My sis recently sent me this piece. It explains why a lot of foreigners like living here:
'WHY RETIRE IN THE PHILIPPINES ' By Jose G. Caedo
PUBLISHED IN SAN FRANCISCO CHRONICLE
Considering retirement?
For many Americans, retirement time is just around the corner. The prospect of trying to live on a pension, in old age is a daunting one. For some, moving to retire in another country such as Mexico (for North Americans) or Portugal and Spain (for Northern Europeans) is an option which has been successful. But why not consider retiring in the Philippines ?
Over the last 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.
The principal appeal for retirement in the Philippines is the lower cost of living. As of May 2008, the Philippine Peso ( PhP) exchange rate is approximately PhP43 to $1.00 . Housing, food, and labor costs are quite reasonable. A two bedroom condominium in one of the posh "villages" in Makati City costs about $400 per month. and one can dine out on average at a three star restaurant for less than $10.00, including tax and tip. If you plan to hire domestic help, a private driver's salary is approximately $200.- per month, while a trained housekeeper will earn approximately $100.- month. These salaries are lower if you live in the provinces.
Watching a film in a first-run movie theater there costs only 25 cents, with a good light meal called ("merienda") afterwards for about $2.00. One can hire an air-conditioned taxicab for eight hours for less than $25.00. Or take the MRT monorail from end to end for less than $1.00.- And a pair of locally made blue jeans costs less than $ 10.- In a country where a provincial Governor's salary is PHP 28,000 per month, and a Presidential Cabinet Under-Secretary earns PhP35,000, your pension can go a long way. So, if you have an individual retirement income of approximately $1,500 to $2,000 per month ( Ph 80,000 to 100,000.-) you can live quite well there.
Incidentally, Peso-denominated Time Deposit interest rate now is 4.5% for forty-five days.
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 headed by former Secretary Roberto Romulo 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.
Unbeknownst 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 meets international standards. I have been treated by American Surgeons in San Francisco who have been to the Philippines where they performed surgical procedures. These surgeons have a high opinion of the Philippine doctors, nurses, and facilities they worked with.
Heart, Liver, Kidney, Pancreatic, and Cornea transplants are done routinely in the better Manila hospitals. A Japanese company will be building a medical facility in Tagaytay City exclusively for Japanese nationals within the year. There are now close to 10,000 Japanese retirees in the country, and the number is growing annually.
The British government recently acquired a large tract of land in Fort Bonifacio to build a large Embassy. The British ambassador explained that larger facility is meant to help serve the growing number of British nationals retiring there as well. There are also Japanese and Korean investment groups buying homes and condominiums in Manila, and tracts of provincial land for retirees. This has caused a mini-Real Estate boom in the country. A retirement village exclusively for Japanese nationals already exists in Tagaytay, and more are planned. These are strong indicators of what is on the horizon.