Sunday, July 5, 2009

Cost of Retiring in the Philippines

Similar to other countries, it gets more expensive the closer you move to the city. While it get's cheaper the further you move away or if you live in the provinces.

Having said that, I have seen a house for rent. It is in Metro Manila (you can say that it is the capital province of the Philippines). It has 3 bedrooms, 3 toilets and bath, and garage for 12k pesos a month. That is about 250 USD. You can even get a house for as low as 100 USD / month.

Again you can find better house for the same price if you live in the outskirts of the city or if you stay in the provinces.

With regards to food, you could probably be okay with 150-200 USD a month if you do groceries and you cook.

And when I go out I would probably spend 20 USD to dine in an upscale restaurant. And mind you that the meal is enough for 2 - 3 people.

Again the food gets cheaper as you move farther from the city.

Electricity will cost you around 60 dollars a month. You could spend half of that if you don't use your appliances that much.

So you would probably be okay if you have 700 a month. You will be lower middle class if you have 1000. You will be very well off if you have 1500-2000. You will be able to save a lot and you can even start your own business here.

These are just some of the reasons why it is very attractive to retire in the Philippines.

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