Us Fed Move Will Hurt Country’S Economy — Officials

[Mr Lee]

I am wondering just how low the exchange rate might go and how that will affect US citizens living in the PHL? Some are predicting 30 or so to the dollar which would mean only p30,000 per $1000 instead of p46,000 when it was 46 to one dollar, so how bad is this going to hurt, one of my friends and neighbor in Cebu is already in deep trouble and no longer uses the A/C and has given up women and drinking and is now eating only rice, and Traveler already moved back to the states, so how many more will have to readjust their living arrangement. Any of you who are living in the Philippines or have friends who are care to comment on how the lower exchange is affecting you or those you know?The United States’ latest economic stimulus measures will take a toll on the country’s economy, especially its beleaguered export sector, government and business leaders said yesterday.They warned that the US Federal Reserve’s decision this week to pour 600 billion dollars into the US economy would cause the local currency to appreciate even further against the US dollar.“No country in the world can defend its currency or manage this spread forever. It is not just us but even Thailand and Singapore are feeling the pressure,” President Aquino told reporters.Trade Secretary Gregorio Domingo said the country’s exporters were already struggling against an undervalued Chinese currency and that the US move would hurt them even further.“If it weakens the (US) currency further, it will affect us in terms that our exporters will have a more difficult time exporting products to the United States,” Domingo told a trade forum.Exporters and foreign direct investment were already being affected by the strong Philippine peso, which has appreciated from 46.43 to the dollar at the start of the year to 42.64 yesterday, he said.The complete story HERE

[Inspector]

Well, listening to the rocket scientists on some other PI forums trying to suggest the exchange rate was 12 to 1, 9 million years ago, thus it's still better today, makes me chuckle...and understand why the world is in such a mess with these economists thinking things out. If it gets to that stage, I am sooooo out of here....I can live in Arizona or Nevada for less then this third world cesspool...sorry, but it is, and there are many better "third" world countries offering more value. For all those who suggest the main reason they live here is because it is cheaper...lolz, let's just fess up...it's the young sexy pinays that have you here, and it's never been the cheaper to live clause, cause I can live way better in the southwestern USA on the same budget with a 30 to 1 rate, WITH a hell of a lot more first world comforts....as well as a host of other third world places that base their currency on the US Dollar.Now, if the woman back in the USA are your age (old to older to oldest), sexless and the usual nagging products the west produces, there is ALWAYS Panama....which bases their system on the US Dollar and has one hell of a senior package deal for retirement.

Edited November 6, 2010 by Inspector

[Travis]

if that is true then I am happy I left when I did but for all of your sakes I hope it is wrong

[Inspector]

Try Panama Traveler...I will be there if it hits 30 to a dollar

Retiring to Panama – 10 Reasons you Should Consider It More people than ever are considering retiring to Panama - and it’s already one of the top destinations for adventure and eco-tourism - and it’s now becoming a top retirement destination. In the USA 78 million Baby Boomers will reach retirement age in the next 10 years – and they’ll be looking to maintain their standard of living by retiring abroad, where their pensions will go much further. Many of these future retirees are already considering retiring to Panama to get more for their money. Panama comes of Age Panama’s status as a retirement destination has come of age - as a recent poll on Modern Maturity Magazine shows. The magazine concluded that retiring in Panama was the fourth best retirement destination in the world - and International Living rates put Panama at number 1. Should you consider retiring in Panama? Let’s look at the advantages: 1. Panama has a stable democratic government, and a strong economy. 2. Residents and people retiring to Panama pay no tax on income from overseas. 3. Foreigners can buy and own property in Panama, with the same rights as Panamanian citizens. 4. An incentive program for retiring to panama is available – and it’s one of the best in the world. 5. Property tax exemptions apply to all new construction on a reducing scale - according to the value of the property. 6. The US presence In Panama has always been strong, due to the canal - and this has led to the availability of a lot of products and services that make Americans feel at home. 7. The Panamanians are some of the friendliest people in the world - and the expat community is growing - so the social life is lively. 8. Panama has excellent communications and it also a good infrastructure that reflects the growing prosperity of the country. 9. Property is affordable - less than half the price of similar properties in Florida or Arizona. Panama also has easy access, being just a few hours flying time from the southern states of the USA. 10. Panama is one of the most beautiful countries in the world, with something for everyone. There’s much more to Panama than the canal bounded by the Caribbean and by the Pacific – it’s one of the most beautiful countries in Central America. Panama has everything from stunning beaches to mountains, as well as rainforest and an abundance of wildlife. When you retire to Panama you get a whole host of discounts promoted by the Government (Pensionado or Retiree) including: . Tax exemption to import a new car every two years . 25% discounts on utility bills . 25% discount on airline tickets, and 30% on other transportation . 15% discount on loans made in your name . 20% discount on doctor's bills, and 15% on hospital services, if no insurance applies . 10% discount on medicines . 20% discount on bills for professional and technical services . 50% discount on entrance to movie theatres, cultural and sporting events Is Panama the best place to retire to in Central America? In terms of living standards and stability, the only real rival to Panama is Costa Rica. While Panama was cheap like Mexico it’s no longer an undiscovered location – in fact there’s keen interest in retiring to Panama due to the many benefits – and this has pushed up prices. Panama has the same problems as many of the new emerging Central American property hot spots - namely, the government has budget problems - and a need to expand employment, and improve social services. Panama is still a relatively young nation, and it’s still in transition - but great strides are being made - and the expat community is largely unaffected by these problems. However, as an alternative to retiring in Panama, you should also consider Costa Rica - you get a great standard of living, as costs are low. While property prices in Costa Rica are not cheap, they’re very affordable - and there are bargains available in the right locations. If you’re considering retiring to Panama, then there’s many plus points that are hard to ignore.

[Inspector]

Another reason why Panama is better then the Philippines

Seven countries other than the United States use the U.S. dollar as their official currency. Most of them are Latin American countries or island nations with small populations. The country that has used the U.S. dollar the longest is Panama, which adopted the balboa, pegged directly on a 1:1 to the dollar, as its currency in 1904. Since Panama does not print any balboas and has dollars circulating instead, the dollar is the official currency for most practical purposes. Panama does, however, use its own coins, which are near duplicates of U.S. coins except in the design. Both U.S. and Panamanian coins circulate freely throughout the country. Other countries using the dollar are:

• Ecuador began using the dollar in 2000 after inflation made its currency, the sucre, worth very little. Ecuador uses its own coins, which are similar to U.S. coins in appearance but don’t necessarily have the same metallic content, side by side with U.S. coins.

[Inspector]

Oh, and the latina ladies look lovely as well....so no problems there for any looking to marry or date younger ladies

[Inspector]

And for those older men, like Traveler, who want a woman more his age...plenty there as well :SugarwareZ-037:

[United Army]

Yes I have been watching the Peso, and will be adjusting my living expenses starting in December, just to be on the safe side.