As a retiree, we should also carefully consider the financial pros and cons of the area we’re considering for our retirement. The Philippines has a stable economy and has weathered many storms and has remained stable for a long period.
Is the Philippines a Third World Country?
The term Third World arose during the Cold War to define countries that :
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remained non-aligned with either capitalism and NATO (which along with its allies represented the First World
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or communism and the Soviet Union (which along with its allies represented the Second World).
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or countries that were unaligned with either the Communist Soviet bloc or the Capitalist NATO bloc during the Cold War (which represented the Third World).
This definition provided a way of broadly categorizing the nations of the Earth into three groups based on social, political, and economic divisions.
By the end of the 1950’s the term was frequently employed in the French media to refer to the underdeveloped countries of Asia, Africa, Oceania, and Latin America.
When they say underdeveloped countries they were referring to countries like Laos, North Vietnam, etc. NOT countries like Japan and the Philippines.
Nowhere in my research did I encounter a list of Third World countries that included the Philippines. The Philippines is NOT a third-world country!
The national economy of the Philippines is the 30th largest in the world, with an estimated 2016 gross domestic product (nominal) of $801.9 billion. Their major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. Their unit of currency is the Philippine peso (₱ or PHP).
The exchange rate of US dollars to Philippine Peso as of 04/19/2017 is US $1 = PHP ₱49.78.
For retired seniors in the US, this may be the most highly motivating factor to consider when finding a retirement home! Imagine multiplying our money by even 45? We will be surprised how far our $100 can go, especially if we “are old school,” where being frugal means being practical. I think we can even splurge a little 😉
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