Filipino middle class is pushing out the Retired Expats here in the Philippines
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- Опубликовано: 22 окт 2024
- The Philippine middle class is rapidly replacing the budget constrained retired expats and foreigners here in the Philippines. If your money matters, or insight into the future of your finances here in the Philippines is important, watch this video.
The Philippines can be a mecca for Retires, ExPats and even Tourists. We explore the pros and cons of living and traveling throughout the Philippines. Our videos try to show you why we chose to retire in Angeles City Philippines. Real Life content for real life experiences. Presenting you with the same thoughts and options that we are faced with.
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#philippines
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#angelescity
#walkingstreet
#finance
#middleclass
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The Philippines isn’t running a charity for down-and-out foreigners. There’s enough poverty already in PH. Retirement visas are to attract foreigners with ‘means’, not foreigners just scraping by on a small income. If a foreigner can afford to buy a small condo and pay the condo fees and expenses, that brings the monthly living costs down to something reasonable. Retirees shouldn’t be looking for property to ‘flip’. Retirees should be looking for their final home. Using that strategy, ‘selling’ doesn’t enter into the equation. If someone is on fixed Social Security and can’t afford to buy a place to live, and/or have a nice financial cushion for emergency medical I sure wouldn’t recommend they retire to PH. Like I said at the top, PH already has enough poverty, they don’t need poor foreigners added to the mix, they need *contributors*. That’s what visas are for…to bring in foreign money.
Well Said. Thanks for watching
If the pH whants foreign money, they should allow foreigners to buy land.... That would make more money to the Philippines!
@@giogorgio one look at the damage foreign (Chinese) real estate ‘investors’ have done in Canada makes it pretty obvious that letting foreigners ‘park’ their wealth by buying up property is a horrible idea.
The vast majority of Filipinos could never compete with foreigners for land if it was allowed. The liquid money is welcome. Selling off the very land, to foreigners? No way!
@@giogorgio if the Philippines wants to generate foreign money simple, allow manufacturing businesses to come in, do away with the 60/40 rule and stimulate trade, build a strong wage middle class. Foreigners follow the set guidelines for the Visa given, that’s all thats required, income requirements are set by the government and could be changed by the government, not the retiree.
I agree 100%
The whole west went woke. And... get woke... go broke. One day middle class Filipinos will come visit our new 3rd world, western countries.
You might take a look at the percentage of Filipinos in each of your categories (lower, middle, upper) In the past the vast majority of the people were in the lower class. Have not seen current numbers, but I suspect its still the same. It doesn't matter what the government says middle class is, if only a tiny minority of people are middle class.
As to buying a condo, I would be careful since for many condos, the condo fees= profit for the builder/building owner and not spent on maintenance. Rent a decent condo, when the condo gets run down, rent in a newer building
I pretty much agree with you, the pay, even for most professions, has not increased that much, certainly not enough to keep up with the increasing cost of living. Around our neighborhood, most Filipinos don't have money in the bank, they are just borrowing more to keep up--if they even qualify.
If the Philippines is prosperous. The lives of Philipino people will improve and thats great for the Philippines.😊
I'm like all expats you except the costs or you leave.
Im a guest in the Philippines and i love it here.
EXACTLY. !!!
The pH is a 3 rd world countrie.! With a 3 rd world mentality! Alot of curuption, alot of Poverty, ..... every one is thinking of only themselves.
Absolutely correct - what's happening with the economy in the Philippines is driving up prices. I think part of that is inflation as well, but the growing middle class (with more purchasing power) is definitely at play here. In the last year, when I've been planning my trips to visit Cebu, AirBnBs are more expensive now, food is more, shopping is more....and yes, condos too. As a foreigner, I have been approached by a sales rep standing out front of a newly finished condo building, they're gauging my interest and offer a tour. When I see the sales brochure, it is a bit of a shock what the asking price is for a sub-40 sq/meter 1 BR 1 BA with no balcony and basic finishes. Apples to apples, Thailand condos are a better value.
True, but the reason the condo prices in Thailand are so good is the glut of units. This too will be a problem soon here in the Phils. Thanks for watching
Real estate speculation is pretty strong in SE Asia. Purchase price of $300k USD and only rents for $300/mo. That's a huge negative cash flow. However these high prices and increasing values have been going up for kind of a long time. I have zero idea when or if PH real estate would crash. Maybe Filipinos see real estate as a safer place to store cash.
Almost everything is a better value in Thailand and pretty much every other SE Asian country.
