New Philippines Retirement Tourism Industry Boom
Fact: 4 Million Filipinos Will Retire From America.
How many of them will retire in The United States, The Philippines, Canada or Australia is the Question.
The Philippines is a popular retirement haven for many expats from around the world; for the past 30-years the country has been aggressively ramping-up for the biggest tourism boom in their recent history(see http://www.pra.gov.ph/).
A mind-boggling, 4 million Filipinos seeking their homeland, roots and culture, could choose to retire in the Philippines from America. A massive number of formerly gainfully-employed, highly-educated and experienced Filipinos could return and/or invest ‘back home’ and change their lifestyle forever –or retire poor in the United States. That does not include the some 250,000 Filipinos living in the United States illegally; many of which may be reprieved by US President Obama’s Immigration Reform, then may retire in the Philippines as well. (https://www.whitehouse.gov/blog )
4 Million is nearly the same number of black American slaves, living in America who were freed, at the time of The Emancipation Proclamation of 1863, and the subsequent Thirteenth Amendment in December 1865. (see http://www.civil-war.net/census.asp?census=Total)
IN ADDITION. More than 75 million US ‘Baby Boomers’ started retiring in 2011; right in the aftermath of the US Recession. Most of whom have a combined passive retirement income of less than $1,500 per month/or up to P 70,000. Many have lost money, assets and may have been forced into early-retirement by downsizing, outsourcing and streamlining. Most also, do not own their own homes, vehicles or home appliances; meaning they will maintain the payments even after retirement. Most alarming, is that a large percentage, who still also have –or will have- outstanding credit cards debts, secured loans and even student loans.
In America, the ‘Living Life to the Fullest’ and ‘Bling-Bling’era, has caused most of the country to burn-through millions of dollars on a ‘lifestyle’ which they cannot and have no reason to maintain in retirement.
RE-DISCOVER PARADISE. Another perspective, which is becoming increasingly-popular is the ‘Shedding Opportunity’ offered by retiring in the tropics. A Tropical Lifestyle, is the most-common desire of most Americans. Those who live in the East and Mid-West, vacation on the West Coast, the West Coast spends holidays in The Bahamas, Caribbean Islands or The Philippine Islands.
The most-popular, new micro-investor haven is now becoming the most-popular retirement destination as well. For the past 2-decades, the world has watched as The Philippines Islands rose into one of the world’s largest cash, investment and money transfer remitters. The country was the catalyst for the uprising of companies such as UpDesk, now UpWork, PayPal, Oracle and the re-birth, 7/11, Kenny Roger’s Roasters, FUBU, Western Union and Citi Bank.
More Filipinos live in the United States than any other country in the world; aside from the Philippines. Transversely, the Philippines is home to the world’s largest US Embassy and more American expats, residents, investors, tourists and retirees than any other place on earth, other than America itself.
Building millions of new condominium buildings, gated communities and towers to handle this new influx of retirees, returning Filipinos who have been working abroad (Balikbayans and OFW’s)and expats at-large is a huge multi-billion dollar industry. And, retirees are big business.
Specifically, American’s who are set to retire; or are already doing so, now see that they need to downsize, relocate and liquidate –anyway. These people who are suffering from the entrapments of wealth, are finding that the seemingly-disheartening reality of retirement, offers a silver-lining of re-birth and freedom.
Another opportunity for Westerners is the ability to retire up to a decade early, or have a burst of mini-retirements throughout their working life.
The allure of the Philippines for the last 50-years has been a secret, largely kept by OFW’s and Balikbayans, Filipinos living abroad, mostly in the United States –some 4 million.
American Census shows, more than 200,000 of them desire to retire, in the Philippines. In another recent report, black and minority Americans ranked the Philippines high on the ‘Best Places to Travel To, Live & Invest In’ international list, published by Minority Success America.
Micro-Investing, is one of the most-attractive aspects to retirement in the Philippines. A middle-class, educator, factory worker, or Vet can retire as a millionaire and own/or partner in with a beach side restaurant, rental condominium, a consultancy, real estate or salon.
Most of the largest and most-popular companies and brands in the Philippines are actually partnerships between Filipino and other nationalities. However, they are vastly Chinese, Spanish and Caucasian. American’s at-large have started catching-on to the opportunity recently.
For more information and ideas on outsourcing, micro-investing and early Philippines retirement, please See: