Reality Check: Reasons for not retiring in the Philippines

[Major Tom]

P.S.  If you can live with all of the issues addressed in this video, you will have no problems with retiring in the Philippines. 

[longway]

I have visited many times but never for more than two months at a time. Video is all to true. The root cause of the problem IMHO is the nepotism prevalent throughout the government and business there. Did you watch the most recent elections, virtually everyone of the new faces in elected office are blood relatives of the outgoing member, there will be no government changes happening. The major business's are owned by "Tycoons" whose family members hold all the important corporate offices. If Dad or Grampa doesn't want any new ideas just hire one of your indebted to you kids to be the new V.P. and that's exactly what they do. I talked to a Philippine born Chinese business owner there last month, he owns a restaurant and some other small business's. He supports the family run system because he said who else can you trust? The Status Quo is firmly entrenched. Still a great place to Visit for a change of pace.

[RBM]

1 hour ago, longway said:

I have visited many times but never for more than two months at a time. Video is all to true. The root cause of the problem IMHO is the nepotism prevalent throughout the government and business there. Did you watch the most recent elections, virtually everyone of the new faces in elected office are blood relatives of the outgoing member, there will be no government changes happening. The major business's are owned by "Tycoons" whose family members hold all the important corporate offices. If Dad or Grampa doesn't want any new ideas just hire one of your indebted to you kids to be the new V.P. and that's exactly what they do. I talked to a Philippine born Chinese business owner there last month, he owns a restaurant and some other small business's. He supports the family run system because he said who else can you trust? The Status Quo is firmly entrenched. Still a great place to Visit for a change of pace.

This is not endemic to just Philippines, pretty much all of Asia if not also in the West. Perhaps some what more obvious here, I do not see how this would effect one in retirement.

[Major Tom]

1 hour ago, RBM said:

I do not see how this would effect one in retirement.

If you need to earn extra money during your retirement, the issues pointed out by the young lady in the video explain how difficult it will be for you to do so in the Philippines.

[scott h]

1 hour ago, Lieutenant Dan said:

If you need to earn extra money during your retirement,

Then perhaps that person is not really ready to retire 

[expatuk2014]

5 hours ago, longway said:

I have visited many times but never for more than two months at a time. Video is all to true. The root cause of the problem IMHO is the nepotism prevalent throughout the government and business there. Did you watch the most recent elections, virtually everyone of the new faces in elected office are blood relatives of the outgoing member, there will be no government changes happening. The major business's are owned by "Tycoons" whose family members hold all the important corporate offices. If Dad or Grampa doesn't want any new ideas just hire one of your indebted to you kids to be the new V.P. and that's exactly what they do. I talked to a Philippine born Chinese business owner there last month, he owns a restaurant and some other small business's. He supports the family run system because he said who else can you trust? The Status Quo is firmly entrenched. Still a great place to Visit for a change of pace.

Coming from the UK the Philippines is now my home, the big UK companies are mostly owned by Foriegn companies 

Even the gas,water,electric companies ! Many big name stores have closed the high streets are dead ! here in the Philippines everywhere you look there is construction ongoing ! SM are still building new Malls while the UK and the US are closing malls !  The Philippines has the right idea about company ownership ! However the Senate are pushing to change the rules so foriegn companies can own 100% of a Philippine company which means foriegn companies can buy 100% of a Philippine company ! So SM and San Miguel ,Robinsons etc as we know them today could change ! 

What would you rather have the SY family running SM or Walmart of the US ? 

And you would not want Virgin Media instead of PLDT !

 

 

[JJReyes]

On 8/29/2022 at 3:12 PM, longway said:

He supports the family run system because he said who else can you trust?

In small, Chinese owned businesses, the cashiers are family members or close relatives.  Purchasing, including going to the wet market for restaurant businesses is done by the owner, wife, son or daughter.  No one outside of the family is trusted to handle money.

[Onemore52]

10 hours ago, JJReyes said:

In small, Chinese owned businesses, the cashiers are family members or close relatives.  Purchasing, including going to the wet market for restaurant businesses is done by the owner, wife, son or daughter.  No one outside of the family is trusted to handle money.

Speaking from experience, that makes a lot of sense, and no cousins, aunts or uncles should be allowed to handle the money either.

[Joey G]

Retire in the Philippines... means don't work... anything less, ain't retirement. The bigger question... do you intend to die in the Philippines?  Not that you can predict... but if not, having an exit plan (when, how, where to) is a good idea... or God rest your soul when it happens.

[Dave Hounddriver]

4 minutes ago, Joey G said:

do you intend to die in the Philippines?

My response to that would have been:  I am not sure where I will die, but if it happens while retired in the Philippines then that is as good a place as any.