Quite correct, and many might disagree, the Philippines is getting too expensive (in a lot of areas) for the quality of living it offers. The women are it's main attraction, and most of us living here know it.
@@JamesHickman-g5c 95 percent of the guys go here for the women it is well known for that ..
@@JamesHickman-g5cAha! The quintessential sexpat talking here!
I'm from Australia. Our reserve bank increased interest rates to combat inflation, but the downside is that high interest rates mean more people save money and fewer invest, so the economy as a whole starts to stagnate. There are still jobs to be found, but the real rate of pay (after accounting for inflation) always seems to go down every year.
We also have a huge housing affordability crisis here, so many people are moving away from the big cities of Melbourne and Sydney, and towards smaller cities like Brisbane and Adelaide, as well as more rural areas.
As a result, many Aussies dream of saving up money and moving to South-East Asia, where the cost of living is still reasonable and we can still have a good quality of life.
Even with inflation, I only pay $136 for a 2 bedroom condo in the PH. There is no way you can get that in the United States.
I agree, I am just saying prices are going up. Thanks for watching
@@ourphilippinejourney I have been paying the same price for food in the public markets for awhile. I think the prices in the supermarkets, especially in malls, have gone up for various reasons. I just paid 60 cents for 6 avocados in a public market. I think it just depends where you buy food in the PH. I still pay p60 for a haircut and p250 for massage.
Where the heck in PH can you find a 2BR condo for just $140?@@chucklander5475
The big problem is that the Philippines is over populated.
In 1965 there were 32 million people.
Today 114 million plus.
For every job available, ten people need or want that job.
Philippines has about the same amount of usable land as California. California has about 40 million people.
Skip buying a condo here. Rental rates do not support the costs involved. Association fees can skyrocket at any time (like they have in Florida). Condo price appreciation is an iffy speculation. Raw land is another matter but is unavailable to those not married to a local (I am). I have Philippine corporate bonds (7+%) and government bonds (6+%). Given that the peso is weak now, I don't see a downside when currency valuations revert to the mean over time. The same is true of interest rates.
Doc, love you well researched, presented, and informative video. I’m 100% aligned with you. Take care brother, keep em coming. Warmest Aloha, Scott & Steff
Thanks Scott, hope all is well with you and the family
One other point to make with GDP in the Philippines, what products are you seeing them produce? Most of their income is from providing cheap man-power and a lot of it is remote call centers, tele-marketers, and customer service etc. When that stuff goes the way of being replaced by AI, which will happen at some point, what will the middle class do for work then?
Thats a great comment JR. I wish I had a reasonable answer. Thanks for watching
GDP does not say a lot of the story imo. When it comes to internet, transportation, medical, and food quality places like vietnam and thailand in southeast asia run circles around the philippines and are decades ahead.
I'm staying put here for now, for the generous visa policy for us younger folks and the phenomenal dating. The standard of living here is a lot lower compared with the rest of southeast asia and for a higher price.
They can tell me all of the development here but at the end of the day in the middle of Cebu there are many spots where you can have 4g or 5g signal and your internet flat out doesn't work. Infrastructure is bad and hasn't change from when i was here 12 years ago.
I've never had that happened for 1 minute in taiwan bali or thailand. And those places have robust transportation systems with fast trains and medical that is of higher quality and cheaper than the philippines.
That's true filipinos are spending more money and things are costing more but let's look at quality too.
@@wanderingdoc5075 100%
You brought up cars, When I started coming here in 2011, there were only a few cars in the neighborhood I stay in, after the pandemic it went crazy, almost everyone on this street has a car!
Oh sure, The Philippines has a larger middle class problem that’s gonna push out foreigner investments. Give us a break.🧐
Mike, the point was they are growing and they will start to move up their own scale. A few years ago you would hardly see a filipino renting a 10k a month dwelling. Many low budget expats thrive on those rents. Now those 10k a month units are getting very scarce. You cant buy a condo in our building for under 9 million php, yet 2 have recently sold to filipinos in the 12 mm php range. You have to accept the economy is growing.
@@ourphilippinejourney a good response, thanks.
If you guys want cheaper city life than the PH, think about Vietnam or Cambodia.
All the new gated communities being built in our are shows the the Philippine middle class is growing. My Son-in-Law's salary would put him into the higher end of the middle class. We don't have any monthly debts, so I think we will be ok. Our home is increasing in value, but I can't imagine living anywhere else than Casa De Gecko.
