Retirement haven?
By MARISSE G. ABELGAS
Back in 1991, a distant relative who had migrated to the U.S. way before my family and I did, casually remarked that his one dream was to be able to retire in the Philippines. His reason? He wanted to live out the rest of his life being doted on by a maid, something he never experienced in the province where he grew up. By his calculations, he’d figured (to the utter consternation of his wife) that his pension would enable him to buy that kind of luxury, but only if he went back home to retire.
Back then, his seemingly unusual pining for home had elicited loud guffaws and good-natured ribbing. I wish I could speak to this distant relative again, perhaps more profoundly this time, if only to ask whether he continues to cherish his dream of living out the rest of his days in the bosom of homeland and well, a maid.
The irony of the Filipino diaspora is that while three out of 10 people in the Philippines would reportedly leave their country if given half the chance (and they do), a whole generation of Filipino-Americans would apparently risk all their savings or pension funds for a shot at re-establishing their lives and retiring comfortably in the old stomping grounds. Basically, the general impetus for this reverse diaspora among Fil-Ams seems to be economic: like the distant relative who dreams of maid-service, many hope to take advantage of affordable retirement in the Philippines, where a mere $1,500/month budget can buy some degree of luxury.
The Philippine government it seems, is on the same wavelength, anticipating hordes of baby boomer retirees to descend on its shores in the years to come. Buoyed by the more than 10,000 registered foreigners who have already retired in the Philippines, the Arroyo administration is pulling out all the stops in its retirement program for returning Filipino migrants with fat pensions and SS funds. The government is so optimistic about their impending arrival that it is, and typically at that, pinning its hopes for economic salvation on this reverse migration. In fact, the Philippine government now views potential retirees who intend to settle back in the Philippines as a virtual “gold mine” that could become a “significant economic force” in the future.
Riding on the government’s enthusiasm, Filipino real estate developers are tweaking their marketing strategies, enticing Fil-Ams and other OFWs in Europe or Asia to buy high-rise condos that now dominate the Greenhills/Makati skyline, or townhouses in “senior villages” that have sprouted in rural areas. Negotiations are reportedly underway to accredit Philippine hospitals with Medicare and HMOs, while legislators are feverishly crafting bills that will provide more and more investment incentives for the returnees.
It’s all well and good, except perhaps for one thing: we somehow tend to forget that such retirement plans are largely anchored on romanticized notions of a virtual paradise, complete with lakeshore condo, a maid, driver, personal masseuse, and Medicare. It’s all well and good if your retirement income from the U.S. can sustain you until the end of your days, with enough left over to keep instant dependents (relatives, friends, neighbors) happy while you’re still alive, even if senile.
If your retirement funds are limited, perhaps it’s best to first determine whether you can still survive the exigencies of third world living. It’s one thing to be a balikbayan vacationing in the islands for a few glorious weeks or months, charging all your needs to credit cards or hard-earned savings. It’s another to actually re-settle back home, where life is no picnic unless you can really, really afford it.
Not to rain on anybody’s parade, but it may be wise to remember the bottomline of retirement in the Philippines, or elsewhere: just make sure you never run out of money.
Back in 1991, a distant relative who had migrated to the U.S. way before my family and I did, casually remarked that his one dream was to be able to retire in the Philippines. His reason? He wanted to live out the rest of his life being doted on by a maid, something he never experienced in the province where he grew up. By his calculations, he’d figured (to the utter consternation of his wife) that his pension would enable him to buy that kind of luxury, but only if he went back home to retire.
Back then, his seemingly unusual pining for home had elicited loud guffaws and good-natured ribbing. I wish I could speak to this distant relative again, perhaps more profoundly this time, if only to ask whether he continues to cherish his dream of living out the rest of his days in the bosom of homeland and well, a maid.
The irony of the Filipino diaspora is that while three out of 10 people in the Philippines would reportedly leave their country if given half the chance (and they do), a whole generation of Filipino-Americans would apparently risk all their savings or pension funds for a shot at re-establishing their lives and retiring comfortably in the old stomping grounds. Basically, the general impetus for this reverse diaspora among Fil-Ams seems to be economic: like the distant relative who dreams of maid-service, many hope to take advantage of affordable retirement in the Philippines, where a mere $1,500/month budget can buy some degree of luxury.
The Philippine government it seems, is on the same wavelength, anticipating hordes of baby boomer retirees to descend on its shores in the years to come. Buoyed by the more than 10,000 registered foreigners who have already retired in the Philippines, the Arroyo administration is pulling out all the stops in its retirement program for returning Filipino migrants with fat pensions and SS funds. The government is so optimistic about their impending arrival that it is, and typically at that, pinning its hopes for economic salvation on this reverse migration. In fact, the Philippine government now views potential retirees who intend to settle back in the Philippines as a virtual “gold mine” that could become a “significant economic force” in the future.
Riding on the government’s enthusiasm, Filipino real estate developers are tweaking their marketing strategies, enticing Fil-Ams and other OFWs in Europe or Asia to buy high-rise condos that now dominate the Greenhills/Makati skyline, or townhouses in “senior villages” that have sprouted in rural areas. Negotiations are reportedly underway to accredit Philippine hospitals with Medicare and HMOs, while legislators are feverishly crafting bills that will provide more and more investment incentives for the returnees.
It’s all well and good, except perhaps for one thing: we somehow tend to forget that such retirement plans are largely anchored on romanticized notions of a virtual paradise, complete with lakeshore condo, a maid, driver, personal masseuse, and Medicare. It’s all well and good if your retirement income from the U.S. can sustain you until the end of your days, with enough left over to keep instant dependents (relatives, friends, neighbors) happy while you’re still alive, even if senile.
If your retirement funds are limited, perhaps it’s best to first determine whether you can still survive the exigencies of third world living. It’s one thing to be a balikbayan vacationing in the islands for a few glorious weeks or months, charging all your needs to credit cards or hard-earned savings. It’s another to actually re-settle back home, where life is no picnic unless you can really, really afford it.
Not to rain on anybody’s parade, but it may be wise to remember the bottomline of retirement in the Philippines, or elsewhere: just make sure you never run out of money.
