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Kuya John

The affluence of Manila

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Having just spent the last few days of my trip in Manila what came over loud and clear is the investment in construction.

High rise Condo's and shopping malls popping up that would put the ones in UK to shame.

Quite a large majority of young people in the service industries with money to spend are all around you as you walk through the malls.

A high number living in the apartments we stayed in  "The Stamford" with the Venice Hotel and shopping area across the way.

The cost of Living in Manila is now about the same as living in UK. I believe within 5 -10 years with the investment taking place, every major city in Philippines will rise up at an incredible rate, not seen for years.

As a Brit what does concern me is that inflation in PI may well outstrip the UK pensions......just a observation JB

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"As a Brit what does concern me is that inflation in PI may well outstrip the UK pensions "

 

Yes a real concern, with 10 years of very low inflation in the UK whilst it has been merrily chugging away in the Philippines.

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I think that the best way to safeguard your income in the Phil's is to have a few local investments,  I.e. rent out a condo or two

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35 minutes ago, bastonjock said:

I think that the best way to safeguard your income in the Phil's is to have a few local investments,  I.e. rent out a condo or two

Several forum members are doing that now. Seems to work well.

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2 hours ago, Jake said:

Yep, luxurious high rise living and right outside your comfort zone is abject poverty surrounding you.  

More like Opulence of Manila.........

I stayed in Ermita recently and noticed if you look up as you walk you see lots of high rise condos and malls.  But if you look straight ahead... street level Philippines looks the same everywhere you go.  The money is there, but still in a small population.

As for the inflation, here in Iloilo, I really have not seen much.  Gas has gone up quite a bit in the last 18 months (almost double) but I do not drive, and don't pay much attention to it. Jeepney prices dropped twice in 2 years, and went up once. The fare is now p1 more than it was 3 years ago.  Taxi prices dropped and then went back to what it was (meter fall p40).  I don't buy much except groceries, and food costs have been pretty stagnant, and I appreciate that. 

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2 hours ago, Jake said:

Warning -- rant alert, sorry Kuya

The Affluence of Manila?

I'm sorry for my negative views about the Metro Manila and surrounding areas.  I call it the high rise of bottlenecks in all forms.  There are no serious considerations of infrastructure (streets, sewage, public transportation, medical services, police, social services, etc, etc) supporting this exponential growth.  You add another natural calamity and tens of thousands of displaced people will migrate to Manila again.  Yep, luxurious high rise living and right outside your comfort zone is abject poverty surrounding you.  

More like Opulence of Manila.........

I would be interested to see what the occupancy rate is on all those new high rise condos.  I suspect it is very low.

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7 hours ago, OnMyWay said:

I would be interested to see what the occupancy rate is on all those new high rise condos.  I suspect it is very low.

Having not been to PI for 3-4 years, as a outsider it is the difference between then and now that I see.

Yes Manila and other large town's/cities have still got to get the infrastructure right,  however I noticed that a lot of the smaller areas were clearing and closing the sewer systems into under ground piping which is a start, while Manila still has it's poor areas like a lot of places it is changing at a terrific rate. Empty Condo's yes but for how long, Fort Bonifacio when I first came in 2001 was a Army Camp where I stayed with my wife to be's cousin,look at it now!

10 hours ago, Jake said:

Yep, luxurious high rise living and right outside your comfort zone is abject poverty surrounding you.  

More like Opulence of Manila.........

Agreed Jake, another subject for another time.

But what I am seeing is Change, big Changes with high amounts of investment, sadly like many Asian Countries you will see those that prosper while others are left behind, a modern day version of middle England in the 1800's but the stakes are higher!

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9 hours ago, OnMyWay said:

I suspect it is very low.

They are, it is sort of a hobby of mine, to look up at the buildings and count the number of air conditioning holes are empty. Never have enough fingers and toes

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12 hours ago, Jake said:

Warning -- rant alert, sorry Kuya

The Affluence of Manila?

I'm sorry for my negative views about the Metro Manila and surrounding areas.  I call it the high rise of bottlenecks in all forms.  There are no serious considerations of infrastructure (streets, sewage, public transportation, medical services, police, social services, etc, etc) supporting this exponential growth.  You add another natural calamity and tens of thousands of displaced people will migrate to Manila again.  Yep, luxurious high rise living and right outside your comfort zone is abject poverty surrounding you.  

More like Opulence of Manila.........

Wow Jake, you have hit the nail on the head.  Everything you stated is so true.  The million peso question is when will the leaders get their act together?:89:   However, that is a discussion for another topic,...and not really for us expats. 

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