Keeping an eye on government policies regarding visas, property ownership, and taxation is crucial. These can significantly impact your retirement plans. if they shout out of expats from phil healthcare then you'll you in trouble Take care and God bless
When you remove food, energy and housing from the numbers you can keep inflation low. I can tell you firsthand my food cost has tripled in the last 3 years in the USA. A small can of mushrooms was 49 cents 3 years ago and now running $1.29 a can. Beef prices were hitting $19 dollars a pound at Walmart last weekend.
@@michaelatoz580
There are a lot of Chinese owners and buyers of condo's in the Philippines. I don't know what the Pogo ban and downturn in the Chinese economy will do to condo sales and prices in the Philippines, it may have a lot or little effect.
The infrastructure in Philippines does not equate to the prices they are getting for real estate, I think Chinese and Korean are affecting the prices especially in Angeles. I think until the infrastructure catches up it is not worth the risk for investment. They are spending billions on an electric train but haven't fixed the power grid, how will that affect that train or even the power grid supplying it in the areas it will travel through? Money should have been spent on improving electric and drainage as this recent typhoon proved is needed before a train was invested in
Totally Agree.
Perhaps in the more expensive areas of Cebu, Manila, and a few others, where it takes a much higher monthly income to survive but, unless the incomes from jobs here has greatly increased, a two income household with professional jobs (say 25K/month each, many less) is still 50K or under. If true, they are not making more than most expats, and the country is still not really 'developing' (with respect to the increased cost of living). Non-professionals are even falling further behind, unless they are being supported by OFW incomes. Also, you have to look at the population rate, which is a contributing negative factor when it comes to standard of living. You are correct, though, increasing income among filipinos will make foreigners look less attractive, especially elderly foreigners in search of prospective mate. However, they shouldn't worry too much, there is still no shortage of single mothers seeking a provider, nor impoverished province girls. Finally, there are many other countries across the globe, some even less expensive than the Philippines, to choose from and/or move too if you are already here.
Which other countries do you recommend?
Good video Mike California expat has a good break down as well
Good observation. I think the auto credit industry in the Philippines is going to have growing pains. In the US, the loan defaults have a life cycle of repo, auto auction and then resale. The complications of this process are time bombs waiting to explode.
Raising the Philippines standard of living is a good thing. We all benefit. I'm here to stay as the American standard is flushing.
Houses and condos might be offered at higher prices nowadays . But seriously. They are not selling .. and yes I live here too . The foreign owners of condos are kidding themselves if they think they have actually made money on their investments…
Remember, too, the one owning the land the condo is built on, holds the cards. Also, you still have to pay maintenance and other fees to live there.
Prices of condos are now in decline.
No problem for me. My wife owns the property and her family owns the property around. And our area is for everyone - middle-class and poorer people as well. Rather side by side.
Thats similar to our Mindanao home situation. Thanks for watching
Thank you Mike
very interesting topic mike !
Glad you enjoyed it
Congrats on 5K Mike, in case I missed that. 3 comments on one video what is going on?
Morning JR. Somedays we put out a decent video, some days they fail. lol
I won't waste money if I can't buy land, stupid people put a house on another person's land.
Yes, that can be dangerous, especially if you pay all at once. It's hard for a foreigner to get financing here for major purchases, so you are forced to lay down a big wad of cash (in a lot of cases). If you have a child with a filipina, you can make them the beneficiary. Over all I agree with you. It's hard for a foreigner to fully integrate into the society here. There are visa restrictions on working and other things as well. Also, the infrastructure is one of the worse in all SE Asia.
My wife and I are not getting squeezed out. After our house is paid off May 2026, we will be able to bank $3,700 monthly and still have $2,000 monthly to live on. If one cannot live here on $2,000 a month with no housing cost, then it it time to pack it in and go back home. PS condos here are overpriced shoeboxes. I looked at one last month for shits and giggles. $500k for a 2 bed one bath that had less than HALF the square footage of our 3 bed 2 bath house. Geez louise.
thats Great
I work with lots of va nurses that are Filipino and all of them make six figures US dollars. Everyone of them investing in their country. One owns a hotel, another owns 7 condos on mactan near air port, etc.. you have millions of Filipinos working outside the country sending money back and investing. I feel that will have a major impact and we seeing similar happening in Mexico economy and standard of living
Hmm im a nurse i dont make 6 figures
@@markjohnson3616don’t know why. I started as a nurse in 2015 at $30 an hour and with overnight shifts differential was at $35. That is $70,000 a year no overtime as a new nurse in a hospital. 9 years later I make 48 an hour and easily make 6 figures . If you are a lpn or an rn that works in a non hospital position then I guess you won’t. I also work in Florida that doesn’t pay the highest rate. My friend makes $98 an hour as a circulator nurse for Kaiser. I don’t know a single rn for the va that doesn’t make close to 100k if not more.
