How much would it cost to live in the Philippines

Hi snap
ur gonna live like a king old mate!! we live well, educated 3 kids and have all the evil nessessaries of life on half that
but in province
Peter

It all depends on where you live and what lifestyle you choose. In Manila, I think that budget is good. Some are high, but better safe than sorry.

For me;
rent - 80k (BGC), 3 br.
Elect/water - 7k
Mobile - 2k
Cable/Inet - 4k
Maid p/t  2 days per week - 3k
Driver - 0, I drive but own my car so need to budget for that
Food - hard to tell, but same as if in US as I dont do local that often given where I live and work
Medical - I have insurance, generally a lot cheaper, except for medications. 
vacation - travel to US, I budget US$6k per annum for the two of us.
Clthing - similar to US as I am big and local sizes dont fit
Entertainment, which is basically bars and food is prob 1/3 as much as in US. Bottle of beer is P65 so budget accordingly.

Biggest unknown is if you have a GF or wife, support for her, kids,  and her family can add up quickly.

Try this website for cost of living www.numbeo.com

Snappo wrote:

Hi everyone.  I am new to this website.  I am trying to figure out two things:
1) How much money do I need in the bank to retire in PH. I am thinking I might do OK with P10M to P15M in the bank.
2) What would my monthly bills be in PH. 

Here is the budget I figured - please let me know if I missed anything!  Thanks.  ;-)

ITEM    COST PHP
Rent (2BR, 2Bath)    30,000₱
Driver (full time)    9,000₱
Maid (part time)    4,000₱
Electricity (A/C entire apartment)    20,000₱
Water / Sewer / Trash    1,000₱
House Phone    500₱
Cell Phone    2,000₱
Cable Television    1,500₱
Food+water at home    10,000₱
Food at restaurants    4,000₱
Medical co-payments    6,000₱
Vacation savings    5,000₱
Christmas savings    5,000₱
Clothing purchases    4,000₱
Miscellaneous    8,000₱
TOTAL/MONTH    110,000₱
TOTAL/YEAR    1,320,000₱

You're near there with the estimates.

Personally I wouldn't A/C whole apartment, seems like a waste of money with these electricity prices. Depending where you live cable can be 500-1000PHP only. 4000PHP is already full time good made salary (Presidents standard for Metro Manila this year was 2500PHP).

But you should have some kind of business to support your stay, or if you're getting a pension that would of course be the same. Medical expenses might bounce very high if you're in a need of a treatment 100k could be nothing at that time.. medicines are though relatively cheap.

From your computation you forgot car insurance, running and maintenance costs which could be around 5-6k/month depending how much is the mileage.

stumpy wrote:

Try this website for cost of living www.numbeo.com

is this a realistic qoute?....

Yes

Hi , I Built my own House 3 story 4 bathrooms 4 bedrooms a huge lounge and a huge Billiard and Karaoke room Upstairs and a 2.4 metre high Fence all around with 2 gate entrances in Northern Samar on 4000 square meters and total cost including Land and a Long Concrete Driveway for a total cost of 6.5 million Pesos , markets close by and a very friendly township , good for fishing swimming and a good Ride on my Bike through Villages , I only spend about 600 pesos a day on all our food , for my wife 3 year Daughter Maid and a Full time worker 2000 Peso's each for them a Month elect.,3000 a month 1000 for Gas cooking I Have a Beer or 2 and Live so well on 30,ooo peso's a Month. I'll be banking heaps a Year in Savings,.... My Life is so Good with My Loving   Sweetheart  Life is So Good in the Philippines

amaglow2 wrote:

Hi , I Built my own House 3 story 4 bathrooms 4 bedrooms a huge lounge and a huge Billiard and Karaoke room Upstairs and a 2.4 metre high Fence all around with 2 gate entrances in Northern Samar on 4000 square meters and total cost including Land and a Long Concrete Driveway for a total cost of 6.5 million Pesos , markets close by and a very friendly township , good for fishing swimming and a good Ride on my Bike through Villages , I only spend about 600 pesos a day on all our food , for my wife 3 year Daughter Maid and a Full time worker 2000 Peso's each for them a Month elect.,3000 a month 1000 for Gas cooking I Have a Beer or 2 and Live so well on 30,ooo peso's a Month. I'll be banking heaps a Year in Savings,.... My Life is so Good with My Loving   Sweetheart  Life is So Good in the Philippines

you my friend have kept my motivation! i envy you!

