Our Exchange Ratio Helps Us Beat Inflation Here in the Philippines!!! Plus the Low Rents !!! 58-1 !!
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- čas přidán 14. 06. 2024
- The Exchange rates are helping us kick inflations butt in a big way here in the Philippines as an Expat !!! Plus the Rental Costs that are so low !!!
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My apartment is okay. I'm in a 2-bedroom 2-bathroom, kitchen, living room for Php35k ($591) monthly. On the beach. It is fully furnished, including electric, water, cable, and internet. There is hot water in both bathrooms, and 3 airconditioning units (living room & both bedrooms). It is month-to-month. For long-term 12 months, the owner is dropping it to Php25k monthly. It is here on the beach, in Subic.
I'm in Binictican. You're probably in Baloy.
Wow, that's worth a look. How is the noise? That's a deal breaker for me. I wouldn't like it for 50 usd if the noise was bad.
This is purely from my perspective. It is not a comment on any other person's situation. I live in Antipolo, Rizal Province. Inflation doesn't really affect me, nor does the exchange rate since most of our cash is in a peso account. My wife and I own 3 residential - 4-bed, 2 bathroom, houses - and 3 commercial properties.We rent out two of our residential properties. That pays our monthly expenses. We live in our third property. My landing is the same size as my living room was in HK! Our business makes money so we are not eating into savings. I was out today buying groceries, 'foreigner food'! for myself, and the cost was less than I paid in the UK 30 years ago for the same amount. Given that we came here from HK, our cost of living is easily 1/6 of what we used to pay.
I'm enjoying the best of both worlds and making the best of it.
The issue I see is people that are planning their move now and they are basing it on the current exchange rate. They should build their plan on a 48 Peso to the USD which is the 5 year low. You build your budget based on 48 peso to the dollar you will be more prepared if it goes back down to that exchange rate which is like a $160 haircut on every $1,000 planned in the budget. Then everything above the 48 peso exchange rate is all gravy.
I know Steve is not into province life, but that is where we want to live. It is cheaper too. We don't care about city amenities other than hospitals. I guess you have to target a province area and look for a place to rent.
Love the channel. The Steve Johnson drinking game: we take a shot every time you say “or what have you. “ 😂
We're in Bohol on a estate . Our house is over 3,000 sqft for $180 a month.
I want to hear more in that place please
@@johngarcia4440 there places like this all over. Just as a foreigner there hard to find. My wife found it before I got here. Lots of estates in the provence have multiple houses that they rent out.
Your all words are all real, informative and excellent!!!
Don't over look other Asian countries, with much better exchange rates and just as cheap cost-of-living. I think the biggest thing with them will be the Visa's, whether it's worth going or not. Not sure what other countries are, think I heard Vietnam you would have to do a Visa run monthly, which wouldn't be good.
$1=
4,116KHR (Cambodia)
21,723LAK (Laos)
25,455VND (Vietnam) I've seen interviews where women were asked how much a man needs to make per month and they all said 10 million VND (~$450) for her to live a really good life.
Steve sooo good to see you more often! Great videos and great info 🇺🇸👍
Thanks 👍
Good time to consider selling some USD for PHP. USD Index is quite high right now and has room to pullback. Despite all the money printing the US Federal Reserve is doing, the USD is strong because it's considered historically stable. That maybe change in the longterm future but for now we benefit off of this.
While it’s great for foreigners, this is decimating the Filipino people. Why would a renter rent to a low earning Filipino when they can rent and charge more for a foreigner.
When I was visiting in 2014 I think we were at 48 pesos per dollar...I am glad it is the highest I have ever seen...good video as always
good video, great info thx for posting
Glad it was helpful!
I’m like you I always try to trick my mind into believing it’s 50-1 also lol. I always cash out my dollars from the US bank when the peso gets near the 59-1 or so.
The CPI- W for May was 3.3%, July, August and September are the percentages they use for the Social Security increase, hopefully it stays around the same, (which is still not enough).
Thanks for your up-to-date information. I enjoy watching your channel.
Thanks for watching!
Enjoyed you sharing your thoughts.
Glad you enjoyed it!
If the exchange rate hits 59.0, I will exchand only a few thousand USD from my emergency fund and put in 2 differant bank accounts Wife and I have here ...😂😂😂
When I tell people in the US inflation is all over the world. They don't seem to know about that
Of course not. 85% of Americans think the entire world is just the United States 😂.
Steve, I will look to down size my apartment. I have an American size 1 bedroom apartment. I have more room than I need.