As Mike said in another comment…OFWs according to BIR only represent about 10% of the Philippines GDP. Many are sending money home but not All are investing in the Philippines. Besides, those 10% also have their own Foreign lifestyles and expenses in the countries they are living in.
The analysis is good, but there's one most important factor that has been mentioned but not acted upon: OUR situation in the west. The choice is not wether to remain in the USA / Eu / Australia OR come to the Philippines at a risk of losing ground. The choice is wether remain in the USA / Eu / Australia *AND STARVE RIGHT NOW* or come to the Philippines at a risk of losing ground in some years. In this perspective, the choice is obvious: face a risk in the Philippines tomorrow to avoid financial ruin in the west today. And, if you wonder how that's possible... The USA is not just New York like Europe is not just rich Germany (going down fast) or Holland. Most people are suffering right now. They can't afford basic groceries right now. In the "rich" west.
What happens next? Well, happens what happens since the dawn of history: people migrate away and Philippines can be as poor as they can but is still more survivable than other places.
When I go buy groceries and I spend the equivalent of $200 - when 5 years ago I spent $50, I immediately *feel* the looming poverty on my skin. Wages increased 2-3% a year but prices quadrupled. How's that going to end, eh?
The last time I've seen my adult kids was when I was in Subic Bay. I've only seen my adult kids once in 35 Years because the girls parents came on far too strong--WHEN-WHEN-WHEN. IT WAS THE DAY WELL THE NIGHT THE DRYDEN HOTEL GOT BURNT DOWN.. The Dryden Hotel was my home base in me operating my cash flows--lots of big financial rewards for my cash flows going into my buckets that went back to Australian bank books.. I've owned...
The U.S. GDP grew a better than expected 2.8% in the second quarter. And it isn't quite apples to apples to compare a developing country's GDP to that of the U.S.
FJB
Hi Mike, in Australia, everything is affected by rampant inflation. Home prices are still breaking records. Rents are through the roof. Food prices will make you think twice before you buy a beef steak, either from a supermarket, or from a restaurant. Who would pay $100 or more for a chef cooked plated beefsteak?. Fruit & veges prices are way up as well. Health costs a fortune. My health has declined since getting the Moderna Covid 19 shots. But I haven't seen a doctor since early 2021. I need dental implants, so it's only a 1/4 of the price if I go to India or Vietnam for them. Fuel prices are expensive. Then there's insurance 🤯. Electricity, water & local council land rates have shot up in price too. It's everything you can think of that's being cost inflated, as well as everything else to boot!. The fast food chains are unaffordable. If you own your own home like me, then you should be on your knees thanking whichever God you worship for that roof over your head. I think the Philippines is kind of just waking up to the world. As things are at the moment, Filipino's are running with the ball... ⛹️🤾 & they're scoring their goals. It's infrastructure and the internet.
I hope this info is helpful to others.
Great comment. Yes its for sure less expensive here. However, so many take that statement and think they dont need much to live. That could be true, but will depend on what that person thinks living is. Its so subjective. Thanks for watching
THe middle class in the Philippines makes around 30,000 to 70,000 pesos pe4 month., so I think u are talking about the upper middle-class and up.the other factor is the GDP comes from ofws. Finally, 75% of working Filipinos still have 500,000 pesos in assets.
OFWs according to BIR only represent about 10% of the Philippines GDP. The figures, charts, and numbers about class come directly from the Philippine Gov. What we think makes no difference. We can only put out information with verifiable data.
@@ourphilippinejourney the 75% who has less than 500,000 pesos in assets is verified on the Philippines Statistics Authority’s website. Also if an expat is bringing over 1300 a month in pension that will qualify him as the middle-class in the Philippines. This means Filipino middle-class though so I’m not sure what a Filipino person making that much will buy anything of significance.
I cant find that, please provide a link
A little Devil's' advocate.
Easier HIGH interest credit. Default level likely to rise. Most Filipinos are not known for good money management.
IMO infrastructure improvement is regional. Yes in Luzan. Likely around Davoe and some other areas , but I believe many, many other areas , little to nothing.
Where is the new money coming from ??? Not from a high rate of foreign investment.
And yes. Some areas of land are ridiculously overpriced.
Only time will tell.
30-40sqm condos in Angeles City are going for 9-12M? 😲 Why?
