Starting my planning

[TomG77]

Hi Everyone,

 I have started the planning process to look at the possibility of retiring in the Philippines. This started off with just planning a 3-week holiday in April 23, flying into Cebu and visiting Boracay and Coron. The more I am researching the more the idea of retiring sounds appealing.

 I do not confess that I know everything, more the opposite I know very little. I have read articles and watched some YouTube videos of people's experiences. I have limited travel experience through Asia recently but did do a 3month trek 25yrs ago across Thailand, Cambodia and Laos. To this day still rate that overseas holiday over living in London for 5plus year and travels through Europe.

This is why I am serious in exploring this idea.

 I don’t see myself taking this huge step until 2024. I think I year of planning and more saving is required, followed by a 3 or 6month stay to properly feel my way around and to experience both dry and wet seasons. A 3-week holiday is like a honeymoon, everything looks and feels fantastic, and your budget extends further as you want to enjoy yourself like a King.

 I am turning 46 this year and single so my plans are my own and I can navigate what appeals to me. I am assuming that my holiday in April will confirm my desire to relocate. I won't have an income (except interest rate growth on savings) after I relocate but I, like many other would love the idea of opening a beachside bar or purchasing one down the track if feasible but that's for another day.

The biggest question is can I afford with no other potential income. If anything comes after the move, then that’s a bonus but need to plan without. I would like to live in either Cebu, Boracay or Coron (mainly because that is where I have done most research to date), but you never know where the final destination may be.

 The number one question I am working through is can I afford it. Everyone will have different ideas on the term living comfortably but is $60,000P a realistic monthly budget or does it need to be more?

I have looked at various cost of living for food, entertainment etc but the one that will be the most expensive fixed expense is rent and utilities expenses. I am struggling to find websites other than Booking.com, Airbnb, agoda etc. These are resort accommodation, but I would be looking at an apartment, 1 bedroom or studio in no resorts. I am struggling to find where I can do research on this - any ideas?

 So much more to research, opening a bank account, medical, visa’s and all that but I needed to start somewhere. If there is a past thread on how to get started or something like that, please direct me

 I know I have a long way to go with my planning, but I would like to cover off the above, so if anyone can help it would be appreciated. I have never posted on a forum, so I hope I have posted in the correct section.

 

 Appreciate your views and advice.

[Old55]

Welcome to the forum Tom.

It's rare we have a new member join that has so much common sense information about making a move to Philippines. 

I'm sure a six month visit to Philippines will be very informative and enjoyable. After that time you will have a somewhat good idea of if its the right place.

Be warned....The fact you are 46 single and an intelligent man you will be in extreme danger while in Philippines. Filipinas are deadly they will be seeking you out the second the airplane hist the runway! 

About budget we each have our own needs. Most would say 60K peso monthly is maybe enough to simply survive no more. I would double that amount. Working in Philippines by having a business can be done but is very difficult for many reasons and success unlikely. 

Edited January 17, 2023 by Old55

[Jollygoodfellow]

22 minutes ago, TomG77 said:

I have looked at various cost of living for food, entertainment etc but the one that will be the most expensive fixed expense is rent and utilities expenses. I am struggling to find websites other than Booking.com, Airbnb, agoda etc. These are resort accommodation, but I would be looking at an apartment, 1 bedroom or studio in no resorts. I am struggling to find where I can do research on this - any ideas?

Best to just airbnb until you find the area you wish to live. Rent prices are still lower than 2 years ago but will increase in the future. Utilities are different for everyone and l have noticed for me that they are increasing without any extra use.. Prices for rent vary from area to area so hard to say. I live in an upmarket area in Cebu city where a studio will cost between 12 and 18 k at this time. Pre-pandemic the price was around 20 to 22k but other areas are cheaper.

Google rent pad or just type in rent in whatever area you want and you will find rent sites but usually, the price is high than you need to pay or outdated listings. Boots on the ground is a better option or get to know others who have contacts.

Also bring your own onions 

[CebuAndy]

19 minutes ago, TomG77 said:

Everyone will have different ideas on the term living comfortably but is $60,000P a realistic monthly budget or does it need to be more?

At age 46 = Not Enough unless you rent a 'cheap' apartment (not condo) for less than 10k. Electricity here are expensive, easily $100 a month, if you run the a/c a lot.

I spend average 100k php monthly (age 60+) when in Cebu city proper. In the province I spend 40k php, on survival mode.

Rent + Visa + medical insurance, will be more than 30k php. +Food, and entertainment at age 46 .....

I wouldn't Manage it, do it on your slim budget vs your young age 46.

23 minutes ago, TomG77 said:

like many other would love the idea of opening a beachside bar or purchasing one down the track if feasible but that's for another day.

Please don't even entertain that thought any further, before you lived in the Philippines 5+ years. Had expat friends with 30+ experience in country, even with their experience, it failed before 2 year.

34 minutes ago, TomG77 said:

I am struggling to find websites other than Booking.com, Airbnb, agoda etc

And these sites you want to avoid, on your budget. Many local websites (use search forum) Majority of 'for rent' is already rented out, so it's mostly a waste of time. On arrival you rent a budget hotel room for a week, then start walking around the city and ask around, the best and fastest way to find vacant units.

■■■

Bottom line imo: at age 46 with budget 60k peso, rent cheap apartment, use only fan (no a/c) avoid alcohol, girls, nightlife. Then you can do it within your budget. It's called survival mood for a good reason.

Now a more realistic view: You will likely use a/c a lot, dine out, western food, dates, girls, alcohol and nightlife. 60k php is not enough, at age 46. Find work online and earn additional, or, put your plan on hold until you have more savings, or can get pension.

