A Golden Opportunity
Veteran overseas property investor Lee Harrison just released the latest edition of his annual 28-market property survey. This release presents...
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Philippines Facts & Figures
Fun And Interesting Facts
The Philippines is one of the world’s most affordable places to retire, and welcomes foreigners, to boot.
Offering one of the best retirement programs and an easy path to permanent residency (the easiest in Southeast Asia), plus top-notch health care (and the only remaining overseas VA hospitals in the world), established retiree communities, and stunningly beautiful beaches… it’s easy to see why so many retirees have decided to make the Philippines their permanent home.
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| Information Type | Philippines Data |
|---|---|
| Population | 109.58 million (June 2020 est.) |
| Gross Domestic Product (GDP) | US$355.5 billion (2020 est.) |
| GDP Per Capita | US$2,951 (2020 est.) |
| Inflation Rate | 1.72% (2020 est.) |
| Currency | Philippine Peso (PHP) |
| Exchange Rate Versus U.S. Dollar | 50.06 pesos per U.S. dollar (June 2020) |
| Language | Filipino (official; based on Tagalog) and English (official); eight major dialects (Tagalog, Cebuano, Ilocano, Hiligaynon or Ilonggo, Bicol, Waray, Pampango, and Pangasinan) |
| Capital | Manila |
| Population of Capital City | 13.92 million (metropolitan area) |
| Time Zone | UTC+8 |
| Seasons | Tropical marine; northeast monsoon (November to April); southwest monsoon (May to October) |
| International Dialing Code | 63 |
| Electricity | 220V/ 60Hz |
| System of Government | Republic |
| Current Leader | Rodrigo Duterte |
| Income Tax Rate for Residents | 5% to 32% |
| Property Tax | 1% to 2% |
| Capital Gains Tax | 6% |
| Inheritance Tax | none |
| Rental Income Tax | Taxable income is computed by deducting income-generating expenses and personal allowances from gross income. |
| Transfer Tax | 0.5% of the selling price, or zonal value or fair market value, whichever is higher. |
| Sales Tax | VAT rate 12% |
| Restrictions on Foreign Ownership of Property | The Philippines restrict foreign ownership to condos and in any given building foreigners can own only up to 40% of the units. |
| Local Chamber of Commerce | |
| American Chamber of Commerce | |
| Primary Exports | Semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
| Residency and Visa Requirements | You qualify for the SRRV classic visa program by depositing US$50,000 in a Philippine bank or purchasing a condominium costing US$50,000 or more if you are between ages 35 and 49. If you are age 50 or older, you need invest only US$10,000, provided you have an individual pension of at least US$800 per month. A couple must be able to show pension income of at least US$1,000 per month. |
| Special Benefits for Foreign Residents or Retirees | Four types of special resident retiree visas are offered, starting with the SRRV smile program that allows you to remain in the Philippines for as long as you want provided you deposit US$20,000 in a Philippine bank and keep it there for the duration of your stay. This visa is available to anyone who is 35 or older. |
| National Airline | Philippine Airlines |
- The name ‘Philippines’, was given to the island by King Philip II of Spain.
- The Philippines are the world’s second largest archipelago.
- The Philippines are the fifth largest English speaking nation in the world.
- Three of the world’s ten largest shopping malls are in the Philippines.
- The Philippines exports more tropical fruit than any other country.
- The Philippines is unique as Asia’s only predominantly Christian country.
- When the Philippines are at war, the national flag is raised upside down.
- Jellyfish Lake has over 13 million jellyfish. The stings on these jellyfish is mild enough that you can swim with them.
- The Philippines celebrate Christmas from September until January.
- The national drink is Tanduay rum. This is often cheaper than water.
- The world’s smallest hooved animal, the Philippine mouse deer, is native to the Philippines.
- One of the most popular methods of public transport is the jeepney. This brightly colored buses, modified from Jeeps left behind by the U.S. army in the 1940’s.
- The Philippines contain 3 active volcanos. It also receives hundreds of earthquakes every week, but most of these are so slight they cannot be felt.
- The national dish is adobo which is a form of chicken stew.
- Basketball is the most popular participation sport. Lots of people enjoy watching boxing and cock fighting.
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