Philippines: Why it is the Best Place for the Retired to Reside.
"It’s more fun—to retire—in the Philippines"
Can now become the new tagline of this country where food, transportation, utilities, healthcare, housing, and other living expenses are generally cheaper compared to many of its Asian neighbours.
As one the best Asian countries to live in for retirees, It’s low cost of living makes it a top choice of foreigners and global Filipinos who want to retire comfortably at affordable costs.
Data shows that as of mid-2017, this country was recorded to have the lowest cost of living index in Southeast Asia. This cost of living index measures the difference in living costs (in percentage) between a location and another.
Living in the Philippines is almost 60% cheaper than in Japan, the most expensive Asian country. On the other hand, it’s up to 40% more expensive to retire in the Philippines than India, the top low-cost country in Asia.
While in the 2017 Annual Global Retirement Index, the Philippines ranks 19th as a favorite retirement destination in the world. It’s one of the only four Asian countries. This means that foreign retirees will find that their home currency has a greater purchasing power in the Philippines compared to their native country. In fact, living in the Philippines is half as cheaper than it is in the United States.
More foreigners retiring in the Philippines are bringing more and more investments for the country, according to the Philippine Retirement Agency (PRA), a government agency under the Department of Tourism that promotes the country as a significant retirement destination for the world’s elderly.
More investments coming in are resulting to a better economy, as they generate more income and jobs. For instance, one of PRA’s top international retirees was able to employ as much as 20,000 Filipinos in a casino busines. Also, close to 60,000 foreign retirees living in various parts of the Philippines (as of August 2017) are contributing to the country’s economic development. Most of them come from China, Korea, Taiwan, India, Japan, United States, Hong Kong, United Kingdom, Germany, and Australia.
Now, you already know why the Philippines is a favorite retirement haven in Asia. So, you can now help to make it a better place for retirees and contribute to the economy.
A lot of problems like traffic congestion along Manila’s main roads and safety concerns about the government’s campaign against illegal drugs might cause some potential retirees to think twice about living in the Philippines for good. Sadly, you don’t have the power to instantly reverse these issues, but, you can have a good start by changing some Pinoy bad habits.
Developing discipline in managing your finances may require you to use online financial tools like to compare credit cards, car insurance policies, or personal loans to decide which product suits your needs. Instead of borrowing money from a foreign retiree-friend to start a business, it’s wiser to get a business loan.
Lastly, keeping up the warm hospitality that Filipinos are well known for. Being welcoming to foreigners is a unique trait that’s truly a something we should be proud of.