[Dave Hounddriver]

52 minutes ago, TomG77 said:

 I am turning 46 this year

Many people move here on a tourist visa at that age.  Some come on a work visa.  Some get married and live on a married visa.  But when you mention retire, if you are thinking of an actual retirement visa then keep in mind you cannot get that until you are 50.  Lots of info online will tell you 35 but the rules changed a while back and once something is on the Internet it stays there forever.  So here is a link to retirement visa info.  Come as a tourist for 3 years if you like and then convert to an SRRV.

https://pra.gov.ph/srrv/

Note that I lived in the Philippines for about 12 years on PHP60,000 a month so I know it can be done.  BUT each year it got more difficult and I ended up buying a cheap house so I was not paying rent.  At your age I would want additional income or at least a cost of living increase every year.

[Possum]

To be reasonably comfortable 100,000php a month minimum. It's enough of a shock moving to a developing country without having to go into survival mode.

The chances of legally supplementing your income in the Philippines are nil, though online work is possible.

[Freebie]

I tend to agree with Greglm. I own my own condo and not including all the costs such as real estate tax, association dues ( mgt fee ), gf and I easily go through P100k a month. WE dont go out a lot, tend to cook at home . On the months when we travel somewhere domestic, including fares , airbnb stays were probably up to P175 plus. On the months when I take an international trip obviously the costs go much higher.

This used to be a place to live cheaply but those days have long gone never to seen again. When onions cost more than pork, when theres a sugar shortage, or is it chili/rice/potatoes shortage this week , or whatever, prices rise and rarely come down.

And like others dont assume you theres ways to supplement income.

Every Jack, Harry and Tom before you has thought of that, and 99% have failed. The other 1% just gave up.

[TomG77]

12 minutes ago, Freebie said:

I tend to agree with Greglm. I own my own condo and not including all the costs such as real estate tax, association dues ( mgt fee ), gf and I easily go through P100k a month. WE dont go out a lot, tend to cook at home . On the months when we travel somewhere domestic, including fares , airbnb stays were probably up to P175 plus. On the months when I take an international trip obviously the costs go much higher.

This used to be a place to live cheaply but those days have long gone never to seen again. When onions cost more than pork, when theres a sugar shortage, or is it chili/rice/potatoes shortage this week , or whatever, prices rise and rarely come down.

And like others dont assume you theres ways to supplement income.

Every Jack, Harry and Tom before you has thought of that, and 99% have failed. The other 1% just gave up.

I appreciate the response and will look at the option of buying a condo as a comparison. Noted that P60k maybe on the short side but needed to start somewhere.

 

1 hour ago, Old55 said:

Welcome to the forum Tom.

It's rare we have a new member join that has so much common sense information about making a move to Philippines. 

I'm sure a six month visit to Philippines will be very informative and enjoyable. After that time you will have a somewhat good idea of if its the right place.

Be warned....The fact you are 46 single and an intelligent man you will be in extreme danger while in Philippines. Filipinas are deadly they will be seeking you out the second the airplane hist the runway! 

About budget we each have our own needs. Most would say 60K peso monthly is maybe enough to simply survive no more. I would double that amount. Working in Philippines by having a business can be done but is very difficult for many reasons and success unlikely. 

 

[TomG77]

1 hour ago, Dave Hounddriver said:

Many people move here on a tourist visa at that age.  Some come on a work visa.  Some get married and live on a married visa.  But when you mention retire, if you are thinking of an actual retirement visa then keep in mind you cannot get that until you are 50.  Lots of info online will tell you 35 but the rules changed a while back and once something is on the Internet it stays there forever.  So here is a link to retirement visa info.  Come as a tourist for 3 years if you like and then convert to an SRRV.

https://pra.gov.ph/srrv/

Note that I lived in the Philippines for about 12 years on PHP60,000 a month so I know it can be done.  BUT each year it got more difficult and I ended up buying a cheap house so I was not paying rent.  At your age I would want additional income or at least a cost of living increase every year.

Thanks for the link, I used the word retirement as that is what I read online to what the Visa was called. So much research to be done and planning. 

[TomG77]

1 hour ago, CebuAndy said:

At age 46 = Not Enough unless you rent a 'cheap' apartment (not condo) for less than 10k. Electricity here are expensive, easily $100 a month, if you run the a/c a lot.

I spend average 100k php monthly (age 60+) when in Cebu city proper. In the province I spend 40k php, on survival mode.

Rent + Visa + medical insurance, will be more than 30k php. +Food, and entertainment at age 46 .....

I wouldn't Manage it, do it on your slim budget vs your young age 46.

Please don't even entertain that thought any further, before you lived in the Philippines 5+ years. Had expat friends with 30+ experience in country, even with their experience, it failed before 2 year.

And these sites you want to avoid, on your budget. Many local websites (use search forum) Majority of 'for rent' is already rented out, so it's mostly a waste of time. On arrival you rent a budget hotel room for a week, then start walking around the city and ask around, the best and fastest way to find vacant units.

■■■

Bottom line imo: at age 46 with budget 60k peso, rent cheap apartment, use only fan (no a/c) avoid alcohol, girls, nightlife. Then you can do it within your budget. It's called survival mood for a good reason.

Now a more realistic view: You will likely use a/c a lot, dine out, western food, dates, girls, alcohol and nightlife. 60k php is not enough, at age 46. Find work online and earn additional, or, put your plan on hold until you have more savings, or can get pension.

Think the realistic view is what I need to work towards. How can I maximize my savings to generate income from OZ while looking at some kind of online work to assist. Thanks for the advice.