I just moved into a nice upper middle class neighborhood in Telabastagan (San Fernando, by SM Telabastagan), and love the neighborhood! I believe I'm the only foreigner here! The citizens here are definitely doing well. Everyone has a vehicle 3 year old, or newer. I feel like I'm the POOR-igner of the neighborhood 😂🤣
I'm already seeing properties for sale fluctuate in price. Some houses that were listed at 7.5M are now 7M. Houses 10.5M 3 months ago are now 10M. Hopefully the prices will drop a little more, since I've been forced to reduce the asking price of the house I'm trying to sell in the States, leaving me with less house my Wife and I can buy, here! 😡
Thanks for the insightful video, Mike.
Don't feel bad, most foreigners have to pay up front for what they buy, while most Filipinos borrow, and very few have any substantial savings. Their culture does not promote that. So the surface veneer, does not always reveal the truth that lies beneath it.
Also most foreigners don't have cars because of the crazy driving here and if you are in a accident its YOUR FAULT no matter what. Who wants to risk that?. My next door neighbor has a tricycle so I pay him a little more than usual and he take us wherever I need to go and even come back and pick us up with a schedule. Not to mention cabs. It a whole let cheaper than buying a car plus upkeep, gas, insurance and risk etc.
So I suggest cutting a deal with a tricycle driver and pay him well to maintain his loyalty and you will be ok. Come push to shove rent a car for vacation.
@@theshadow532 we have too much travel, so a car is a necessity for our family.
Driving isn't so bad in Pampanga. It's Manila that's nuts! And that's where we're heading today 🤪
@@kennethedwards1677 agreed!
@@jerrymarshall2728
Thats fine too. If I get a car I will still use tricycle mostly but you can drive your car when needed unless you have a big family. Its just me my wife and our son so if one day my family grows then I can consider a car. Until then no headache for me.
good point, Mike. The sad part with the scenario you've presented is, Westerners would like to maintain their Western standard of living. That puts them in great disadvantage compare to middle class Filipinos.
Well said
So based on your chart, is it safe to say anything north of $3700 is RICH?
No, but it is safe to say that the Philippine Government Considers anything North of that Rich. In the US i am not sure thats even middle class.
I live in Mindanao and the Middle class is Not pushing out the Retired Expats!! They welcome them. It's revenue to this country. Why would they push out the Expats. It is not an economic viable move. This is a developing country, it is not up to par with the world just yet. Give it time, it may take 10 years, 20 years or more to get there. Anyone can speculate. Anyone can voice their opinion.
reknas, the video was not meant to be looked at in a figurative manner. We own a home Mindanao as well. We own property in Mindanao in addition. Sure we have lots of Arlyns family in the town our home is in, but lots of no related neighbours as well. No they are not pushing us out. But in the past 5 years we have seem the land values double.
its great the middle class is growing with the middle class growing so much why is the pasos so weak ?
I have no idea. Thanks for watching
Not the peso that weak it's the rest of the world is
@@Robert-xn5ckits one thing to be patriotic for your country its another thing to be unrealistic. You are a 3rd world country saying it the other countries currency that is weak. The peso is 58.5 and headed to 60TY that can only mean one thing and its not good.
I hope the big oil spill does not impact too many, but it probably will. Not sure exactly where it was.
I think its going to be a mess. I am doing a video today about it. Thanks for watching
26 Work & Vacation Days/ 35 Calendar Days to Civil Service Retirement/ 80ish Days to Cebu City for a Six Month Vacation. I wouldn't be considering the Philippines if my Pension income didn't put me near the high end of the Philippine Middle Class. If after my Vacation, I still think the Philippines is a good idea... But, my Finances aren't quite up to what I want, I can file for my Social Security.
Great Research, Thanks for watching
Don't go by what you read get out there and mix with the people and find out what their lives are and how they are surviving.. I no how most of their lives are like , higher prices low wages what you read is what they want you to hear . Mix with the people which I do then you will get a reality check ..
Kevin, we spends months in the province every year. We are sonn going to be at our province home for a month. We know exactly how "other" people live.
@@ourphilippinejourney well you no then that what you read is what they want you to hear , a high percentage of the people earn very little and find it very hard to servive especially the province people ..
