippines have simply gone up, inflation has hit the country just like everywhere else, so lets take a reality check.
Secondly, its almost likely that you will want to settle where your girl comes from, this is common, and makes sense, since her family structure will be in place, my travels tell me that Davao City is one of the cheapest places to retire to, whether it be to manage your food budget, or rent a property, or even build one.
My consultations with expatriates living in Philippines have recently told me that many UK or US retiree's simply under estimate the cost of living in Philippines, everything from basic food stuffs, to Diesel for your car, electricity and other utilities cost more than they did 4 or 5 years ago, inflationary pressures infect the Philippines just like anywhere else.
Therefore some consideration has to be given to how you will live, and what your budget will be, at present estimates, I think £1200 to £1300 is probaly more in line with what is required to live in Philippines to a comfortable standard, but again depending on which area you live in, provincial towns will always be cheaper, than say, Metro Manila, Cebu City, or other cities in central Luzon, Davao City again gets a mention because of its busy restaraunt culture, and there are thousands of them to choose from, hence lower prices.
Lets go back to housing requirements, the simple way to plan your move is during the initial 12 months of your stay in the Republic of Philippines, you are advised to start by renting a property, house rentals in the provinces are very reasonable, and can often be from P7000.00 to P20,000 to P30,00 depending on the level of luxury required and the type of sub division you wish to live in, and of course the level of facilities you require to complete your dream move.
More luxurious properties are available for higher rents, however if like me you want a permanent base to call your own, you can look to start the process of acquiring your own property some time before you are actually going to make your move, you would do this by building your own house by buying a parcel of land called a lot, and self build, by engaging your own architect, and building team.
In my case I have built a 3 bedroomed modest beautiful house, with gardens, a Gazebo, and Swimming Pool area, I have done this over a period of about 2 years, working slowly to achieve the final project in stages of completion, I have spent every penny I have spare on making my Filipino dream come true, how does that sound to you ? - trust me, you can do it, if you really want it !
Some expats who are not in a hurry to start their dream move, do this in stages, this is sensible, and its what I and many others have done, first, you need to make a plan of action, as to how you will move to the Philippines, here is an idea for a plan that you might consider.
- Housing - ? location, City town, Area, subdivision, Barangay, rent or buy ?
- Self Build - Acquiring Lot (parcel of land) price per square metre - Buy Cash, or finance, UK Finance or local developer finance, short term, or longer term.
- Main construction of House - Budget ?P1M to P3M P3M to P6M or P6M and upwards.
- Income - Pensions - investments - Savings - Local Business, Buy one or start one.
- Medical - Philhealth - Private medical - pay as you go, etc.
- Timelines - set a date for completion and moving, vague plans with no times never work.
- Break down each task into smaller achievable worthwhile goals, then tick them off when completed.
- Self Build - Acquiring Lot (parcel of land) price per square metre - Buy Cash, or finance, UK Finance or local developer finance, short term, or longer term.
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