With its warm and sunny weather, laidback lifestyle, beautiful island destinations, and fascinating culture, some foreigners have decided to move to the Philippines with their family or live a more comfortable life here after their retirement. The recent economic boom also led to the growing expat community, with more expats living and working in central business districts in the metropolis or setting up their own business. Here are some of the top reasons why they choose the country as their second home:
A lot of tourists have fallen in love with the fascinating Asian culture here that some of them have decided to live in the country to have a dose of that unique living experience. The hospitality of the Filipino people has been a strong pull for many tourists, as locals make them feel welcome as part of the community. The way of life here is also relaxed and easy, for the most part. Filipinos love to laugh and have fun. And even with difficulties and challenges, most would love to see the brighter side of life, which is a source of amusement and inspiration for many expats. Even with its own set of traditions, beliefs, and customs, the country retains a strong affinity to the Western culture, a big advantage for those considering relocating to another country.
Lower cost of living
Although prime spots in the metropolis have been developed to provide first-class living accommodations, the cost of living in the country remains relatively low compared to other key cities in the Asia Pacific that offer basically the same comforts and amenities. Monthly expenses would cost around USD 1,300. Expats can already live comfortably with a living expense budget of USD1,000 to USD2,000. The cost of residential space (even high- end options) is comparatively lower than other real estate markets in Asia. The same goes for food, insurance, education, recreation, and transportation. With lower cost of living, expats can afford to live well. They can go on vacations frequently or even send their kids to colleges without too much financial burden.
First-rate real estate options
Multi-billion peso urban projects and real estate expansions in main CBDs and other destinations have transformed parts of the country into first-class cities. These locations provide the best lifestyle choices, from top- end retail centers selling international brands and top local merchandise to world-class facilities for fitness, sports, dining, and recreation. Aside from Bonifacio Global City and other prime spots in Metro Manila, expats are given far more options when it comes to world-class living destinations such as Laoag and Vigan City in the Ilocos Region, top retirement spots with the lowest inflation rates in the country, and Cebu City, one of the top destinations for expats because of its well-developed tourism sector, accessible transport links by air, land, and sea, and wide- range luxury options.
Good investment potential and sound business environment
A good number of expats and foreigners have set up shops and businesses in the country. And this has much to do with the sound business environment offered by various business districts in the metropolis and in Next Wave Cities, which are developed as prime IT-BPO destinations. It also helps that the country has a large pool of English-speaking workers and offer affordable labor with a wide range of skills to offer. With the recent economic boom, the country has a growing investment potential, which makes it a more attractive location for expats. Global companies that have set up their own offices and branches here open up vast employment opportunities for foreign professionals who decide to live here.