For many British, Australians and Americans, retirement time is just around the corner.
At home, with low interest rates and high cost of living, the prospect of trying to live on a pension, in old age, is a daunting one unless you are prepared to substantially downscale your lifestyle. For some, moving to retire in another country is an option which has been successful in the past with Spain, Portugal, Mexico and Puerto Rico being among some of the more popular destinations. But why not consider retiring in the Philippines.
Over the past decade, the 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 exchange rate is approximately 45 to $ 1.00 or 91 to 1 Pound [Sterling (GBP)]. Housing, food, and labor costs are quite reasonable. A One bedroom condominium can be purchased for around $ 100,000 or GBP 50,000 or a Studio for only $ 60,000 or GBP 30,000 and one can dine out on average at a three star restaurant for less than 500 pesos. If you hire domestic help, a private driver’s salary is approximately 15,000/month, while trained housekeepers earn approximately 8,000/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 $30.00. In a country where a provincial Governor’s salary is only about 35,000 pesos per month, and a Presidential Cabinet Under-Secretary earns something like 45,000, your pension can go a long way. So, 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.
As for health care, most U.S. Health Management Organizations pay for medical expenses incurred in the Philippines. Check with your HMO. The Philippine Department of Foreign Affairs presently has a task force 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. Unbeknown to many is that for years, citizens of nearby countries such as Thailand, Nauru, Tonga, Indonesia, and Malaysia have flocked to the Philippines for medical care, particularly sensitive surgical procedures. 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, and Makati Medical Center meet international standards.
One will never want for adventure and sights to experience in the Philippines. There is always a colorful Fiesta, pageants, street festivals, and open public events going on. Lush with bountiful natural resources, one can enjoy the numerous beaches, resorts, golf courses, and play just about any sport, except skiing. There is an ice skating rink in Manila, though. Scuba diving and fishing are among the sports which draw the most number of foreigners to the rich aquatic offerings. Shopping is the Filipinos’ second most popular activity, the first is eating. Manila is Asia’s undiscovered shopping Mecca.
You will love the golden purple sunsets, the fragrance of the flowers at dusk, and the wonderful array of fruit and food. I used to enjoy watching the Sun set from the bar at the Philippine Cultural Center. There, you can listen to the Symphony, check out a play, or enjoy Grand Opera. There is just so much to explore and discover, specially in terms of nature, culture, and history. If you’re a betting man, there’s horse racing, the Jai Alai, numerous first class casinos, and of course, cock-fighting. Manila is well known for its exciting night life.
The Philippines offers affordable real estate and good investment opportunities for those seeking a retirement haven. “Where can you find a 350sqft freehold flat in the heart of Central London for only 30,000 Pounds and then get up to 14% per annum ROI from rental returns†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.
Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties 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. Pacific Concord Properties Inc with it’s flagship Lancaster Condo Hotel Developments fit’s the bill.
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 -if not impossible - to obtain financing in the Philippines. As a result, many purchases in the past were cash sales.
Pacific Concord Properties recently introduced the new affordable easy payment plans for the Lancaster Atrium Manila Condo Hotel Suites where a Studio unit can be purchased without any down payment, and 67% of the contract price payable over 60 months interest free and the 33% balance payable on turnover of the unit or to be extended for another 60 months through PCPI’s no prequalification no hassle finance plan, sales of the companies inventory of units will surely sell out quickly to investors seeking to take advantage of the Condo Hotel Investment “Boom†in the Philippines.
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. Under the active direction of retired Philippine National Police chief, Gen. Edgar B. Aglipay, chairman of the Philippine Retirement Authority, plans have been put in place to ensure that the growing demand for housing and ancillary services for the retirees are met. The objective is to turn the country into the retirement haven in Asia.
For further info regarding the Lancaster Brand of Condo Hotel Investments and retirement opportunities in the Philippines please do not hesitate to contact us....
Beth Collingz
PLC International Marketing Networks
PLC International Marketing Networks
Pacific Concord Properties Inc.,
Manila Head Office
Shaw Boulevard, Mandaluyong City.
Metro Manila. Philippines
Phone: Manila [632] 717 1958
Fax: Manila [632] 718 1828
Manila Head Office
Shaw Boulevard, Mandaluyong City.
Metro Manila. Philippines
Phone: Manila [632] 717 1958
Fax: Manila [632] 718 1828
Pacific Concord Properties Inc.,
Cebu Branch Office
Lapu-Lapu City, Mactan.
Cebu. Philippines
Phone: Cebu [6332] 340 0721
Fax: [6332] 495 4938
Cebu Branch Office
Lapu-Lapu City, Mactan.
Cebu. Philippines
Phone: Cebu [6332] 340 0721
Fax: [6332] 495 4938
EMail: plcsales@pldtdsl.net
About the Author
PLC Global Filipino Agency is a global network of Filipinos whether living and working abroad or locally who are interested to invest in Philippine Real Estate.
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