Cost of living

[hk blues]

7 hours ago, Jack Peterson said:

Sad to hear this but on the brightside ( For me and many Brits) in at 71  the Pound is still holding somewhat, Pension due Tomorrow ( we are paid 4 weekly on State pensions)   so if it holds it may give a little boost to my day out with the   Lads 

I'm like you in that I'm receiving my income in GBP - It was at 75'ish when I arrived in 2015 and it's been down as low as 60 about 18mths or so ago so 70'ish isn't too bad.  And if Brexit can be tidied away we might see it pushing the 80 mark.  So, Inflation isn't the main worry for me as much as exchange rates.

Not often I say I wish i was American ... no offence guys! 

[jimeve]

2 minutes ago, hk blues said:

I'm like you in that I'm receiving my income in GBP - It was at 75'ish when I arrived in 2015 and it's been down as low as 60 about 18mths or so ago so 70'ish isn't too bad.  And if Brexit can be tidied away we might see it pushing the 80 mark.  So, Inflation isn't the main worry for me as much as exchange rates.

Not often I say I wish i was American ... no offence guys! 

When I bought my lot, hmmm (wifes) it was over 100 peso to the GBP. Then it crept slowly down to 90 then 80. At that time I thought, HELP. Please don't drop any farther down. And it did.

[stevewool]

Well it seems like I will be fine as I am not a big beer drinker plus I like rice, jobs a good un.

[fillipino_wannabe]

Yeah, everything is flying up. Petrol/Diesel is up about 30% in the last 12 months, electric up about 40%, food up about 10%. Plus the supermarkets are absolute shit here, I find myself day dreaming about Tescos lately. 
I've been analyzing it quite closely as I can't decide if I want to move back to the UK or not. Really it's only housing that's a lot cheaper here and anything that heavily involves labor, e.g taxis, maids, mechanics, eating out but then eating out is about the same quality as a 1 pound ready meal from Tesco anyway to be fair lol.

[hk blues]

3 hours ago, jimeve said:

When I bought my lot, hmmm (wifes) it was over 100 peso to the GBP. Then it crept slowly down to 90 then 80. At that time I thought, HELP. Please don't drop any farther down. And it did.

Your experience shows how it's all relative Jim, 70 to you is a poor rate but to me it's OK

[marine6357]

For those who are collecting SSI or SSDI new figures out today and seems we are getting largest increase since 2012. Looks like 2.8% increase. And if you have medicare only increasing to $135.50 from $134 so isn't really eaten up by increase. 

[JJReyes]

The global economy is entering into a difficult period. Many countries, including the Philippines, are overextended in their borrowings. The current trade war is expected to increase the cost of goods and this will result in an economic slowdown. In the short term, oil prices will continue to remain high fueling inflation. Everyone has to be ready for the worst over the next 3 to 5 years. Looking at the bright side, your pensions are denominated in a different currency. The deteriorating value of Philippine currency works in your favor, provided you are not addicted to purchasing foreign made goods.

[Mike J]

17 hours ago, Clermont said:

22 hours ago, Mike J said:

960,000 x .065 = 62,400 peso increase for the year

Mike that multiply should be a + and you have added the full 6.5% to the monthly budget, correct percentage, .5416==== per month. That post was a tongue in cheek post only. 

The multiplication sign and math are correct.

If the budget is 80K per month, then the annual budget is 960,000 peso.

If inflation is 6.5 percent per annum the annual increase will be 960,000 X .065 = 62,400 per year

That makes the monthly increase 62,400 / 12 = 5,200 per month.

It is false logic to divide the annual rate of 6.5 percent and then multiple that smaller number against the monthly budget.  You must multiply the full 6.5 percent against the monthly budget to get the monthly increase, the same would be true if you were looking to find the weekly or even daily increase in cost of goods or services.  Example: weekly budget of 20K peso.  The weekly effect of inflation would increase that budet to 1.065 x 20,000 = 21,300 for the month.  Make sense? 

 

[Mike J]

I have been shocked at the increase in the price of dry dog and dry cat food.  Dog food has gone from 100 peso a kilo to 130 peso, cat food from 120 to 150.  Trying to keep them well fed with food that is good for their health and growth as puppies but may need to explore what options are available.  Gas prices haven't hurt too much as I drive a scooter for most of my miles.  

[Dave Hounddriver]

1 hour ago, JJReyes said:

In the short term, oil prices will continue to remain high fueling inflation.

And yet, the high oil prices should fuel a boom in the Phiippine economy if this article has any truth to it

Joint oil exploration in West Philippine Sea is legal
By Ernesto Hilario - June 11, 2018

Quote

 

When President Duterte traveled to Hainan, China, in April to attend the Boao for Asia Forum, he and President Xi Jinping agreed during a bilateral meeting to pursue cooperation in offshore oil and gas exploration in the South China Sea/West Philippine Sea. This agreement in Hainan followed an earlier meeting between Filipino and Chinese officials in Manila, where they agreed to pursue confidence-building measures, such as joint initiatives in the disputed waters, including oil and gas exploration and marine scientific research.

Foreign Secretary Alan Peter S. Cayetano said later that both sides are “finding a common legal framework to conduct joint exploration and surveys” in the contested waters. For his part, Chinese Foreign Minister Wang Yi said the two countries will “in a prudent and steady way advance cooperation on offshore oil and gas exploration.”

. . .  more at the link . . .

 

So China wants the oil and the Philippines want the money but do not have the capital to develop the oilfields.  China will exploit the Philippines to get the oil and the Philippines will be happy with a little money being thrown their way.  Capitalism at its finest, but in this case, it is from good ole Uncle Jinping rather than some other capitalist nation.