how much to live in Phils?

[Gavanddal]

If I'm using a lump sum to earn monthly interest from then I'd put it into the best account wherever it is.
I'd still have a UK current account to handle the income from any other house getting rental income and use online banking to move it around.....Or I might use my PNB account.

[lizaphil]

i live in evengelista makati city,, withen neally 2years i rent an apartment 8,000.00 amonth,2bed room 2bathroom,with elictric water sky cable,
and food,etc...i cost 15,000.00pisos...
is not bad yes?

[fred]

..and I go back to the 'How do you prove you left permanently?'.

Keith.. there's a form you can sign at your local tax office..
Cant remember which one..If you give them a call they will advise,as they did me at the time.

[KeithD]

Keith.. there's a form you can sign at your local tax office..
Cant remember which one..If you give them a call they will advise,as they did me at the time.

Changed a bit since your day , our Customs staff are now Polish, and no speaka da language....

[andypaul]

When looking at Banks be careful with the Internet best performing league tables. Channel four on their news had a long piece saying many had great headline intrest rates but had as banks poor ratings in the banking comunity.

[andypaul]

???

From my limited knowledge of life in phill no one seems to pay income tax. I know they have evat on purchases, but so do we.
Surely as the nation changes and hopefully prospers surely that will change?

I mean goverments main role in life world wide seems to be creating taxes.

[andypaul]

If he sells now he can bank the cash and start earning interest from day one.
If he holds onto the house and the prices drop he could be stuck with it and perhaps face negative equity..
If the house values keep going up then his cash will lose value and he`ll have trouble getting back on the housing ladder..
What if he loses his job?
Always lots of what ifs..
Thats life.

I was not talking about one person, must stop writing posts in a hurry rushing for the train.

Quite a few people i know seem to be thinking the sell up and live here or abroad.
I was more commenting on how some on these tv shows and people i hear about or meet seem to make some real optimistic accumptions on how things will turn out. I agree you could always wait a little longer just in case this or that, but sometimes you have to pull your finger out.
But some seem to think the prices will keep rising and rising and we both know they can't, belive it or not some in the UK still think it will happen

Some seem to have no rainy day funds or a plan B. Been a few write on here and other websites that have not planned and gained knowlegdge of decades like your good self.

[fred]

From my limited knowledge of life in phill no one seems to pay income tax. I know they have evat on purchases, but so do we.
Surely as the nation changes and hopefully prospers surely that will change?

I mean goverments main role in life world wide seems to be creating taxes.

My son has a job here and he pays income tax..All large company employees do in fact.
Collecting from small businesses that are not registered though?
From my observation here so far,Probably not in my life time.

[andypaul]

My son has a job here and he pays income tax..All large company employees do in fact.
Collecting from small businesses that are not registered though?
From my observation here so far,Probably not in my life time.

So if say Joe on here opened his fence painting business for example, when he was painting every fence in his local area.
would the local goverment i.e the mayor want his taxes in your experiences? otherwise anyone with a grudge could report you as un registered i guess?

I remeber a great post on one of the Yank phill websites where a guy wrote all the costs which he had experienced when runnng the old standby the internet cafe.
I remember reading about taxes which were almost impossible to get out of which locals were unaffected by with a similar small business.

As GMA tries to sort out the mess surely she will need more funds to push on with progress. I have no idea how they raise the money but its something i would want to take into account.

At first if the misus ever wants to go back i would wish to stay with my present company to get the best for my pension and loyalty bonsues

But being a busy kind of guy i would want to run a small business more to help the family, but if the taxes kicked in i might be better doing consultancy work and paying them to work around the house/farm.

[Sim11UK]

Actually you could do much better than that at todays interest rate and exchange rates..100K @ 6.75% would produce P45,000 a month tax free.

If you could make even 20k from your resort thats 65k PHP per month..
Not too shabby!
There are some pretty good ways to increase that amount by investing a small proportion of your 100K (lets say 10K) in a rural bank deposit which would produce 20%.
These are 5 year time deposits interest paid monthly.
(no more than 250,000 in any one acc as this is the max coverage for governments PDIC insurance)
However that aside..P65,000 in the province should = a pretty reasonable standard of living for most.

As it was me, who originally brought up the £100,000 figure on this thread, this is exactly what I read on another website.

100 grand, was at the time equivalent to $200,000 which I think was equivalent to 9 million pesos.
Some of the money, would be invested in rural bank deposits, paying interest between 9% to as much as 20%
Like you said Fred, no more than 250,000 pesos in each one, as your money would be safe if the banks were to go bust.

