Moving to Philippines with just 10,000 USD?

Question

If I moved to the Philippines with just 10,000 US, is there something I can do there with the money and live comfortably?

Answer 1

you need more than that...remember, you still need a place to stay and you need to eat...

I would say $50,000 USD minimum., put half of that money to work, try and live on less than $1,000 a month. They also have banks that pay 16-18% interest per annum. Make sure they're PDIC insured.

If you have to start a business, don't rely on IOUs, it's hard to collect from deadbeats there. And watch out for newly found friends who always advise you on where to put money into.

Easiest small business to start? Sari-sari store.. or lease some tricycles.. lease 5 of them. Each tricycle driver will return you a "boundary" of PHP 150-PHP200 a day. If you have 5 of them, that's about PHP750-1,000 a day. But you have to shoulder repairs & mainteance, plus the monthly lease payments.

Answer 2

I think your gonna need more than that.

Answer 3

Nah mate trust me many have followed in this path and have ended up worse off. True its a fair bit of money but especially in the Pines it will not last you that long. Afew months at best. You can try to open a business but very likely it will fail due to alot of factors on the ground there.I personally know afew people who opened a business and had rape charges against them and they were ruined financially ofcourse. They weren't jailed but they were dead broke and funnily enough the cops would have been in on it too. You certainly couldn't retire there on that amount thats for sure. You could however have a really nice long holiday but thats about it. Especially with the US dollar doing so poorly now you will spend it alot faster than you realise.

My honest advice, if you haven't been there before then go there and see what the place is like and how things are done there and then make a better decision. If you have already been then you should already know your chances. Either way if you go half assed and don't go about this realistically then there Pines will be an unforgiving place to you.

Answer 4

for a grand vacation, that's more than enough. to live here permanently that's good for seed money only.

Answer 5

That amount of money won't last long there.

Answer 6

Starting a business is not easy for a foreigner.  The first thing you would need is a Philippine citizen that you can trust because they would need to own at least 60 percent of the business after you formed a corporation.  That is a cost you must factor in.  For anyone to get all the permits and business license you would need to operate is another 30 to 40 days.

Someone said be sure you put your money in a bank that is protected against failure by the government.  Whoope you would get 250,000 pesos maximum if they folded.  I fear that happening all the time since I have lived in the Philippines a number of years and have most of my money in accounts here.

Someone made reference to the pay of the executives.  It is not the out right salary they live well on it is the graft, bribes and corruption they are living well on.  My next door neighbor is an executive in a fairly large company here.  He is the only one bringing an income into the family.  They have three late model automobiles, two homes, have traveled to the U.S.A. three times in the last two years to visit family there, etc.  One day while having dinner at their home I saw a letter laying next to me from his employer and it stated that within 30 days his salary would increase to 50,000 pesos a month.  I would like to know how he budgets his money because he sure makes it go a long, long way.

I am sorry you do not have enough money and if you come to the Philippines thinking you do you are going to be returning to the U.S.A. in six months with nothing.

Answer 7

I'd say you need 200,000USD to retire in the philippines and have a safe, secure and comfortable lifestyle.

Answer 8

Thats not enough.  It might be enough to stay there 3-4 months if you can be frugal.  Don't even think about starting a business there.  It just doesn't work for Americans.  There are many many reasons for that.  Many have tried and all lost their a.s.s.  thru no fault of their own.  I'm telling you, it just does not work.  In fact, if you haven't spent some time there getting to know how things work, your $10,000 won't last you 2 months.

Answer 9

You mean move here for good, as in retiring? No, sorry. Your figure is just too small.

But if you are willing to work at it, 10K USD is enough to get you started. In the short term, your goal would be just to survive. If you have nothing else here and that's all you have, then you will have to be frugal in the short term. Move to the Philippines, rent a decent apartment and then open up a business. That is the only way I can see this happening. You can open a variety of foodstalls or a small restaurant perhaps for maybe 5,000-7,000USD. So until you get your money rolling, use around 2,000USD for your daily expenses. That should last you two to three months. Keep the 1,000USD for emergency.

If the business does well, you will be on your way to prosperity in no time. That's the good thing about the Philippines, it doesn't take a lot to get started in business. Eventually, you can diversify your investments and maybe after a few years, then you can retire.

Answer 10

to move & live there permanently $10,000 not enough. you need good-paying job.

Answer 11

Well it depends on the time period of your stay and your lifestyle. If you plan to stay longer than a year, better find a job or put up a business if you can.  You'll definitely enjoy traveling the many beautiful places and islands

Answer 12

For the first few months maybe,

You'll still need to find a work or start a business. US 10,000 is around 450,000 pesos. Average salaries of corporate executives range from P30,000 - P50,000. With that amount you could live modestly and survive.