Retirees and foreigners are increasingly choosing to reside in the Philippines. As with any move, it’s critical to comprehend living expenses to guarantee a seamless and comfortable adjustment. Depending on your lifestyle and the city or region you choose to reside in, the average cost of living in the Philippines might change dramatically. In this article, we will help you understand the cost of living in the Philippines.
How much is the minimum cost of living in the Philippines?
To understand the cost of living in the Philippines, you need detailed planning and insight into the daily expenses. For foreigners considering migrating to a place in the Philippines, the monthly cost of living averages around ₱ 30,000 ($540), approximately ₱ 360,000 ($6,480) annually per person. This estimate caters to basic needs such as housing, food, transportation, and occasional leisure activities. On the contrary, students may spend roughly ₱ 20,000 ($360) a month, factoring in shared accommodation or dorms, affordable meals, and utilization of public transit or walking. For families, especially with three members, managing costs leaps to ₱ 80,000 ($1,440) a month, escalating to ₱ 960,000 ($17,280) yearly. This covers necessities like education, medical care, and suitable family accommodations.
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Average prices in the Philippines
Living in the Philippines can be a rewarding experience, but it’s crucial to understand and prepare for the average cost of living in the Philippines to make the most of it. Here are the average prices:
Food costs
Food costs in the Philippines are relatively affordable. Different restaurants satisfy a variety of tastes. For example, “eat-all-you-can” buffet restaurants provide an extensive selection of cuisine. Food is mostly purchased in local supermarkets and wet markets in the Philippines. The typical cost of food is listed below, but it may differ depending on where you buy it:
- Meat: ₱ 97.77 ($1.76) per pound.
- Fish: Around ₱ 57.51 ($1.04) per pound.
- Banana: ₱ 23 ($0.41) per kilogram.
- Avocado: ₱ 57.51 ($1.04) per kilogram.
- Soda: ₱ 69.01 ($1.24) for 1.5 liters.
- Beer: ₱ 57.51 ($1.04) for 1 liter.
- Drinking water: ₱ 57.51 ($1.04) for 1 liter.
Most people can feed themselves well for a week under $40, although this price may fluctuate based on individual consumption and lifestyle.
Transportation costs
The Philippines offers a variety of transport options. Taxis have starting rates of ₱ 40 ($0.72)to ₱ 60 ($1.08). Grab, similar to Uber, has risen in popularity as a versatile transport method, and the minimum fare is ₱ 80 ($1.44) to ₱ 120 ($2.16). Jeepneys, traditional Filipino public vehicles, are an affordable alternative, with fares as low as ₱ 10 ($0.18) to ₱ 15 ($0.27) for a 1.5 km journey.
Housing costs
The cost to live in the Philippines varies by location and property size. City studio apartments generally cost between $288 to $350 per month. One-bedroom units in the city range from $370 to $514, while a two-bedroom unit can begin at $514 monthly.
Personal care costs
Personal care costs can significantly vary, encompassing essential healthcare services without insurance. On average, a single person may spend around ₱ 2,500 ($45) monthly on health insurance. However, labor and delivery services without insurance coverage can exceed ₱ 50,000 ($900). Regular check-ups with a family doctor might cost around ₱ 500 ($9), while a dental cleaning session, also without insurance, averages about ₱ 700 ($12.60).
Entertainment costs
The costs for foreigners interested in leisure activities may vary. Access to high-end gyms costs between $35 and $60 a month. Free or cheap alternatives include outdoor gyms, exercise classes, or apps for meeting activity groups. The country also offers budget-friendly leisure options like snorkeling, island tours, and cultural events that cost around ₱ 3,500 ($63) per person.
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Frequently Asked Questions (FAQs):
Is it expensive to live in the Philippines?
The cost of living in the Philippines is relatively affordable for ₱ 360,000 ($6,480) annually per person compared to many other countries. However, be cautious of unfavorable exchange rates at banks and currency exchange services.
How much is the cost of living in the Philippines per month?
The average cost of living in the Philippines per month is estimated at ₱ 30,000 ($540).
What is the standard of living in the Philippines?
The standard of living in the Philippines can be roughly estimated at ₱ 360,000 ($6,480) per year for an individual, and ₱ 960,000 ($17,280) per year for a three-person family.
What are the cheapest places to live in the Philippines?
The cheapest places to live in the Philippines are Quezon City, Cavite, Iloilo City, Davao, and Bacolod City, with an average monthly cost of ₱ 30,000 ($540) to ₱ 40,000 ($720) per person.
What are the most expensive places to live in the Philippines?
The most expensive places to live in the Philippines are Makati City, Cebu City, Manila City, and Zamboanga City, with an average monthly cost of ₱ 50,000 ($900) to ₱ 60,000 ($1,080) per person.
