Britster Posted June 8, 2011 Posted June 8, 2011 I/We moved from Hong Kong to live in Cebu on 1st May 2001.We got married on 16th June 2002 after my Divorce was finalised later in 2001.My asawa had paid 30% Down Payment, with 8% Cash Discount (her life savings from working as a Domestic Helper) on a small Camella Homes Lot of 120 sq m (10m x 12m) with a 30 sq m house (5m x 6m) sitting on 1/4 of that lot on the left hand side. The 70% Balance was payable Interest Free over 24 months, which I paid and was about Php18Kpm. This was not a lot more than renting a place and no rent past that 24 months ever since.Back then I was still getting paid US$1,000pm as a 'Retainer' plus 'expenses'. Since the Exchange Rate back then was US$1 = Php56, this was Php56,000pm.We had bought a used Toyota Tamaraw FX 2.0 Diesel and fuel was Php14/liter back then.I had been promoted to Engineering Manager - Asia Pacific, based in Hong Kong for an American Company that was producing Telecommunications LAN and WAN equipment (X.25, Frame Relay, and ATM Switches, together with Packetized Voice products, VoIP, and LAN products). I moved from the UK, in September 1977, having spent a month in Asia, around the time of the handover of Hong Kong, to get a feel for the place and determine the real cost of living there. I rented a small 2 bedroom apartment in 'Kennedy Town' for US$1,200pm.Cebu, Philippines was a whole lot cheaper than living in Hong Kong, believe me. Also cheaper than living in the UK.Php18,000pm was about £170 per month for Rent. After 2 years no rent to pay. OK so 30sq m for a 2 bedroom hom might sound small to many of you, bit anyone who has lived in Hong Kong, and had to pay their own rent, will think that to be large!10 years on, living in Cebu is no longer cheap place to live. What with the Exchange Rate down to GBP1 = Php70 approx (from 101-107) is 35% devaluation. Then you factor in the increase in the cost of living here, what with 12% VAT added, and rising prices of Electricity, Water, Gas, and food. I figure the 'purchasing power' of GBP is only 50% of what it was 10 Years ago. In other words you need twice the money to live off that you did 10 years ago or so.I am sure it is not cheap to live in the UK and although property prices dropped in Hong Kong after the Handover (and with them the Rents), I am reliably informed they are now back up and higher than what they fell to! But unless one has a Job in Hong Kong, or savvy with investments, no one would choose to retire there unless they had a small fortune to live off?What made Cebu 'affordable' to live, without having to work, was these Rural Banks paying 20%pa that I 'discovered in 2004. I/We (myself, my wife and her adult daughter) placed Deposits in 5 x Rural Banks and were receiving Php142,000pm to live off. Trouble is all that stopped in December 2008 when the Monetary Board closed these 5 Banks we had funds in and 7 others of 'The Legacy Group'. The good news was these Bank Deposits were 'Insured' by the PDIC. the bad news is that the PDIC took 3 months to announce 'Claims Acceptance' rather then under 2 weeks - 9 x working days or less they used to 'boast' of. Instead of payout the same day or within 2 days that the PDIC promised @ Depositors Forum @ Mandaue Sports Centre in February 2009, it took between 3 and 21 months for 95% of our claims.I have never been good with investing in Stocks/Shares.I did start learning about using Trading Stations but that was with FOREX rather than shares. After paying for some FOREX Training, I was making money (virtually at least using a 'Practice Account). Think I need some sound practical, hands on, training from experience FOREX Trader like Steve Matrix, before risking REAL money?I lost money with Legacy consolidated Plans Inc. The Senate inquiry into the Pre-Needs industry declared they operated illegally as they were offiring Securities to the Public without having obtained an SEC 'Secondary Licence'. Celso G. de Los Angeles Jr was charged with 'Syndicated Estafa', a non-bailable offence, but has he/is he actually in Jail yet?I also lost money with 'V8 Motorcycles & Spare Parts'. We filed a case of Syndicated Estafa against Catherine L. Soronio. 15 months later Cebu City Prosecutors Office, down turns it to just Eatafa, and now over 2 years since filing such Case, no 'Notice of Hearing'! Those who did have the case against her reach a hearing, she did not turn up in court - how much Bail did she lose - just Php60K, which is virtually nothing, when she allegedly took in Php350M!Finally I seemed to find an investment that was working - until that is, the 59 year old CEO of a Php50M capitalized company, registered with the SEC, died on November 24th (following complications after routine surgery - gallstones?). The 'Executor' of her Estate is taking long time to sort out payments under the legal and financial obligations of those MOA contracts she signed as CEO. It took 2 years after the death of her Father, for his Executor to hand over land titles to her and her mother (his widow),If you want to live/retire in the Philippines you better have Double the money you need right now, from Private Pension/Annuity Fund or equivalent, if you want to survive >10 years Link to comment Share on other sites More sharing options...
