USD / Peso Exchange Rate and Inflation
Just a note to budget-conscious visitors and those planning on staying in PH for a long time or retiring here.
From July 1st to November 1st, 2010, the US Dollar has decreased in value nearly 9% vs. The PH Peso: from 46P to 42P to $1. Furthermore, inflation is nearly 5% in 2010 in PH. So the buying power of US Dollars will end up decreasing about 14% overall in 2010.
Furthermore, the PH stock market has been one of the hottest stock markets in the world in 2010, up about 35% I think. Real estate is booming, etc.
All of the above trends may be significant to your PH travel / living plans. For example, if you made your plan in early 2010 to live in PH on US $20K per year, please consider that your $20K is now worth $17K, and real estate prices are higher, etc. You might want to update any PH living / retirement plans you've made.
Purchasing Property In The Phils
There is a very serious problem with land titling in the Philippines.
In this country, there are four entities which can issue title. This means that you can never be sure that the title that you hold to any parcel of land is the only title to that parcel, and it will not be challenged.
I spent some time working on a major project to reform the land titling system in the country, and it failed. Apparently because members of the congress did not want the system to be improved.
Of course, on top of this, if your filipina wife/gf decides that she really does want your land, she will take it, no matter what pieces of paper you hold.
This means that you have two impediments to freely and securely owning your lot of land
Up to you to decide if you want to take the risk. There are many stories of land owners having their land stolen out from under their feet. Best to be sure that you will not be one of them.
I think that it is safer to buy an apartment or condo, where you do not actually own title to land.
G
U.S. Embassy and Passports - Question
I need to get additional Visa pages for my passport. I was told by the U. S. Embassy to send the passport and form by Air 21/Fed Ex. They said the U.S. Embassy would then contact me and I would then go it and pay in the morning and receive it back in afternoon.
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Has anyone done this process and did it work smoothly? or was it a hassle?
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Thank you for your help.