Good advice, but it's only natural to talk from your own perspective, especially from the 'bubble' your income level creates. We all know how our partners are when it comes to money, and comparing us with other foreigners, who may be spending more and/or living larger than we can or choose to. My wife is always hearing of someone who needs to borrow because they are late on the electric or some other bill, so, you're right, we don't always know what's going on under the hood (or in the hood ha ha). Appearances can be deceiving. It may be true that many (most?) cannot live comfortably on $1K or less, but some seem to thrive on that. Are they lying because they are 'ashamed' to admit they are barely scraping by? Hard to know for sure, unless you get out and mingle with them. You might be surprised to learn how well they actually do. The most important thing is that you're happy and content with your life, regardless of your income level, and realizing that those who compare themselves with others, rarely are.
Think its importand to compare inflation here to the inflation in the country that pays your pension, mostly your pension is inline with the inflation there, if its higher in the Phillipines you loose money, ps I dont understand the 3.5% inflation here while the GDP is up 5.5%
Those are the Government numbers published by their respective governments. Many do not believe them to be accurate .
Total Philippine household debt: 48 billion USD. Philippine tota external debt: 129 billion USD. Philippine debt to GDP ratio: 56.88 percent. Philippine GDP 2023: 437 billion USD. I see a credit crunch coming soon. Am I wrong Mike?
No I think the same thing. They have made credit here absurdly easy to obtain in order to move goods. Its a bit crazy. Thanks for the comment and thanks for watching
@ourphilippinejourney Not only that, where is the money going to come to pay for all that debt? The Philippine job market is horrible and the #1 sought after jobs are still OFW positions and the average Filipino has to jump through hoops to get one. Mall jobs and fast food jobs are #2. Nursing is high up the list but most go overseas. It's unsustainable. Even in my barangay I see new scooters and those Indian made Tuk Tuks everywhere. I'm pretty sure most people around me aren't paying cash.
Filipinos are in for a rude awakening come 2025. When things fail, they are trapped in a dollar economy with China looking down. With high unemployment and the cost of living (not GDP), that is even beyond even those you say are upper middle class, what will they do? As you stated, they hold on to the land to get the price they demand, but with no job to pay off all that credit, the expensive car, house and other stuff will be repossessed, what will they do next?
Everyone like to use the false inflation and GDP numbers, but the cost of living numbers it'sthat hurt. What's the cost of rice, cooking oil and fuel for that tricycle today compared to three months ago? Hmmmm.
Thats why Included inflation.
Where are all the 'good paying' jobs here? A lot of the middle class seem to have OFW support, meaning, in many cases, one of the parents is absent from the home. If true, not good for their society as a whole.
@@kennethedwards1677 Have you ever looked into the OFW issue? To become an OFW the Filipinos have to make an application which puts them in debt to the company that is sending them to any country. Then that OFW has to take classes which adds to the cost. Then the ticket to the country they travel too work can be at times 4 times the cost of a regular airline ticket because it has to be bought through the agent who is a family member of the person who owns the company that the Filipino goes through to get the job.
lets say the filipino goes to Singapore. On the first day of work that Filipino owes 150 thousand pesos to the company that they went to. Keep in mind the an airline ticket to Singapore may be 3k pesos, the OFW is charged 10k pesos for the ticket. If the OFW returns to the Philippines on Vacation, they have to use the agent, and the price of the round trip ticket may be 15k to 20k pesos.
After paying the loan and sending a few pesos to their family, how much is tha OFW able to save. Depending on the country and profession the cost will vary. I am averaging my cost on the many OFWs I have met and stories they told to me. Many loose their lives and the families are not compensated. Guess who owns all the companies that controll the OFW jobs? The fact that middle class jobs are almost non existant in The Philippines is no accident. Remember what happened to America and it's middle class jobs. Who benefited from the job losses?
Off subject, Hope that you and your loved ones were safe from the typhoon
Timmy, thanks. Lots of rain but we did fine. Thanks
The cost of living is rising every where. I would only hope one's income keeps up with expectations. If you retire in the Philippines for economic reasons and your personal economy isn't keeping up you might consider moving to say Vietnam or some other place with a low cost of living. Good luck its not a safe world.
This economic growth is not hard to comprehend given the state of the economy in China. The sanctions against providing China with microprocessors will really add to their plight . The real estate market there is in the tank and the worst has yet to come. The technology for the machines that manufacture chips is mostly located in the Netherlands and The USA has put great pressure on the Dutch government to cut the Chinese out. I would not be surprised to hear that chips will soon be manufactured in The Philippines. The chips need to be manufactured and Asia excluding China is a very large market. An economic miracle for The Philippines may be coming. What happens to the exchange rate for USD vs PHP will not be favorable for Americans.