[joebloggs]

i was thinking of going to live in the phils for maybe a couple of years, living off some of our saving and the misses working, then coming back to the uk and both of us working for a couple of years, and repeating this.. trying to get the best of both worlds..

[Mrs.JMajor]

From my limited knowledge of life in phill no one seems to pay income tax. I know they have evat on purchases, but so do we.

I mean goverments main role in life world wide seems to be creating taxes.

You are right andy, some small business can escape to pay taxes at all, even some of the big company or famous individual they didn't elaborate how much they earn

[Pepe n Pilar]

. boss thats the # 1 dish mostly of the Filipino family in average level but i didn't learn though how to eat that ...even though i'm on middle class but when i tell to tomm how they make the dried fish he says

[fred]

You are right andy, some small business can escape to pay taxes at all, even some of the big company or famous individual they didn't elaborate how much they earn

Petty much the same in the UK.
Justified in some cases given the stealth taxes there.

[Pepe n Pilar]

Hi Jedc143, you mean when you deposit a million in your account you won't be asked by the New Accounts Clerk or the Manager? If they don't do that don't think they are not checking on your resources. If you open a savings account you will be advised to place them in some kind of investments wherein it will earn a higher interest for a certain period of time because if it will only stays in your savings account and it's a big sum of money and the deposit transactions is every month then it is doubtful.

[fred]

Fred how true in UK that if you have that much money on your bank account,the government will question how the hell u get all this money from ? but here in PI no body will question you even u keep putting hundredth thousand on your account every month

Thats why I accepted only mainly cash in the UK.. (being self employed)
Put a cheque though your account and its all over!!
Of course this attitude does not help much when you need to prove your income when applying for something like a home loan/Mortgage..
Stuff the government..Just pay what you think is fair..
Thats what I did anyway.

[charlwill]

If you put for example £10,000 in your account, the bank informs the gov't and they will monitor the account to see if it occurs more often they will then check to see where the money comes from. This is to stop money laundering.

[Pepe n Pilar]

Yes Charl, it may be money laundering which is against the law. And to add to that, when you sign the application form to open an account there are informations about yourself. So if you're an ordinary employee and you're depositing millions every month you will be questioned.

[fred]

Yes Charl, it may be money laundering which is against the law.

We used to send our cash in lumps of 2000 Pound or less through PNB...No questions asked.
Over 2 grand and it is a different story.

[Pepe n Pilar]

Jedc143 i do understand what you're talking about. You said here in the P.I. no one will question you even if you put hundred thousand in your account every month. You didn't say you have a business because if you do of course they won't because it is understood.

[KeithD]

Just do what our friends/relatives have done, buy a plantation, live off the profits, keep the savings.

I'd start a pig farm....always wanted to breed police

[charlwill]

ohh yeah i forgot some Filipinos can budget less than 5 thousand per month but the dishes daily are dried fish and soy sauce on the table

we are not that rich nor that poor but we're not eating dried fish and soy sauce everyday.

[Pepe n Pilar]

By saying hundredth thousand it stands for more than one hundred thousand but, when you say one hundred thousand definitely it stands for one hundred thousand only. So therefore, by saying millions it means you got hundreds of thousands of pesos. Does it make any sense?

[charlwill]

i never said that it was me.it just a plain answer from me. and I am just true to myself. there's nothing wrong with dried fish though. it is very delicious specially if ur going to dip in a soy sauce with kalamansi.

[Pepe n Pilar]

Excellent!. I also want dried fish like danggit especially with fried rice and egg for breakfast.

[fred]

i never said that it was me.it just a plain answer from me. and I am just true to myself. there's nothing wrong with dried fish though. it is very delicious specially if ur going to dip in a soy sauce with kalamansi.

Nothing wrong with dried fish..Just as long as its fresh!
Cant beat a bit of dried fish and fried rice with HP sauce fory brekky!

[KeithD]

i never said that it was me.it just a plain answer from me. and I am just true to myself. there's nothing wrong with dried fish though. it is very delicious specially if ur going to dip in a soy sauce with kalamansi.

Ahh...but given the chance you'd live on rice & dried fish in vinegar just to annoy us white boys

[charlwill]

He he he he. Well, for sure Boss Keith, I can't annoy you coz ate Ping ate dried fish as well. on the other hand I am very lucky because the Love of my life is a very understanding man. It never bothers him.

[KeithD]

It never bothers him.

That's what he tells you ....but as soon as he goes for a he'll as well.....

[charlwill]