Most of the expatriates come to the Philippines due to the low expense of living here. It becomes somewhat of a paradise in the tropics for them. It is really cheaper to live in some areas in the Philippines however before settling in the Philippines you must know the amount of money you will need. There are expatriates who can still set up a business in the Philippines so they will still earn while they enjoy their retirement. There are many expatriates who set up a business here with no fall back plans. Before settling in another country an expatriate should have enough funds in case of emergencies.
Approach the idea of retiring in the Philippines with logic. People who want to retire to the Philippines should spend some weeks on the Philippines first to see for themselves the kind of lifestyle they want to live in the country. You can choose to live in the suburban or urban areas of the Philippines. Do some research on how the people live and the costs of the houses or apartments. Know the definite costs of the living expenses in the Philippines. Check out the prices of the common things you will need in the house. Research the costs of the cars or vehicles you want to own.
If you are the kind of person who is always inclined to set up a business then operating your own business in the Philippines might not be a problem however if you are really not business minded in nature then there is no reason why you should start a business in another country. Do not think of living in the Philippines or in any foreign country by having the business. The business should just be an additional activity for you. There are few businesses in the Philippines that really succeed. Foreigners are only allowed to own forty percent of a business established in Philippines. There are already several businesses owned by expatriates that have not succeeded in the past. The daily wage of many Filipinos is around nine dollars. Many expats with good business minds and good business ideas have failed here.
For expatriates who are receiving a retirement pay a budget of one thousand dollars will be sufficient for a comfortable life in the Philippines. Be sure to have insurance for your health. There are insurance companies in the Philippines that offer insurance plans for expatriates. However there are a lot of hospitals which require an expatriate to give an advance payment in cash so it is best to save five thousand dollars in case of any emergency. Keep some money in your bank which you should not withdraw since in case of any emergency you might need to leave the country.
Lastly don’t think in terms of dollars. Start thinking like a Filipino since what most foreigners may be able to spend for a day is already an average Filipino family’s consumption for one month.