There is no way chips will be manufactured in PH. Chip plants need massive amounts of energy and technical talent, both of which PH is lacking
@@ryanm9371 That is what they said about the infastructure of Mexico 20 years ago. Foreign investment changes everything
Australia is in a per person gdp decline. The gdp grew because of immigration.
Let's see PH next year, when the US and EU market is crashing down and exchange rates will drop dramatically.
What will my $4,400/month social security and $1.3M investment portfolio get me in the Philippines.
That will depend on what lifestyle you want to live. For many it will get you ( at the current economic climate ) a very nice life.
Depends who are in charge. If Democrats are in charge expect no growth. Phil middle class been missing a long time. Just a great devide between rich and poor there.😅
I hope my $5,000 a month pension will still be a stable income in 7 years when me and my wife move to Pampanga.
By that time maybe you will opt to stay in the US, because of possible personal medical conditions. Don't try to challenge the health system of the Phil. Life in the Phil, is not only about "cheaper".
Rather spend the money in a country with good infrastructure and modern sanitation.
Good thing I can cook and eat the local food AND I have no class😅
I’ve always said, it’s not what you make, it’s what you keep. You can make a million dollars salary, per year, but if you spend 1 million and 1 cents…you’re still broke.
Mike, when I draw my SS in 3 yrs, I’m buying a trike and live in it🤣
Hahahaha, live in a Trike , I cant see you doing that...lol..Thanks for the comment and Thanks for watching
@@miyagi1775 LMAO. Hmmmm
Yes I agree Filipinos are making more Mike, however you left out what might be the most important and relevant information.
What percentage of Filipinos do you suppose are in the upper middle class Mike ?
I have those numbers but busy now, I will try to get them when I can. But it is around 5 or 6%.
The overwhelmingmajority of Filipinos by far are in the low income which you didnt bother to show and the lower middle income. This makes up about 65 to 70% of Filipinos.
And Poor makes another 10 to 15 %.
That leaves a small percentage of Filipinos in the middle middle class and above.
We are a long, long way from Filipinos pushing out expats.
And I dont think higher GDP equates to higher inflation all the time. I will look into that.
And you realistically can't think a huge economy like the US can grow at a high pace like a small 3rd world country economy, that is very unrealistic Mike.
perhaps, but it is showing rapid growth.
Not happening, not even in you lifetime, Mike...lol...this country cannot take off without Energy aka Nuclear Energy plan...or its current politics...the American retirees will always have an advantage...as long as they live within their means, not their assumed consumption as an American...do not come to the Philippines with a high roller attitude...you'll always be ahead of the game...no matter what...
There's no way we get pushed out
Don't bet on it lots of changes coming in immigration laws and younger generation has a different view then then mamma and Pappa had . the Philippines no longer depends on the money.
@@Robert-xn5ck They will still depend on US military for show of strength regardless of what the youngsters think
The small class of people in control of PH have a vested interest in keeping most Filipinos poor. Those coconuts aren't going to pick themselves.
But there will be, hopefully, some increasing progress on a standard of living increase for Filipinos. Too poor for too long = revolution. So that's the balance people in control have to manage.
GDP per capita in the US is $76,329. A 1.4% increase puts about an extra $89 per month into a American's pocket.
GDP per capita in PH is $3,498. A 5.7% increase puts about an extra $17 per month into a Filipino's pocket.
Would you rather have a 1.4% in the US or 5.7% in PH? Percentages are often used to gaslight people and for people to gaslight themselves.
PH has some serious economic problems due to just natural resources. Just moving anything around a group of islands is expensive. So they start out at a disadvantage compared to a place like the continental US which is almost all fairly flat and the best waterway system by 5-10x than any other country.
However other countries with similar natural resource problem have become wealthy. That brings us back to the PH gov not having much interest in change. They are already wealthy. And the Filipino people have been basically happy being kept poor. So I don't see much change. Yeah, could get worse for poor Filipinos.
For poor Americans living SS check to check things could get really bad for them. But that's going to be true for wherever they live.
I will take ANY positive percentage or a negative percentage. Positive growth is simply positive growth.
The ph could be one of the richest countries in the world.... Its a paradice country...... Imagine the tourist income taxes..... The must change their mindset. Attrackt forrigners with money to invest. It must be more secure to put money in pH..... If not, stay poor forever!
