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the true cost of living in the Philippines 2023 / COST OF LIVING PHILIPPINES FOR EXPATS


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the true cost of living in the philippines 2022

How much do you really think you need to live in the Philippines? Is it 500, 1000, 2000, or more? You may have heard that many backpackers can live on $1000 or less a month. But, on the other hand, retirees claim you will need at least $2000 USD or more per month to live in the Philippines. So, with all things considered, what is the true cost of living in the Philippines?

So first, let's cover some basics. Over the years, the inflation rate has hovered around 2 to 4%. At this moment, the BSP expects the inflation rate to reach at least 4.5% by the end of 2022 and around 4% in 2023. The Philippines is a cheap country to live in compared to the western world; however, it is not a cheap country compared to South East Asia. Nevertheless, there are many things expats can do to live cheaper in the Philippines.

Some believe that it's impossible to retire and live in the Philippines for less than $1500 a month, and this isn't always true. If you don't mind living in a small house outside the city center and eating local cuisine, you can happily retire and live in the Philippines cheaply. There are many who live in the Philippines for under $1000, but as mentioned, this requires a slightly different lifestyle than others. what is the minimum cost of living in the Philippines for foreigners. In all honestly, I'm not sure. Some Filipinos live on a few hundred dollars a month, but this is not because they choose to. It's because there is no other choice. You could choose to live in the provinces for $700 a month but is this really what you want?Throughout my numerous cost of living videos, I often recommend a budget of between $1300 - $1700. this is because, based on my experience and the countless expats I've met over the years, this is how much they need to live in the Philippines comfortably and have some left over. So this figure is suitable for most lifestyles and will be enough for a small house or condo, a few trips here and there, and so on. But I know that not all lifestyles are similar. Some retirees and expats living to the Philippines struggle to pay for their living expenses even with $2000 each month

00:00 Cost Of Living
00:06 - Inflation Rate Philippines
00:20 - Is The Philippines Cheap?
00:35 - Myths about the costs
01:03 - Living Cheap Lifestyle
01:27 - what is the minimum cost of living in the Philippines
02:21 - Location Matters
02:45 - Cost of living for foreigners Philippines
03:31 - 3 Keys to live cheap in the Philippines as expat


For example, Makati is well known to be one of the most expensive places in the Philippines, and it is a central hub for businesses and entrepreneurs. So it's possible to be slightly strapped for cash even if you have $2000 a month if you live in expensive areas.

If you were asking me how much will it cost you to live in the Philippines and you want me to be completely clear and as open about this as possible, I would say that you will need at least $1500. if you want to live well and don't want to worry about money aim for $2000 - $2500 each month. But can you live on a lower amount, such as $1000? This is openly debatable. The facts are that some expats and retirees do. Is it common… not so much… but is it possible… absolutely. The problem we face is that the Philippines is getting slightly more expensive.

I need to tell you about 3 key methods if you want to live in the Philippines comfortably.

1. The first method is to focus on earning more. Naturally, when we are in a position where we are trying to save money living in the Philippines, we focus on cutting down on expenses but focusing on increasing your retirement cash or savings pot is important. I'm not saying start a business here, as I know some are simply not interested, but there are many ways to earn more in the Philippines. You can even start a youtube channel like I do. I don't earn a great deal, only about $100, but its fun and its an extra 100 dollas a month. . You know there are some big channels created by expats in the Philippines, and god knows how much they make, but I can imagine it's a sizeable amount.
2. The second key is to keep an eye on the 3 money drainers. That is beer, Dating & gambling. I've met many expats who have wasted so much cash going on random dates, drinking every night, or simply spending it at the casinos. The thing about the Philippines is that it is very easy to burn through a lot of money very quickly, so you have to keep an eye on where you're spending your money.
3. The 3rd method is to live in quieter areas. On average, you will find that the quiet areas are the more expensive areas. Areas such as the Davao region and Iloilo are popular areas that don't cost too much money.