Economy - Current & Future for the Philippines - COVID.

There are many financial considerations some are based out of your home country, some are things here in the Philippines (Exchange rates, Interest rates, pension's paid, change in the cost of living, cost of buying a home, investments here and from your home country, etc.)  that effect and expat living in the Philippines.

The point of this Post is for people to talk, chat about how the see the economy as it was, is now and how it will shape out in the future.

If you can post a link with your comment all good, if it is just your gut feel you are free to post that as well.

Some teasers to start off with:
* Do you think that you will stay in the Philippines or return to your home country, why?
* Do you see the cost of living going up or down here, why?
* Do you think housing prices will get cheaper here, or more expensive, why?
* Do you think that your future import exchange rate will get better or worse, why?

As you can see there is a lot of scope for varying responses here, go for it.

An unprecedented economic challenge:

"In the Philippines, the government is projecting flat to negative growth this year. Between the best and worst-case scenarios published by the Philippine Institute of Development Studies or PIDS, we are set to lose anywhere between P276 billion to P2.5 trillion, with another P150 billion loss if the lockdown is extended for another month. Domestic consumption, long a reliable driver of our growth, has taken a nosedive with up to 1.2 million in the workforce experiencing job displacements or disruptions. Many businesses languish without revenues and wage laborers and informal workers suddenly have no income to subsist."

https://www.onenews.ph/a-vaccine-agains … IjdS_ARv1E

The biggest threat I have seen is that OFW are not sending money back to the Philippines.   In addition the current regime is trying to shame nurses into staying in the Philippines for substandard wages rather than go overseas.  Since currently no one gets out of here (Philippines) alive, it will hurt the nurses and doctors who leave the islands as nurses to help family still here.  Who knows when it will change?

mugtech :

In addition the current regime is trying to shame nurses into staying in the Philippines for substandard wages rather than go overseas. 

Since currently no one gets out of here (Philippines) alive, it will hurt the nurses and doctors who leave the islands as nurses to help family still here.

My additional two cents worth, my stepson left a good job as a nurse at St. Lukes Hospital and accepted and working in England for big $$$ (nurse). St. Lukes only accepts the cream of the crop, just to have St. Lukes on your resume' is a big plus for OFW.

On the nursing exam he was in the top 1%, thousands & thousands took the exam, only 20% passed.

That was his goal, OFW, right from the beginning, as many others. Maybe a future citizen of his OFW country. Many Doctors from the Philippines are working as nurses overseas.

Why would a smart, intelligent, educated person, young person want to remain in the Philippines?

Problems YES everyone is going to have them! ...Many other countries too are facing unprecedented economic challenges/financial carnage!...but my gut feeling is the Philippines will be able to come out of this rut better than the many other asian countries.
A fall from a HIGHER PLACE will always be more painful than a fall from a LOWER PLACE (omo).
(Not sure if Semi Retired Expats will have it any easier back at home country, unless they intend to seek re-employment which I feel is what I might just do!
And YES Frontline Medical Workerforce will have an even higher demand all over the world so they can expect higher salaries/benefits which they deserve...but always the "locals" of the land can/will be trained/groomed in the near future.

manwonder :

Problems YES everyone is going to have them! ...Many other countries too are facing unprecedented economic challenges/financial carnage!...but my gut feeling is the Philippines will be able to come out of this rut better than the many other asian countries.


(Not sure if Semi Retired Expats will have it any easier back at home country, unless they intend to seek re-employment which I feel is what I might just do!

I'm thinking the bigger the safety net (now) for Asian countries the faster the road to recovery. Stimulus money is the big "IF".  "IF" people receive stimulus money, it goes from their pocket to my pocket, from my pocket to your pocket and back to their pocket, over & over, producing GNP. In the states and other first world countries Trillions & Trillions of stimulus will be recirculated for products & "SERVICES". So one trillion of stimulus can explode many times on its own, leading to recovery.

How much product will be produced in the Philippines for export by the stimulus of first world countries? Not much.

But maybe "SERVICE" jobs for Expats who need to go back to work. Starting salaries in call centers is approximately 18,000 PHP. Not much but team leaders can make 40,000 PHP and no age barrier.

Philippines to me will always remain a  great tourist destination/retirement home where you can stretch your budget as an expat.
Maybe thats exactly what she wants to be...nothing more & nothing less!
(OMO)

Fitch downgrades Philippines credit rating

"Fitch now projects the country’s gross domestic product (GDP) to contract by one percent this year, the first time since 1998 when the domestic output shrank by 0.5 percent at the height of the Asian financial crisis, after expanding by six percent last year."

"“The 2020 forecast is uncertain and subject to considerable downside risks depending on how the virus runs its course globally and domestically and the possibility of a further extension or re-imposition of lockdown measures,”"

https://www.philstar.com/business/2020/ … dit-rating

"Structured Notes" now causing "deep-bleed" to many asian investors!

https://www.google.com/amp/s/www.bloomb … ured-notes

Office space vacancy rate to double to 10%

https://business.mb.com.ph/2020/04/07/o … ble-to-10/

Coronavirus 'to impact' BPO revenue, employment forecasts


https://www.philstar.com/business/2020/ … Je8lwSD4Go

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