Do you have a college degree or any white-collar corporate business experience?
lol, yes
@@ourphilippinejourney- which one? lol
I'll use this video as a talking point for the live
Feel Free, people need to recognize broke is broke
@AndyOmar Oh Oliver, I doubt that you're even smart enough to understand numbers. Go sit down at the kiddie table where you belong.😂
The Philippines economy grows when other countries around it grows like the US Japan china etc. When those countries economy dive so do the Philippines. US economy is booming right now that passes over to the PH. Not counting the subsidies they are getting from the US. So all it takes is for a major war to break out and down goes the Philippines economy. And the threats are real. They are also in debt with loans from other countries. Selling your soul at the crossroad can be very dangerous for the Philippines economy.
You have this economic boom and you have no major industries! Somebody owe Somebody some money.
27% of high school students in the USA answer to the following question. What is the Gross National product of the USA. Preparation H Cream. Old joke from Johnny Carson show. lol
hahahaha
I'm glad I went to a Catholic high school and learned stocks in 9th grade 😮 not a flex or nothing just that the education system I hear about in US from most guys here is like WOW
So many expats are here on such a basic income. Its sad when the Philippines can price an American Expat out.
@@ourphilippinejourney YES and no. Some may need to lower living standards. I have always stated to make sure you can live like a local first before the move. you never know what the future holds.
you just want to keep mooching off the hard working filipinos.
No way, not happening.
That's why I've done my cash flows in the Philippines. Australia is shit for me to do a big reward Cash flows.. Subic Bay Is so--so The yanks want it back all because of the Chinese coast Guard vessels making troubles--big problems to the Philippine Vessels whitch makes my cash flows going strong big dosh and bucks going into my pockets..
Fully agree. Here in Melbourne people are really tightening their belts even on good salaries. In the next few weeks I will be heading to the Philippines long term. As a minimalist I don't see too many problems financially although I will be in Cavite not Manila so rents and probably cost of food won't be a problem as I am a body builder who doesn't buy much western food preferring to cook whole foods. I am more thN happy to use buses/trains/jeepneys or a scooter. Rarely use trycicles preferring to walk for exercise with the added benefit of not suffering the skin tax they usually try on, Australia is egalitarian, we don't prejudicial behaviours. Cheers Aussie John
You did factor medical cost in the Philippines, your Medicare is not good
This video is looking at Economic Growth. PERIOD. Its not trying to get people to love the Philippines or not.
@ourphilippinejourney yes,but medical care really is an Economic factor. It's part of your cost of living 😊
I think I’m good on 4k dollars a month
Bill you will be fine I am sure. Thanks for watching
@@ourphilippinejourney yea but I’ve experienced this one woman who has been a thorn in my side on this build. Ppl call her rich but she has cause trouble for us and she be bribed ppl but they don’t take it. They tell me about it. Straight jealousy cause the size of this build. She feels threatened cause she is not as rich as she claims. Oh the stories I could tell you. Learned lessons along the way
We're not going anywhere. My pension is fat, lol.
hahahaha, thats great to hear !! lol
These vloggers sound like chicken little
HORSEFEATHERS!
Living in the Philippines cost about 70% of the cost to live in an average US suburb.
Little cost will go up and down BUT on balance the world is a global economy and inflation is alive around the world. Your video is simply not truthful
everyone of those statistics is direct from those government websites. You totally dont understand the video. Its not about the US. Its about the Philippines.
I guess I'm upper middle class or rich in Cebu ~ What is middle class in the PHILIPPINES? I run on 75K a month but I can run on 550K PHP ~ I love these BS video's ? LOL You can rent a condo for 16K a month
If your running on 550k a month this video has no bearing on you. Skip it, but if you live in Cebu, you know good and well there are guys living there on far more limited resources.
@@ourphilippinejourney You should say "How much you can save in the PH's ~ Then again most expats that I see around Cebu are poor and dont have a pot to piss in!!!
That may be true. But life is full of different people. You life is very inactive, no fault of your own. Others lead very active lives. How much can you save will depend on how much you decide to spend and that is more often than not regulated by personal choice. Some people make very poor personal choices.
@@ourphilippinejourney Having a young child keeps my wife and I very active. It also makes traveling more difficult. We live in a big community here, and there is always a party we are invited to, should we want to socialize. At 68, I do not find pleasure in going out/traveling so much. I keep myself busy with my hobbies, computers and home theater (which can cost quite a bit), and keep physically active (working out every day), as well as love to play chess. We do take about 2 vacations a year, and just finished construction on a new kitchen. If you don't have children, surely your lifestyle will be different. Many even judge you for that, but I wouldn't trade it for the world.
Too bad you can't just get to the point, rather than rambling on forever. Expats will always be able to afford living in the Philippines. Saying something else is absurd.