The end of the petrodollar has started so trillions of US dollars will start coming back to the US. So prepare for wild devaluation of the dollar. Enjoy it while it lasts and try to exchange as many dollars as you can for php or even better gold. Can keep it in Singapore.
Steve: I have my Budget planned to handle Exchange Rates as low as 45php to 1usd ... 40 would be doable, but TIGHT. That said: Since 2014 the USD is up 33.79%. In the same time span the Philippine Cumulative Rate of Inflation was 39.78%... Unless I'm counting wrong on my fingers... That means that someone spending USD as PHP only had a 6% TOTAL rate of inflation for the ENTIRE DECADE... I'll be in Cebu City by Mid-October 2024.
That exchange rate is excellent! One question, do they charge you more when you walk through the door of a store being non- Filipino?
Appreciate the videos and your candid discussions. We are a family of 6 and considering moving there now that the wife and I are both retired from the service. With that, do you have a reference for a family of the same size to help discuss schools, actual cost of living with large family, etc.
I’ll be happy to buy you a pint when we get over there!
You can call me if you wish. Email me for my number at Steven5975@yahoo.com
I would say that your rent of $80 is the exception and not the rule, unless people want to rent in a squatters area in most larger cities. Yes, rent is cheaper in the Philippines than the USA but it also depends where you rent in the USA. In the USA you for the most part get clean water, dependable electricity, no Karaoke at 2 am or roosters, dogs, and loud motor scooters at all hours. So for most expats you will be paying more to live in someplace nicer because that is what you expect. So $400 to $500 budget for someplace nice to rent. I just did an apartment search for a nearby town in the USA where I own a home and the apartment rents are only slighter higher than $650 for a one bedroom apartment. So if you come from LA or Boston or NY then OMG the Philippines is so cheap. I would say if someone has a low budget, look for someplace in the central USA to live or expect that it won't be as cheap as you think in the Philippines. I am not saying to anyone don't come, I'm not saying that $80 rentals that aren't a dump can't be found, I'm saying be prepared to pay more than expectations, If the budget comes in under that, great more fun to be had.
Spare a thought for us Aussies! Our South Pacific peso is only worth 38php! This is reasonably good, considering a few months ago it was 35 to 36php. Lucky we own our house and lot here in Imus, Cavite. If the US$ goes down, so does the Aussie$
I have opened up a dollar savings account and move dollars to dollars. When the exchange rate is high I withdraw dollars through the atm and I'm given pesos at the high rate. Fees are a lot lower this way.
Charles Schwab reimburses ATM fees. ATM generally gives the current exchange rate.
What about Philippines people living there making Philippines pesos by harder work by decreasing pesos against dollar ,they rent per month studio or one bedroom too ?
Yes, they gotta live somewhere
Having a higher exchange doesn't necessarily mean you're getting a super boost. Much of that savings (better exchange), is eaten up by the inflation rising. Can't imagine how the Filipinos get by when their paycheck remains the same as products continue to rise in price.
Anyone who has been here a few years has seen the inflation grow, and though you get an extra few dollars with exchange being higher, you need that extra to keep within your budget from these price increases. Personally, my budget is allocated @ 50/1. Even at that, I can afford a swing down to 40 if the economy had a massive influx of investors that made the peso stronger. Which could happen in a very short amount of time. If that did happen, I'm sure many of the lower earners who have no choice but to leave. However, the amount of planned spending the Philippines has will probably mean 50+ averages for years to come. Will it go to 60 or higher? Personally, I doubt it. In a 5 year span, the highest was last October 2023 @ P59.05.
When I started watching you years ago the peso had an exchange rate of 47 to the dollar.
Back in 2016 when I had my wife purchase property here in Leyte it was 48 pesos to the USD. It’s refreshing to have it at 58plus currently but feel for the Filipino
I watch one of the blogger had said the safe island 🏝️ in Philippines 🇵🇭 to stay is the province of Leyte , Siargao, Homunhun island is eastern side of Samar east of Quizon province and one more province they were five safest province to live in the Philippines if war ever breaks out
Hopefully, it’s not going to happen
Just finishing my first day in the Philippines, I changed $1100 for 64k pesos. Do you think I should change $6k more that I have with me or wait for it to go up? I will be in Duma on Monday and looking for a house. I brought my 2 dogs with me, will that be a problem finding a house? I have to find something quickly, my shipper is holding my balikbayan boxes for me till I can send him an address.
If you are looking for a place to rent in Duma, yes. You will need at least 3 months rent to put down on the rental. 2 months deposit and make sure it says in the lease the deposit is for the last 2 months rent otherwise you may have a hard time getting it back. If you don't have the money on you when you look at the rental it may be gone by the time you do get enough cash. Good luck to you!