Art2ro Posted June 8, 2011 Posted June 8, 2011 (edited) My 3rd to the last comment! I read about you and another one of your business partner on another forum about that 'V8 Motorcycles & Spare Parts' business with a Filipina business woman who ran off with your money, P350 million and had the gall to make immigration problems for the two you while your case was still under litigation! I hope she gets what she deserves and get your capital investment back, but she may have already greased the palms of those handling the case with your money! That's a hard pill to swallow after losing that much money! In the Philippines, it helps who you know and have backup grease money! You sure seem to have run into a lot bad luck within 10 yrs with businesses and rural banks in Cebu! I guess, they're just lessens learned here in the Philippines! Yes, it is cheaper to live in the Philippines if one learns to live within one's means! Edited June 8, 2011 by Art2ro Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted June 8, 2011 Posted June 8, 2011 Lets keep this to topic of, is it really cheaper to live in the Philippines,I dont want this thread to turn into an invest or not thread as it has nothing to do with the cost of living or is it cheaper to live in the Philippines. Link to comment Share on other sites More sharing options...
Art2ro Posted June 8, 2011 Posted June 8, 2011 (edited) Bat Man, It was sort of on topic! Here's a few quotes from the last two posts! From Brister: We had bought a used Toyota Tamaraw FX 2.0 Diesel and fuel was Php14/liter back then.10 years on, living in Cebu is no longer cheap place to live. What with the Exchange Rate down to GBP1 = Php70 approx (from 101-107) is 35% devaluation. Then you factor in the increase in the cost of living here, what with 12% VAT added, and rising prices of Electricity, Water, Gas, and food. I figure the 'purchasing power' of GBP is only 50% of what it was 10 Years ago. In other words you need twice the money to live off that you did 10 years ago or so.My last comment: Yes, it is cheaper to live in the Philippines if one learns to live within one's means! Edited June 8, 2011 by Kuya Lee delete remark Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted June 8, 2011 Forum Support Posted June 8, 2011 (edited) Bat Man, It was sort of on topic! Here's a few quotes from the last two posts! From Brister: We had bought a used Toyota Tamaraw FX 2.0 Diesel and fuel was Php14/liter back then.10 years on, living in Cebu is no longer cheap place to live. What with the Exchange Rate down to GBP1 = Php70 approx (from 101-107) is 35% devaluation. Then you factor in the increase in the cost of living here, what with 12% VAT added, and rising prices of Electricity, Water, Gas, and food. I figure the 'purchasing power' of GBP is only 50% of what it was 10 Years ago. In other words you need twice the money to live off that you did 10 years ago or so.My last comment: Yes, it is cheaper to live in the Philippines if one learns to live within one's means! Art this is a good conversation and I am enjoying it but its going off topic. It would be kinda cool if we were to break it off onto another thread somehow. Art why don't you start a topic on cars in the Philippines? What car do expats have what kinda car makes the best fit for the roads over there. That kinda stuff. There is value in what you posted about your car lets keep it going. Edited June 8, 2011 by Kuya Lee Link to comment Share on other sites More sharing options...
