How Much is the Minimum Cost of Living in the Philippines

Condo Living.

The road to financial security is a long and winding road for most Filipinos. In fact, Business Mirror reports that only 40% of Filipinos are able to save their money and secure their futures. More often than not, many factors are out of their control, such as lack of strong financial institutions nearby.

However, having a good sense of financial literacy can help mitigate these problems, or even help Filipinos rise above them altogether. When you feel secure enough, you may even consider investing in property to improve your financial situation through condo property investments, insurance, and the like.


Minimum Cost of Living in the Philippines

Budgeting in the Philippines is no small feat. Aside from food and housing, Filipinos also require other things such as clothes, transportation, healthcare, and even emergency money in order to survive and perform their daily tasks at work.

Numbeo reports that, on average, it would take at least Php 28,000 per month for a single Filipino person to survive in the Philippines. More if said Filipino is living in Metro Manila. Though this number also includes unnecessary expenses such as regular meals outside and certain vices, it should still be important to spend your money wisely.

Moreover, the Numbeo report also takes into account the additional expenses incurred by a family of four. Such a family would need Php 96,000 per month to cover all expenses. That includes education and clothing expenses for the children.

Make sure to follow courses and books on financial literacy to improve your money management. Perhaps one of the most helpful pieces of advice is investing your money in worthwhile ventures. But where should you even begin?


Property Investment in the Philippines

The manors at celebrity placePhoto courtesy of DMCI Homes

Investing in properties is a good way to generate income for you and your family. You’d generally like to search for properties in their pre-selling stages in order to maximize your gains, however.

If you’re not sure how to start looking for good properties to invest in, DMCI Homes has your back. Here’s a simple checklist of things to consider before buying a property:

1. Types of properties available for investment

When you think of “investing in a property”, chances are that you’re thinking about purchasing a house and lot and improving it only to flip it after some time. While that’s a good example of an investment, it’s not the only one out there.

In fact, you can even rent out the said house and lot to help you save money and grow your own investments later on. You can even decide to sell this property if renting it out isn’t a long-term goal for you. Most of the time, however, Filipino property owners tend to purchase condos that fit their budgets.

Typically, just renting out a condo will cost P15,000 a month. If you buy the place, however, you’re in for a treat. For one, condominium units are relatively cheaper than a house and lot. You can purchase a condo for a much cheaper price well before the building starts development. You can either choose to sell the condo at a later date and make a hefty paycheck, or you can rent a unit out for someone else to use. Simply living in it and making it your family home is also a viable (and comfortable!) option, too.

2. Current trends in the Philippine property market

Because of the rapid expansion of the Philippine outsourcing market, more and more people are flocking to city centers to take part in the industry. As a result, they’re living far away from home and are looking for affordable housing options in the city.

That’s where you, a potential investor, can come in. Investors buy a property and rent it out, solving your financial problems while addressing the housing problem of a Filipino employee. It’s practically a win-win solution for everybody!

But make no mistake: economic growth is not limited to the city. More and more property developers are shifting their attention to the Philippine countryside, as well.

Such growth is welcome, not least because it decongests city centers and lets people live closer to home. With these properties far away from the hustle and bustle of city life, it is rest and relaxation that finds residents as soon as they reach the comfort of home.

Scenic views, white-sand beaches, natural green environments. What more could you ask for? Find out whether the right condo building for you is in the lush countryside or the lively cityscape.

3. Benefits of investing in a property

Property developers, even those of condominium buildings, like to build communities in their properties. Regardless of which type of property you’re looking to buy, you still have that sense of neighborhood if you’re looking for that.

Most properties are also filled with several amenities that can be a few minutes’ walk away from home. These include gyms, gardens, or even coffee shops that give you respite from a busy day’s work. Best of all, investing in a property built by a developer means you have round-the-clock security ready to protect you from harm.

With the minimum cost of living in the Philippines as high as it is, it’s perfectly understandable to be hesitant to invest. But as mentioned above, you can find a good property to invest in on a budget. To start things off, here’s a checklist of condo budget basics to help you out.

high rise building at golden hourPhoto courtesy of Pixabay via Pexels

There’s more advice to come! With the property market as it is, you can find more value than what you’ve bargained for if you play your cards right. Here are some important facts on the Philippine property market:

1. Comparison of property prices in the Philippines to other countries

Now is the best time to invest in properties in the Philippines, because of how low it costs to purchase one. According to Numbeo, one square foot in the Philippines costs Php 12,500. In comparison, one square foot costs Php 108,000 in Singapore. Malaysia’s housing market is cheaper, with one square foot costing only about Php 9,700.

Regardless, the Philippines is seen as a quickly emerging market for real estate in Asia. There is quite a lot of room for improvement for the country, but it is on the way up.

