The Philippines has a very low cost of living. The peso has significantly lost much of its value since the Asian Financial Crisis but over the past few years the country is getting back on its feet. The Philippine economy ranks 47th worldwide with a total GDP of over 120 billion euros. Expatriates will find living in the country very cheap compared to the United Kingdom.
The unemployment rate is not tremendously high but poverty may have been rampant due to overpopulation. The Philippines is the 12th most populous country globally with over 88 million people. Some individuals live on 2 euros daily so if immigrants are used to earning 2,000 euros every month, they will be able to afford a semi-luxurious quality of life.
The Philippine economy is a free market and most of its foreign earnings rely on remittances from overseas Filipino workers that comprises over 10% of the total population. The country was dubbed as a newly industrialized country and is a member of the APEC, IMF and other financial institutions. In recent years, the economy has been growing steadily at a rate of 7% each year. The government is actually looking for more foreign investors to bring in pounds, euros and dollars. Most foreign businesses cover trade, agriculture and telecommunications.
Food and Drinks Costs in the Philippines
Food and drinks are very cheap in the Philippines. A regular individual spends around 200 euros every month. One can eat in middle class restaurants every day since each meal would roughly cost 3 to 4 euros. There is also more expensive food in hotels and fine restaurants that can reach up to 150 euros for a meal and accomodations.
Basically, Filipinos prefer buying raw goods like meat, fish, eggs, milk, fruits and vegetables at the local market to save more. The key is finding the best places to purchase these products from the myriad of stores available in cities and places throughout the archipelago. Another aspect of your groceries should be the...
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