How Much Value Do We Bring?

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Posted

The GDP of Philippines was about 272 Billion US dollars in 2014.  How much do foreigners bring to the table?

 

Lets do some educated guessing.  We can all look around us.  In any random group of 100 people who are living in Philippines would you say at least one of them is an expat?  I would guess more but I try to be conservative here.  I speak of foreigners who live here for at least a year, whether that be on a tourist visa, married visa, retirement visa or something else.

 

From our other threads we get a pretty good guesstimate that the average foreign resident spends 2,000 dollars a month (24,000 a year).  So lets do some math.  1/100 = 1,000,000/100,000,000 so there are probably 1 million foreigners spending their money in Philippines in any given year.  1 million X 24,000 a year - 24 Billion dollars a year added to the GDP by expats like us.

 

That means we foreigners are responsible for almost 10% of the GDP of the Philippines. In comparison, OFW remittances in 2014 were also about 25 Billion dollars.  Wikipedia estimates there are over 10 million OFWs  and suggests the official remittance figure is about 30% low due to unreported and illegal remittances.  Do you think that sums it up?

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Posted

Dave to clarify, you are thinking that 1 out of 100 residents in the Phil is an expat of some sort? I think that is really high.

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Posted

Plus some expats start businesses, which add income for some Filipinos too.

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Posted (edited)
you are thinking that 1 out of 100 residents in the Phil is an expat of some sort?

 

EDIT:  AHA!  Here is the number we need:  200,000 foreigners living here as of 2010, so my original guess was 5X too high.  If my other guess is right then we contribute about 2% to the GDP and that is 1/5th what OFWs remit

Foreign citizens in the country reaches nearly 200 thousand Edited by Dave Hounddriver
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Posted

I am a tight git so with my 1000 $ a month , but as they say every little helps

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you are thinking that 1 out of 100 residents in the Phil is an expat of some sort?

 

EDIT:  AHA!  Here is the number we need:  200,000 foreigners living here as of 2010, so my original guess was 5X too high.  If my other guess is right then we contribute about 2% to the GDP and that is 1/5th what OFWs remit

Foreign citizens in the country reaches nearly 200 thousand

I BELIEVE that DON'T count foreigners living in Phils on Tourist VISA.  (And foreigners with Balikbayan stamp?)

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Posted

Thomas makes a very good point to do with how many bushiness they start or more important fund and support. 

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Posted

Thomas makes a very good point to do with how many bushiness they start or more important fund and support. 

Yes.  You said it much better than I did   :)

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Posted

Well people here  (for a long time) on a   tourist visa spend money as well you cannot ignore there spending 

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200,000 foreigners living here as of 2010, so my original guess was 5X too high. If my other guess is right then we contribute about 2% to the GDP and that is 1/5th what OFWs remit Foreign citizens in the country reaches nearly 200 thousand

Dave,

If you add to that, the number of "Tourist's" who come for 3/4 weeks and spend around $3000 to $4000 that's  a whole lot more GDP!

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