Hi Snapp,

It would definitely based on how you want to live your lifestyle, basically if you're wanting to retire but your just going to rent out, its like your throwing a lot of your money in the trash, I suggest go have your own condo apartment, but you can actually spend a lot for the other expenses, all you have to do is have your passive income running well. theres a lot of businesses you can have here, you just have to know where to start.

Cheers!

well I plan on being there to live in 9 months. most of you will call me crazy from what ive read and seen so far. i'm going to live on 900.00 usd a month that includes my bride which has a small grocery store we are opening,in Queson city. we estimate another 30-50,000 php per month.
I am not and neither is she materialistic which saves a lot of money.
I don't have any estimate on medical yet and that may be a problem. I don't care for a/c and need but little heat, so our electric should be reasonable. our rent for the apt and store is 4000 php month. if anyone is wondering i'm 70 yo she is 27 yo. we are very happy together in all aspects of marriage. we will be extremely happy here. james

Hello James121,

You may be overestimating your monthly profits on the store.  You would need a medium size store to come near that profit amount each month, something the size of a 7/11 in the USA.  Between theft, product loss and personal usages you will find your margin may not be that much.  I base this on what I have seen of the small stores that extended members of my family here have had. 

Take Care, RAC

Hello Snappo,

I noticed that you planned on 6k php a month on medical co-pay.  Are you paying for health insurance in the USA for treatment here?  Blue Shield is the only company that will pay here, and their copay's are not that low.  Also any medical needs here have to be paid by you and you are the one to try and collect from your insurance company.

If you are in good health I would think about self insuring yourself.  Take the cost of your monthly insurance payment and place it in a savings account here for the day you meed it.  My $1,200.00USD (56,000.00php) monthly insurance premium pays for all my medical needs with some left over.  Cost and quality of medical services here vary extensively depending where you are located in the country.  You can obtain Phil Health very reasonably and they pay about 1/4 of the cost of hospitalization here.  What you allowed for co-pay in one month would pay for a year or two of premiums for Phil Health.

With the rest of what you budgeted in your list, it looks like you are planning to live in one of the retirement communities here in the Philippines.

Hope this helps you decide your budget when you relocate to there. 

Take Care, RAC

Hello Snappo,

If you are considering on buying a place here in the Philippines, consider the following.  In the Philippines foreigners are not allowed to own land and other items here.  You will find yourself trusting in a Filipino if you purchase land in their name, putting you at their mercy.  I know several foreigners that bought and built homes here and then they were taken from them with no recourse.  You are allowed to purchase a condo, but these are limited to a 60/40 (Filipino/Foreigner) ownership of the complete development.  Building standards here are marginal at best, so use that in your consideration when purchasing.  There are many people who promote different areas of projects on the boards trying to make commissions on unsuspecting foreigners.  My recommendation to you would be to read the countries laws with concerns to ownerships here in the Philippines, and if you do plan to buy, find a reputable attorney to review the sale.  This attorney should no have any connections to the persons or person selling the project.  Also when purchasing, consider the location of the project, IE: in a flood zone, subject to flooding on an extra high tide, located on earthquake prone land.  There is a housing development near here that is built one foot above the river level and is in the flood plane, but they claim that it will not flood in heavy rains, but when the flood came it did flood.  The best thing you can do in purchasing or renting is to do your due diligence before committing to the transaction.

Best of luck with your move, Take Care RAC

Hi .. If you live in the province you can live very easy on 10,000 Peso a week infact Live like a King if you have your own place and no rent as we do .. I am 64 now my Soon to be wife is 26 just this month and our daughter is 3 years Life is a Dream come true here we are in Northern Samar

Yes that is all correct ... But ,you can register a Lease over the Land with your Philippino owner and up to 99 years if you want ... Solves all Problems with your House , which you can own anyway , along with either a condo or a Townhouse

For how many more years do you think you'll live? 10 years? 20 years? 30 years? Look at your family history. Divide your P10-15 million pesos by the number of years, and work around that budget. And, this is very important: stick to it!

Do you really need to AC your entire house? Places like Tagaytay have nice cool mountain air. Rent for an 3BR house can be for as little as 20k pesos. Do more research (and haggle with your landlord). As some expats here shared, they can live comfortably on less than half the amount you mentioned (and they are supporting a wife and at least one kid). You can too.

wow thats way too much!
30k rent? you would be looking at a penthouse in the most expensive area ever!
There are some things here that are really cheap and some that are almost the same as western prices.
Pretty much anything imported is expensive,plus electricty and gas are the same as western prices.
But food, labour / hire, alchol, smokes etc are really cheap.

