Living in the Philippines is quite expensive nowadays. It is expected by many financial experts that the living cost in the Philippines tends to increase in 2023 due to inflation and increasing global demand for goods. Moreover, the Philippine Government is about to launch new infrastructure projects which impact the cost of necessities including water and electricity. Also, prices of goods and services are expected to rise along with the economic growth. So how many pesos on average do you need to live comfortably in the Philippines? Is a cash loan Philippines a suitable financial solution when you are in financial shortage each month?
As with any country, the living cost in the Philippines greatly depends on your lifestyle. In general, the living cost in the Philippines includes accommodation, means of travel, food, and clothing along with other recurring expenses like utility bills, education, healthcare, etc.
Nevertheless, the cost of living in the Philippines has increased in recent times, making it one of the priciest nations to reside within Southeast Asia. In Manila capital and large cities like Cebu, the monthly cost for rent alone can be as high as $1,000 for a two-bedroom apartment. According to NUMBEO (a website that ranks countries and cities worldwide in terms of quality of life, pollution, health, etc.), a family of four in the Philippines needs to spend an expected amount of 102,006 pesos (equivalent to USD 1,790.15) for monthly living expenses.
According to NUMBEO, a family of four in the Philippines needs to spend an estimated amount of 102,006 pesos for monthly living expenses.
An one-bedroom apartment in the city center can cost around 15,000 pesos per month, while a three-bedroom apartment in the suburbs can be rented for around 40,000 pesos. As for an apartment or villa in the heart of the city, the monthly rental cost may be up to 100,000 pesos.
The cost of food in the Philippines is relatively cheaper. A typical meal at local restaurants will cost around 200 pesos, a quick meal is around 100 pesos, and local wine or beer in the Philippines costs 40 pesos only.
Transportation costs vary depending on the means of transport. Cost of public transport such as buses and trains is very cheap, at only about 15 pesos per trip, taxis are more expensive at around 100-150 pesos per kilometer.
For necessities including electricity and water, the average monthly electricity bill for a family of four is around 3,000 pesos, while the average monthly water bill is around 900 pesos.
The living cost in the Philippines is quite expensive
If you want to save living cost in the Philippines, you shall prepare a well-organized financial plan. Please check out our recommendations.
This may sound obvious, but it is incredibly important to have a plan. You must prepare a clear budget to recognize the expenses for the month. By setting and sticking to a budget, you may ensure to prevent overspending on unnecessary things.
You can buy food or supplies at local markets, which will be more economical than buying in supermarkets or shopping malls. You may also wait for promotions to buy more items at a cheaper price. Don’t be afraid to bargain when shopping. Cheaper purchases seem small, but you will save a significant amount after a month.
Shop on promotion to save more money
While we advise you to take advantage of the discount sale to purchase at a bargain price, you should also consider and ask yourself if you really need these items. Buying unnecessary items, even at a cheap price, is also a form of waste.
Although the living cost in the Philippines is very expensive right now, you should not spend all of your income on spending, but should set aside about 10% of your income each month to build an emergency fund. This fund serves as your financial backup for emergencies including unexpected accidents, pandemics, unemployment, economic crisis, etc. Unexpected risks may come at any time in the future, so building an emergency fund will protect and keep your personal finances in stable and healthy conditions.
So what can a cash loan Philippines help you? In the context of current expensive living cost in the Philippines, you may be under financial pressure every month. At MoneyCat, we offer you a cash loan Philippines with a limit of up to 20,000 pesos, disbursed within the same day so that you may quickly get a loan to deal with urgent expenses and financial difficulties.
Getting cash loan philippines is a useful financial solution for you
Also, MoneyCat’s cash loan Philippines may be divided and paid monthly and extended repayment terms will ease your financial stress. Any information about interest rates or other costs are clearly disclosed by us so that you can rest assured when getting cash loan Philippines at MoneyCat.
Despite increasing living standard, the Philippines is still a worth-living country. We hope you have a reasonable plan and can manage your personal finances well to enjoy a comfortable life. Please contact MoneyCat if you are in need of a cash loan Philippines.
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