2. Analysis of the factors that contribute to the affordability of Philippine property

One of the more common factors contributing to the affordability of Philippine properties is the low cost of living. While Numbeo reports that the minimum cost of living in the Philippines is pegged at Php 28,000, these include unnecessary expenses. If you’re earning above that figure, the housing market is perfect for you!

One of the best budget tips on offer is to purchase property with a housing loan. Not only will you be able to fund your purchase quicker, you can also have the amortization paid in installments that are comfortable for you.

3. Discussion of the potential return on investment for Philippine property

The property market is expected to bounce back stronger than ever following the global impact of COVID-19. The recovery of the tourism industry is expected to help address issues faced by both the hotel and private rental industries.

The country registered its fastest economic growth in the past 40 years, meaning a boom is on the cards in the near future. In the residential real estate department, 3,540 units are expected to be completed in 2023, with half of those likely to be in the Bay Area and Fort Bonifacio. Vacancy is also expected to drop to 17% from 2022’s 17.6%.

Opportunities outside Metro Manila are expected to become more popular, and this is a good place for you to start. These properties are much more affordable than their counterparts in the capital, and you can expect a good return on investment. The BusinessWorld article lists Iligam, Dagupan, Urdaneta, Malolos, General Santos, Tarlac, Cabanatuan, and Puerto Princesa as high potential areas for real estate.


Convincing Reasons to Invest in Property in the Philippines

Maricielo villas lap poolPhoto courtesy of DMCI Homes

The Philippine economy is expected to improve in the coming years, with consumer traffic and purchasing power growing stronger than ever. As development is also starting to veer away from Metro Manila and into the countryside, more opportunities are bound to develop for both property owners and tenants.

1. Growing Philippine economy

The Philippine economy isn’t expected to be limited to city centers in the near future. As mentioned above, development is rising in other, more rural areas of the country. Some of these areas are even touted as possible digital cities, with high-income opportunities inbound.

An increase in purchasing power is never a bad thing, as that means more money to spend on comfortable living. Even then, there are budget-friendly interior design tips for those looking to improve their own quality of life in a condo.

2. High demand for rental properties

Because more people are looking for quality living spaces near their jobs, renting is almost certainly an option for most Filipino employees. Many property owners also opt to rent their properties via third party services, such as AirBNB, to find tenants that only intend to stay for a few days.

Regardless, make sure you run diligent checks on who rents your property to avoid any trouble.

3. Favorable real estate laws for foreign investors

The Philippine Constitution strictly prohibits foreigners from owning pieces of land in the country. However, there are several ways in which non-Filipinos can still own real estate in the country.

Section 5 of The Philippine Condominium Act allows foreigners to own condominium units as long as 60% of the units are owned by Filipino citizens. Technically speaking, you aren’t owning the land on which your condominium sits, so a condominium should be fine.

Foreigners can also own a house, but cannot own the land on which it sits. Under the Investor’s Lease Act, a foreign national can lease the land for a long-term lease for up to 75 years.

Finally, a simple way to invest in property is to marry a Filipino citizen. While the property can never be transferred to you if you and your spouse separate, or if your spouse passes away, you have a reasonable amount of time to sell the property and collect the proceeds.

4. Attractive lifestyle and cultural offerings

The Philippines is a country that is rich in cultural heritage. You will find that each locality in Luzon is as unique as the localities in Visayas and Mindanao.

The festivals that occur annually in different parts of the country are also strong indicators of the Philippines’ love for its own cultures. Be it the Masskara festival in Bacolod, the Panagbenga in Baguio, the Sinulog in Cebu, or the Kadayawan in Davao, you are spoilt for choice with the celebration of Filipino culture.

You can find properties worthy to live in in both major cities and in the countryside. If you’re not a fan of the city, there are always ways to relax near the beach with DMCI Homes.

Key Takeaways

Most Filipinos face the challenge of saving money above the minimum cost of living. It can be hard to keep things on a budget while trying to enjoy what life has to offer, but it’s not impossible to save up for the future and live in the present. Here are some takeaways for your journey to financial freedom:

  • Keep unnecessary expenses to a minimum. This doesn’t mean not celebrating personal victories. Rather, you’d do well to avoid purchasing small trinkets for that little boost in dopamine.
  • Track your budget. Managing your resources is a good way to ensure you have enough set aside for emergencies and investing.
  • Invest in affordable properties. DMCI Homes has a host of affordable properties that can help you build for the future. All you need to do is find the perfect one for you.

Stay up-to-date with the latest news surrounding DMCI Homes Communities! Get updates from our condo living blogs and learn how you can be part of the family today.


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