If you are looking for a 2 bed place in one of the more "expat" areas then rent shouldnt exceed 20k at the most.And that would be a very, very nice condo w awesome amenities, guards etc.

Just be careful when you get here as people can take advantage sometimes if they think you dont know any better.

Rent at "expat" areas like The Fort, Makati CBD, Rockwell cost about P700 to 1000/sqm.  Those in Ortigas about P400 to P500 /sqm.  Just do a search at sulit.com.ph and you will find out.  You may occasionally get lucky and find a few that is below market.  Perhaps those that have been vacant for a long time but those that are in high demands by expats (2br, 3br or more) expect the wiggle room to be very tight.

morefuninthephilippines wrote:

wow thats way too much!
30k rent? you would be looking at a penthouse in the most expensive area ever!
There are some things here that are really cheap and some that are almost the same as western prices.
Pretty much anything imported is expensive,plus electricty and gas are the same as western prices.
But food, labour / hire, alchol, smokes etc are really cheap.

If you are looking for a 2 bed place in one of the more "expat" areas then rent shouldnt exceed 20k at the most.And that would be a very, very nice condo w awesome amenities, guards etc.

Just be careful when you get here as people can take advantage sometimes if they think you dont know any better.

30K for penthouse in most expensive area ever.
That's not even near the truth. Just a simple studio type condo will easily cost 15k to up to 20k and not even in an expensive location.

To get a good idea about rental prices, check out www.sulit.com.ph which pretty much have rates for all areas.

Much better that you can search much more fair cost of houses than you pay for your rent....Just try to search this site maybe can help    www.ayosdito.com.ph or www.sulit.com.ph

Its depend in your lifestyle simple life approximately and depend in what area in the Phil

Rental Apartment: 7,000 no aircon
Water 500-900
ebill-1000-1,500
food-5,000-6,500

shid.buldiman wrote:

Hi Snapp,

It would definitely based on how you want to live your lifestyle, basically if you're wanting to retire but your just going to rent out, its like your throwing a lot of your money in the trash, I suggest go have your own condo apartment, but you can actually spend a lot for the other expenses, all you have to do is have your passive income running well. theres a lot of businesses you can have here, you just have to know where to start.

Cheers!

Good thinking 👍

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where is a city that has a great night life and also affordable housing to own

A few messages have been removed from this thread

I wish banks would list annuity rates online.  Maybe I should keep them in USA and just send dividends monthly to PH?

Snappo wrote:

I wish banks would list annuity rates online.  Maybe I should keep them in USA and just send dividends monthly to PH?

Always best, less reporting to IRS, same taxes, FDIC in USA much higher.

Snappo wrote:

I wish banks would list annuity rates online.  Maybe I should keep them in USA and just send dividends monthly to PH?

According to your budget, 10millionP would last you 7.5 years and 15millionP would last a little over 11 years.
At current interest rates you might, after taxes, get enough to stretch another 2 years.  Then what?

I need to save enough so I only consume interest. I think 30 million pesos is my target.. when I reach 62 my social security  is 1800 usd a month. That helps too.

Snappo wrote:

I need to save enough so I only consume interest. I think 30 million pesos is my target.. when I reach 62 my social security  is 1800 usd a month. That helps too.

Sounds like a doable plan, 1800USD a month is 972,000P a year currently.

dhnindc wrote:

Biggest unknown is if you have a GF or wife, support for her, kids,  and her family can add up quickly.

hilarious!  unfortunately, it's kinda part of the deal  though  not implied nor  agreed. IT IS A MUST!

Does anybody know who pays for the costs incurred with boundary/dividing fences in the Philippines?
We live near Pigcawayan, near Cotabato, Mindanao.
A developer has subdivided next door and we have a common boundary of about 250 meters; he has subdivided so as the common boundary will have up to 8 different owners - I am assuming that it would be the developer, at this time,mwho would share the cost of a boundary fence with me, does anybody know the law in this regard.
Please comment ASAP

Come live like a king as long as you want ... Many beautiful provinces and different Islands to choose from like Negross Cebu  , Boracay , places like Pueto Gallera , etc ., not many stay too long in Manila , although Makati is good for awhile .. Many here live comfortably on a lot less . Enjoy