Yes. You might need more than what you just exchanged. Gated community might not let you rent but you should be able to find a house that will take your dogs. BTW, did u use a pet transport agency? We will b retiring soon with our pets too.
64k php for $1,100 is 58.18 php/$ I was able to get 58.40 php/$ yesterday in Makati. I know it's only a difference of 0.22php but it makes a difference when exchanging larger amounts.
With China losing so many companies, the philippines is looking to capitalize on that, but the businesses won't come if they think the country is militarily unstable. China has already overstepped their boundaries and this has actually worked out to be in the philippines' favor as the international community sees what is happening and wants to help.
Interesting though
Overstepping is more than just mildly putting it, try overbearing and oppressive.
Boston is more expensive than California. But Steve, house paid off in Houston, got VA medical for life. Food cheap, no state taxes. Cheap eating, great medical. Talk to me. No crazy traffic, no cockroaches because pestides are cheap at Lowes,, got Lowes got Home Depot. Veteran discounts here, best medical around. Talk to meh. Also, nobody is hitting you up like that overe there. Truth to the power. Also, your exchange ratio is bool. They just jack up your rate in dollars U.S. Thats why hotels charge in dollars.
There will be no big war in this planet. There could be small war, because the dark forces knowing that we the Light have won. They are now trying to take as many as they can with them. The era of Global Peace and Prosperity is at hands. Behold I AM the Holy Christ and I have made all things New.
Peace beloved Friend, Peace
For now, I think you're right @ 11:20
what is the interest rate on a bank account in the PH
Very very low. It’s not like other countries
might as well be 0
I believe from the research I've done that it's around 0.125%
Can Ex-Pats arm themselves in the P.I.?
Absolutely not
where are u located in philippines
Trece Martires
Sad about China problems
what goes up must come down.. I was here for the low 40's.. fed reserve dictates the interest rates which controls the dollar. with all the turmoil in the world and brics starting to emerge I wouldn't put all my eggs in the dollar being strong forever. good time to grab some pesos right now though
Yes. The Fed chairman isn't sure when he's going to lower rates again. I hope never, but the dollar will probably fall when they do. Monetary and fiscal policy go hand in hand.
Good gravy. Most people know the cost of living always goes up. Name a period of time in the US when you saw the cost of everything decrease?
@@marvinphillips1326 I think he's referring to the dollar to PHP exchange rate going up and down. 😆. A strong dollar lowers our costs in the Philippines.
Thank you for another great video!
Some thoughts to share:
1. My first time in the Phils in 1999, the exchange was 35 to 37 pho to the dollar. I am definitely going to stockpile pesos when I go back in November.
2. Yes, the minimum wage for fast food workers is $20 per hour, however restaurants who want competent help are starting as $22-$23 per hour.
3. To put rent in context, I just rented a 2B/1ba house fully furnished for $341 usd per month. I am renting a house for my daughter and kids in Rural Washington State for $1850 per month.
As always Steve I look forward to your well balanced and thoughtful commentaries.
God bless you
With Saudi Arabia not renewing the 50 year old petrodollar agreement I wonder what's going to happen to the dollar now?
The impression l get Philippines has more respect for the elderly. In America elders are prey . Hehe don't hunt this devil, you might get some on ya.
Slaves in the U.S. didnt get wages bro. INDENTURED SERVANTS did. A slave be definition isnt paid.
Most did
Do your homework
Go Celtics!
You are fooling yourself....economically....not thinking thru impact...
Watch the video
You need to check hospital and drug prices if needed, you will pay back your so called gain very rapidly to the hospital. Other imported products go up too, very short sited view of economics, but most think same as you....Only the very wealthy escape inflation impact as in the West....Rising prices very bad for your filipino neighbors, not good for you either, if you stop and think....
Remember…. I live here and hospital costs are cheap here as are most not all meds. I have medical costs and still live very reasonably cheap.
Watch the complete video
Yes, routine care no issue for price, you have any unique/serious health issue, need drug from US lets say, you will see what I am saying. I am paying 67000 pesos per shot for US drug right now, need 6 plus labs....Good news, shot works...
When currency exchanges are high, there will be higher priced user needs. Never fails. He is not completly right. As of NOW....if interest rates fall after Trump is elected, its going to be serious pain. The rates will fall. Get ready to see maybe 44 to 45 or less.
Thats 10% lower
False. It won't be that low.. stop.the doom and gloom.
Seriously…… it will not go that low