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'WHY RETIRE IN THE PHILIPPINES'
> AN ARTICLE THAT WAS PUBLISHED IN SAN FRANCISCO CHRONICLE
>
> In the Loop
> By Jose G. Caedo
> 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.
&g t;
> The principal appeal for retirement in the Philippines is the lower
> cost of living. At present, the Philippine Peso ( PhP) exchange rate
is
> approximately PhP 53.00 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.- 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 tax icab for eight hours for less than $25.00.
> Or
> take the MRT momorail 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 PhP 35,000, your
> pension
> can go a long way. So, if you have an individual retirement income of
> approximately $1,500 to $2,000 per month (PhP 80,000 to 100,000.-) you
> can
> live quite well there. Incidentally, peso-denominated Time Deposit
> interest
> rate now is 4.5% for thirty-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 the 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 retir ement village exclusively for Japanese
> nationals already exists in Tagaytay, and more 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 --- speak English, or have a working
understanding
> of
> it. The middle class speak English, without exception.
>
> All the major newspapers, and major broadcast companies use English.
An
> English speaking visitor will never get lost in the Philippines. It is
> the
> universal use of that language that has been a strong incentive to
> foreigners. As well,
> communications links within the country and to other countries via the

> various commercial gateways is up to international standards. For
> example,
> the use of cell phones and text messaging is so common that
housemaids,
> street vendors and sidewalk food hawkers can be seen using their cel
> phones
> incessantly.
>
> And for just Php 1.00 per message, why not? Are you thinking of
> bringing
> household goods over? Your electrical appliances will work using the
> local
> electrical outlets, which provide either 220 V, or 110 V sources. Just
> ask.
>
> One will never want for adventure and sights to experience in the
> Philippines. There is always a colorful Fiesta, pageants, street
> festivals,
> and open public events going on. Lush with bountiful natural
resources,
> one
> can enjoy the numerous beaches, resorts, golf courses, and play just
> about
> any sport, except skiing. There is an ice skating rink in Manila,
> though.
> Scuba diving and fishing are among the sports which draw the most
number
> of
> foreigners to the rich aquatic offerings.
>
> Shopping is the Filipinos' second most popular activity, the first is
> eating. Manila is Asia's undiscovered shopping Mecca. You will love
the
>
> golden purple sunsets, the fragrance of the flowers at dusk, and the
> wonderful array of fruit and food. I used to enjoy watching the Sun
set
>
> from the bar at the Philippine Cultural Center. There, you can listen
> to
> the Symphony, check out a play, or enjoy Grand Opera. There is just so
> much
> to explore and discover, specially in terms of nature, culture, and
> history.
>
> If you're a betting man, there's horse racing, the Jai Alai, numerous
> first
> class casinos, and of course, cock-fighting. Manila is well known for
> its
> exciting night life.
>
> Strategically located, the Philippines is an airline hub. Hong Kong,
Ho
> Chi
> Minh City, Kuala Lumpur, and TaiPei are just an hour and a half flight
> away,
> With Tokyo, Shanghai, Bangkok, and Jakarta approximately five hours.
>
> There are regular flights to those destinations from Manila's three
> international terminals. Philippine Real Estate, medical/ social
> service,
> and Employment
> agencies are now working together under the aegis of the government's
> Philippine Retirement Authority (PRA) to set up standards and make the

> retirement industry truly world class. The PRA website is
> www.plra.gov.ph/
> main .
>
> Under the direction of Gen. Edgar B.Aglipay, chairman of the
Philippine
> Retirement Authority, plans have been operationalized to ensure that
the
>
> growing demand for housing and ancillary services for the retirees are
> met.
> The objective is to turn the country into the retirement haven i n
Asia.
> This will also help employ more local Filipinos at higher wages so
that
> they
> need not leave the country to seek work.
>
> Visit the land of fun, flowers, food, fruit, and friendly people. You
> might
> not want to leave it anymore. Mabuhay!
>
> Copyright Jose Caedo 2006


________________________________



Myrna Obias-Mapa
Credit Analyst


SUNMICRO - SSI
735 Battery Street | San Francisco, CA 94111
dir 415.901.8912 | fax 415.962.3231
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HAVE A NICE DAY!



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