Hi snapp
It depends in all what you choose to live like a rich or to liVe a simple but happy life.Must be careful of your money to spend any time that 15m is freely gone easily if you can't  manage it.
Be wise of your money while staying in philipinnes there's a lot of bad people around you if they know that you are rich or plenty of money in your pocket.
Why you don't want to buy a house 1 to 2M. It depends the price how big and the style.That is maybe your first move before you think anything else,and see what is going on after 3 months staying the cost it depending on yours.
Reminds you to keep wisely while staying in philippines.
Thanks

james121 wrote:

well I plan on being there to live in 9 months. most of you will call me crazy from what ive read and seen so far. i'm going to live on 900.00 usd a month that includes my bride which has a small grocery store we are opening,in Queson city. we estimate another 30-50,000 php per month.
I am not and neither is she materialistic which saves a lot of money.
I don't have any estimate on medical yet and that may be a problem. I don't care for a/c and need but little heat, so our electric should be reasonable. our rent for the apt and store is 4000 php month. if anyone is wondering i'm 70 yo she is 27 yo. we are very happy together in all aspects of marriage. we will be extremely happy here. james

You are getting ready to get TOOK..

FIRST OF ALL ,

LIVING ON OVER 100K PER MONTH AND ONLY MAKING 80% OF THAT IS FOOLISH.

Obviously you're not rich and you come from a blue collar background because your pension is less than the average Blue collar retiree. Give some thought into living with in your means. I understand the intrigue in being able to sit at the table of the One Percenter. Just know that you have to pay a premium for that.

No one in their right mind would let it be known they have over 10 million pesos laying around. Please do away with this profile and rejoin using a different one. Dude, in reality a philipino can live a lifetime off one million pesos. Most of the people you're going to be dealing with are going to be living off less than a hundred thousand pesos a year and that's by your own admission; Driver, Maid,  and maintenance guy... OH, DID YOU MENTION A MAINTENANCE GUY?  NO... BUT YOU WILL HAVE ONE. YOU'RE OVER 70 AND YOUR WIFE JUST GOT INTO HER 20's...

Trust me, the maintenance man is waiting. Realistically you and your wife can live very well and she doesn't even have to work in a store. She can go back to school and master a trade so that she can be prepared for life after your demise or incompasity. Your money per month is more than enough. So buy the car and a nice condo. Or rent a condo within your means. Try not to let your new found status go to your head.

james121 wrote:

well I plan on being there to live in 9 months. most of you will call me crazy from what ive read and seen so far. i'm going to live on 900.00 usd a month that includes my bride which has a small grocery store we are opening,in Queson city. we estimate another 30-50,000 php per month.
I am not and neither is she materialistic which saves a lot of money.
I don't have any estimate on medical yet and that may be a problem. I don't care for a/c and need but little heat, so our electric should be reasonable. our rent for the apt and store is 4000 php month. if anyone is wondering i'm 70 yo she is 27 yo. we are very happy together in all aspects of marriage. we will be extremely happy here. james

It would truly be helpful if posters could give an update of how things went, like the poster above.

If his plan pushed through and he moved to the Philippines nine months after his post, then he should have been here since June 2014.

Was he able to make ends meet with US$900 / month, supporting himself and his young wife? If yes, what kind of lifestyle is he now living? Is he happy with it?

Does a grocery store, considering there are so many places to shop for groceries and supplies, really make a profit? Did he run it himself, i.e., he or both he and his wife are at the store almost every day managing, or did he hire people such as cashiers, security, janitors, etc.? If he did not hire anyone so the store could earn more, how did he feel about working again considering his age?

Are he and his wife still together?

FilAmericanMom wrote:

james121 wrote:

well I plan on being there to live in 9 months. most of you will call me crazy from what ive read and seen so far. i'm going to live on 900.00 usd a month that includes my bride which has a small grocery store we are opening,in Queson city. we estimate another 30-50,000 php per month.
I am not and neither is she materialistic which saves a lot of money.
I don't have any estimate on medical yet and that may be a problem. I don't care for a/c and need but little heat, so our electric should be reasonable. our rent for the apt and store is 4000 php month. if anyone is wondering i'm 70 yo she is 27 yo. we are very happy together in all aspects of marriage. we will be extremely happy here. james

It would truly be helpful if posters could give an update of how things went, like the poster above.

If his plan pushed through and he moved to the Philippines nine months after his post, then he should have been here since June 2014.

Was he able to make ends meet with US$900 / month, supporting himself and his young wife? If yes, what kind of lifestyle is he now living? Is he happy with it?

Does a grocery store, considering there are so many places to shop for groceries and supplies, really make a profit? Did he run it himself, i.e., he or both he and his wife are at the store almost every day managing, or did he hire people such as cashiers, security, janitors, etc.? If he did not hire anyone so the store could earn more, how did he feel about working again considering his age?

Are he and his wife still together?

50,000 pesos a month from a small grocery store is very unrealistic.