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$10 M Peso Retirement Budget
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How long do 10 million peso last in retirement in Manila or Cebu, Philippines?
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How long do 10 million peso last in retirement in Manila or Cebu, Philippines?
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At the rate of 50 to one u.s dollar, that is usd 200,000 today. In the facts given you did not indicate your citizenship; we assume you are norte americano. If you have a house and a lot in provincial part of Cebu (not the city) which you lease or rent, that money can last you at least a decade (I assume some of that money you put in the bank earning some interests). The assumption is you live frugally and medical expenses is separate, not included in that amount. My family and I, total six (6) including a maid, costs about 30,000 per month in a provincial town (house we owned, medical and schooling excluded). We are frugal. If you are alone, US$ 500 per month is workable, house rent or lease and upkeep not included. I speak from experience. In the Pinas, what wallops you is medical expenses when sick; that is the time a farmer will sell his carabao or buffalo to pay expenses of the hospitalized spouse, daughter or son. Your main expense is the leased house and its upkeep. When it comes to ownership of land (where you can or may build a house), we Pinas have blood rules or what is called citizenship. And it seems we Pinoys in these Islands are not changing it the next two or three generations. The straight rules on owing a house and land here in Pinas are stacked against you, and condos are expensive; but your budget is workable for at least a decade.
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The problem is the Philippines isn’t that cheap to live. Even at the markets food prices aren’t exactly cheap. Gasoline is way more expensive about 50 pesos a liter or roughly $4 US dollars a gallon. Then there’s electricity cost and line loss issues or jumpers stealing your power, so this is expensive too. When dealing with Meralco we would be without power for 1 week. While they might have apps and online services their response time is a joke. Imports with value added taxes and CIF charges prohibitively expensive. Cars will easily cost millions of pesos more than America Condos in Manila or Cebu are more expensive then similar units in America. While labor cost might be cheap by US standards for some trades, it’s the material cost that is expensive. Concrete, rebar, metals, all pricey. If you’re purchasing land through a Philippine Corporation or some entity to build it’s also very expensive. Some lots are 10–20k a square meter. People are paying $60,000 for a lot that’s on 1,500 square feet. Tight little spaces with high stair walls. So think twice about he numbers and exactly bad to what standard of living you want.