retiring in the Philippines

[Nathan]

 
   Some people consider retiring in the Philippines as I might myself. Of course caution is always the rule, especially for anything like one of the official government programs requiring a deposit of investment money. There is likely now a massive theft under way of a lot of foreign retirement money by goverment officials. See the link:

http://www.inq7.net/opi/2002/oct/17/opi_nhcruz-1.htm

[Dave H]

... in response to retiring in the Philippines, posted by Nathan on Oct 25, 2002

Thanks Don and Nathan,

Great info and advice! Best to be married to a Filipina and avoid most of the government requirements.

Dave H.

[The Walker]

... in response to retiring in the Philippines, posted by Nathan on Oct 25, 2002


That is the biggest problem with retiring in a second or third world country. Not only are businesses liable to cheat you, but so are the governments.

Right now about the only places you can retire as a moderately well-off individual are the democratic nations of the US, Canada, western Europe, Australia, New Zealand and Japan. Nations where there is a well-established rule of law and a sophisticated, educated and wealthy (compared to the rest of the world) electorate. They are also secular nations for the most part, at least in law and government.

Of course, if you are fabulously wealthy, you can go in and buy local government and get the benevolent protection of national government. But you would keep the majority of your wealth in western banks such as Monaco and Switzerland. You would only keep enough wealth for local needs and bribes. This keeps you in control and not government. Once you have your wealth where they can steal it, they will, and your power goes away with your money.

If I were to retire to the Philippines, I would keep most of my money in Japanese or Swiss banks that have branches in the Philippines where I could withdraw funds. The Bundesbank of Germany is also a good choice. I would keep no more than what I needed on a month-to-month basis in the Philippines. I don't trust the French. I also am leery of the Taiwanese banks.

Since I cannot buy land in my own name, it would be in Vicky's name.

But Vicky doesn't want to retire to the Philippines. She wants to retire to the Florida Keys. I can't argue, at least so long as we have an escape method in case of hurricane, that is. So it is a moot point for me. However, we may have occasion to stay in the Philippines for several months in a row sometime in the furure, and I will use the banks as I have described to keep us in funds until we go back to the USA.

Don

[outwest77]

... in response to Re: retiring in the Philippines, posted by The Walker on Oct 27, 2002

wHY Keep it in japanese banks, etc, whats wrong with usa banks and withdraw as needed by atm card.

[The Walker]

... in response to Re: Re: retiring in the Philippines, posted by outwest77 on Oct 28, 2002


Not many US banks have branches in the Philippines that are independent, that is, not managed and ran by Filipinos or under the government's thumb. The Japanese banks have offices or branches in the Phils, but are officered by Japanese. Same for the Swiss and the Bundesbank. The government of the Phils would not dare to try and put the arm on them as they could wreck their already lousy credit and bankrupt the nation. Arroyo doesn't want the Japanese, Germans and Swiss all mad at them at the same time. Without the cooperation of international banks the government would be long gone. They cannot afford to pizz off the people who whisper to the IMF and World Bank.

And if you are using an ATM machine you can get ripped off for "fees" of all sorts. When I was there last, if I needed money I used my credit card at the foreign banks where I could. VISA doesn't put up with a lot of crap, they are so strong they don't have to. Plus I am guaranteed the best exchange rate that way for when I need Pesos (seldom in Manila). You can use your ATM or credit card at the best hotels for cash and get a great rate and no fees if you happen to be staying at one of the best four or five hotels in Manila.

Personally, I recommend the Shangri-La, especially the Presidential or Specialty suites, and the hotel's Cheval Blanc restaurant and Conway's Bar are very good. The girls they hire as masseuses (or is the correct plural masseuse?) are very good at their trade as well. I prefer a dozen laps in the pool, followed by weights, then a sauna and massage before supper. Gives you a good appetite.

But back to finances; the local branches of Japanese banks and the hotels themselves are both very good at assisting the traveler who patronizes their services. You will get a heck of a lot more assistance in a Japanese bank than you will a Filipino bank. Want to send a fax? Free at the Jap bank or the Shangri-La (if you are in a better room). They do notary services free, will mail things for you, arrange for services such as FedEx or UPS, receive and hold packages for you, find a good lawyer or doctor if you need one and even smooth things over with the local police for certain misunderstandings (the Shangri-La is very good at this). But a hotel is not a bank and for the things only a bank does, it is hard to beat the Jap banks or the Swiss banks. In customer service they are light years ahead of the local banks and both are ruthlessly honest with your money. They are also not affiliated with the government and therefore Arroyo's gang has a hard time putting the bite on you. They will even help you with tax problems.

As for a local Philippine bank? I would not keep my lunch money in one. As the article said, they have a habit of putting phantom fees and charges on your accounts and not telling you what they are for, even under court order. May as well invest in the Mafia or just throw money down the toilet. Vicky's Uncle uses a Japanese bank, and he still hates the Japanese leftover from WWII. But he'd rather hate them and have his money safe than love a local bank until his money disappears without a trace. There are supposed to be laws against locals doing business with foreign banks but since he is an internatinoal player he gets around them. His Jap bank even handles the personal family accounts.

Don

[Matthew]

... in response to Re: Re: Re: retiring in the Philippines, posted by The Walker on Oct 28, 2002

Great advise on the Shangri-la Presidential Suite along with the resturant and bar.Super.I'll try it next time I'm there.

Puh-leaze!!!

tito Matt

[The Walker]

... in response to Re: Re: Re: Re: retiring in the Philippi..., posted by Matthew on Oct 28, 2002

Personally I didn't use one of the presidential suites, but the Special suites are almost as nice (they lack a jacuzzi and some other small ameneties) and are about a third the cost of the Presidential suites. But, hey, some people travel well and they need recommendations, too. I did use a pension house when I went in search of a bride as I had to travel to a quite rural area. The family had just started it in the village. I can rough it when I have to. Just at this stage in my life, I choose not to.

The restaurant is fairly cheap as these things go. Far cheaper than a good restaurant in a major US hotel. And the food is pretty good, especially if you like French cuisine, which I do (my mom was a graduate of the Cordon-Bleu, New Orleans). Of course it wasn't up to Mom's standards ;-), but overall it is pretty good.

And the service in the Shangri-La is impeccable. They shine your shoes, clean and press your clothes, and the staff is always ready to serve. Nobody wants to lose that good-paying job I guess. They have attractive girls that will put suntan lotion on your back for you at poolside for a small tip. Of course, I can no longer make use of that service, because Vicky would appear out of thin air like a ninja warrior.

Actually, I don't stay at hotels anymore. We stay with Vicky's family. We get the same services from the family domestic servants as in the hotel. And it is more fun when Vicky puts on the lotion, because I get to reciprocate.

Don

[Stephen]

... in response to Re: retiring in the Philippines, posted by The Walker on Oct 27, 2002

Tess and I are seriously considering retiring to Cagayan de Oro.  But I agree totally with your posts.  Don't keep any money in Philippine banks.

Stephen

[Nathan]

... in response to Re: retiring in the Philippines, posted by The Walker on Oct 27, 2002

Don,

Like usual, you are on the mark.I may retire in the philippines myself,  but I would never trust any goverment
institution there...and the Philippines might wonder why it was rated as #11 in corruption in the 160 or so countries
evaluated..."who woulda thunk it?"

Nathan

[outwest77]

... in response to retiring in the Philippines, posted by Nathan on Oct 25, 2002

Nothing shocks me there, a vendor i was dealing with says not many people have accounts in the bank in the phils since they are only insured for basically 2,000 bucks the rest is lost