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A New Type of Philippine Real Estate Investment

A New Type of Philippine Real Estate Investment

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Published by pass9090

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Published by: pass9090 on Mar 10, 2012
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Title:A New Type Of Philippine Real Estate Investment Word Count:935 Summary:For some, moving to retire in another country is an option which has been successful in the past with Spain,Portugal, Mexico and Puerto Rico being among some of the more popular destinations. But why notconsider retiring in the Philippines? Keywords:investments, condotels, condotel investment, property investment, real estate investment, condo, hotel Article Body:Enjoy ownership, luxury, & appreciation in a Condo Hotel vacation home! Considering retirement in aTropical Climate For many British, Australians and Americans, retirement time is just around the corner. Athome, with low interest rates and high cost of living, the prospect of trying to live on a pension, in old age,is a daunting one unless you are prepared to substantially downscale your lifestyle. For some, moving to retire in another country is an option which has been successful in the past with Spain,Portugal, Mexico and Puerto Rico being among some of the more popular destinations. But why notconsider retiring in the Philippines? Over the past decade, the Philippines has become a retirement haven for thousands of foreigners,particularly the Japanese, Korean, and Northern Europeans. Along with Thailand and Malaysia, thePhilippines developed communications, infrastructure, and service delivery systems specifically geared tomeet the needs of foreign retirees. Better yet, unlike most European Countries and South America, nearlyeveryone speaks ENGLISH in the Philippines. The Philippines offers a significantly lower cost of living. The Philippine Peso (PhP) exchange rate isapproximately PhP 48 to $ 1.00 or PhP 96 to 1 Pound [Sterling (GBP)]. Housing, food, and labor costs are quite reasonable. A One bedroom condominium can be purchased foraround $ 60,000 or GBP 32,500 or a Studio for only $ 34,000 or GBP 18,000 and one can dine out onaverage at a three star restaurant for less than PhP 500. If you hire domestic help, a private driver’s salary isapproximately PhP 10,000/month, while trained housekeepers earn approximately -PhP 5,000/month. Thesesalaries are lower if you live in the provinces. 
 
Cable Television, Hi-Speed Internet and Satellite Communications are cheap. One can hire an air-conditioned taxicab for eight hours for less than $25.00. In a country where a provincial Governor’s salary isonly PhP 28,000 per month and a Presidential Cabinet Under-Secretary earns PhP 35,000, your pension cango a long way. So, if you have a retirement income of approximately $1,500 to $2,000 per month (PhP80,000 to 100,000) you can live quite well in the Philippines. As for health care, most U.S. Health Management Organizations pay for medical expenses incurred in thePhilippines. Check with your HMO. The Philippine Department of Foreign Affairs presently has a task forceheaded 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’sbest already has such accreditation. Unbeknown to many is that for years, citizens of nearby countries suchas 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 asthe Asian, St. Luke’s, Medical city, Cardinal Santos, Philippine Heart Center for Asia, National KidneyInstitute, and Makati Medical Center meets international standards. A Japanese company is building a medical facility in Tagaytay city exclusively for Japanese nationals withinthe year. There are now close to 10,000 Japanese retirees in the country, and the number is growingannually. The British government recently acquired a large tract of land in Fort Bonifacio to build a new Embassy.The British ambassador explained the larger facility is meant to help serve the growing number of Britishnationals retiring there as well. Japanese and Korean investment groups are buying homes andcondominiums in Manila, and tracts of provincial land for retirees. This has caused a mini- Real Estateboom in the country. A retirement village exclusively for Japanese nationals already exists in Tagaytay, andmore are planned. These are strong indicators of what is on the horizon English is the Philippines’ official business language. Most of the people you will meet, from hotel workers,taxi drivers, sales or service people, government employees all speak English, or have a workingunderstanding of it. The middle class speak English, without exception. All major newspapers and majorbroadcast companies use English. An English speaking visitor will never get lost in the Philippines. It is theuniversal use of that language that has been a strong incentive to foreigners. As well, communications linkswithin the country and to other countries via the various commercial gateways is up to internationalstandards. For example, the use of cell phones and text messaging is so common that housemaids, streetvendors and food hawkers can be seen using their cell phones incessantly. One will never want for adventure and sights to experience in the Philippines. There is always a colorfulFiesta, pageants, street festivals, and open public events going on. Lush with bountiful natural resources, onecan enjoy the numerous beaches, resorts, golf courses, and play just about any sport, except skiing. There isan ice skating rink in Manila, though. Scuba diving and fishing are among the sports which draw the mostnumber of foreigners to the rich aquatic offerings.

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