Art2ro Posted June 8, 2011 Posted June 8, 2011 Bat Man, It was sort of on topic! Here's a few quotes from the last two posts! From Brister: We had bought a used Toyota Tamaraw FX 2.0 Diesel and fuel was Php14/liter back then.10 years on, living in Cebu is no longer cheap place to live. What with the Exchange Rate down to GBP1 = Php70 approx (from 101-107) is 35% devaluation. Then you factor in the increase in the cost of living here, what with 12% VAT added, and rising prices of Electricity, Water, Gas, and food. I figure the 'purchasing power' of GBP is only 50% of what it was 10 Years ago. In other words you need twice the money to live off that you did 10 years ago or so.My last comment: Yes, it is cheaper to live in the Philippines if one learns to live within one's means! Art this is a good conversation and I am enjoying it but its going off topic. It would be kinda cool if we were to break it off onto another thread somehow. Art why don't you start a topic on cars in the Philippines? What car do expats have what kinda car makes the best fit for the roads over there. That kinda stuff. There is value in what you posted about your car lets keep it going. I'm sure someone will start a tread on it! I've already plastered my Little Red" Toyota all over this forum and I'm sure most the members here have already seen it one point or another and I don't think they want a repeat performance! Anyway, some of us old farts are just getting older and starting to babble and stray from the main topic once in a while! No big deal! The rest of you will experience it eventually and will also start to babble off topic! Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted June 9, 2011 Posted June 9, 2011 Bat Man, It was sort of on topic! Here's a few quotes from the last two posts! From Brister: We had bought a used Toyota Tamaraw FX 2.0 Diesel and fuel was Php14/liter back then.10 years on, living in Cebu is no longer cheap place to live. What with the Exchange Rate down to GBP1 = Php70 approx (from 101-107) is 35% devaluation. Then you factor in the increase in the cost of living here, what with 12% VAT added, and rising prices of Electricity, Water, Gas, and food. I figure the 'purchasing power' of GBP is only 50% of what it was 10 Years ago. In other words you need twice the money to live off that you did 10 years ago or so.My last comment: Yes, it is cheaper to live in the Philippines if one learns to live within one's means! Art,all I was saying is I did not want this topic to turn into a topic about investment schemes,I made the statement so that another 10 posts did not follow, OK.If I said nothing I can almost guarantee where the topic would head and we dont need the past investment ponzi schemes where people lost lots of money and many blame a certain person to be re -debated here.Again,back to topic please. Link to comment Share on other sites More sharing options...
Art2ro Posted June 9, 2011 Posted June 9, 2011 Bat Man, It was sort of on topic! Here's a few quotes from the last two posts! From Brister: We had bought a used Toyota Tamaraw FX 2.0 Diesel and fuel was Php14/liter back then.10 years on, living in Cebu is no longer cheap place to live. What with the Exchange Rate down to GBP1 = Php70 approx (from 101-107) is 35% devaluation. Then you factor in the increase in the cost of living here, what with 12% VAT added, and rising prices of Electricity, Water, Gas, and food. I figure the 'purchasing power' of GBP is only 50% of what it was 10 Years ago. In other words you need twice the money to live off that you did 10 years ago or so.My last comment: Yes, it is cheaper to live in the Philippines if one learns to live within one's means! Art,all I was saying is I did not want this topic to turn into a topic about investment schemes,I made the statement so that another 10 posts did not follow, OK.If I said nothing I can almost guarantee where the topic would head and we dont need the past investment ponzi schemes where people lost lots of money and many blame a certain person to be re -debated here. Again, back to topic please. Ponzi scheme eh? OK, no problem!!!! "Twinkle Toes" now is it? The "King" is gone!Elvis has left AsiaLadies & Gentlemen! Link to comment Share on other sites More sharing options...
piglett Posted June 15, 2011 Posted June 15, 2011 well the topic is "is it really cheeper to live in the PI?"so i'll have a stab at it how much farm land can my wife own? (Pinay)also can her mother & farther own some rite next door & my wife have a 99 year lease ??what kind of farms make money in the PI?ok there ya go guys , that should be something to chew on for a whileOh also PS: i'm only 40 so i still have 20 good working years left in my so i'm thinking "what can i do in the PI that will bringin a little cash & also give me something to do , I can only sit around so long & then i want to go put hands on something & get some things done thankspiglett Link to comment Share on other sites More sharing options...
Art2ro Posted June 15, 2011 Posted June 15, 2011 (edited) well the topic is "is it really cheeper to live in the PI?"so i'll have a stab at it how much farm land can my wife own? (Pinay)also can her mother & farther own some rite next door & my wife have a 99 year lease ??what kind of farms make money in the PI?ok there ya go guys , that should be something to chew on for a whileOh also PS: i'm only 40 so i still have 20 good working years left in my so i'm thinking "what can i do in the PI that will bringin a little cash & also give me something to do , I can only sit around so long & then i want to go put hands on something & get some things done thankspiglett You took a stab it, but with more questions than answers! You have a wife with land, so what are your plans with it in the next 20 good years of your life you say you have? Here's other questions you may ask people in the know.How much land does your wife own, lease, rent or just rights? How is the land zoned for what use? Do you have easement rights from neighbors to access your own property if isolated? How much is the annual property tax? Even if land just sits there doing nothing, one still has to pay property tax on it every year! How's the water supply and where? Your post doesn't really say if it is cheaper to live in Philippines putting it out of the main topic and should be under a new topic on it's own like, "What to do with our land to turn it into our livelihood and how to make a profit doing what with our land"? Edited June 15, 2011 by Art2ro Link to comment Share on other sites More sharing options...
Recommended Posts