3 Things to Consider When Planning Your Retirement in the Philippines

Settling down in your old age is the dream of many people. Retirement from work, doing everything you ever wanted (sports, hobbies, other recreational activities), these are the often pursued once retirement comes along. Unfortunately, Retirement in the Philippines, it is not as easy as you think, as the country is one of the least prepared when it comes to retirement planning in comparison to other South East Asian countries.

90% of Filipino workers are said to be anxious when it comes to getting old as they think that their savings would decrease, have poor health, and with no one to take care for them.

If you are one of those living statistics, currently of a young age or otherwise almost close to retirement, here are some ways you can mitigate your worries about the future and advice to your current predicament.

Retirement Savings

Compared to other generations, millennials are optimistic and are said to retire earlier than their predecessors. Despite this, most young Filipino adults are carefree in regards to how they choose to spend their income. Only a handful of few store their money in a savings account every month, as well as investing said money.

One way to avoid this problem for your future self is to invest in the stock market, investing in real estate for long run income, and monitoring as well as tracking your expenses every day. The current mindset of living life to the fullest is all well and good, but there must be a balance between enjoying your youth and saving for the future.

Retirement Location

In addition to living your life to the fullest, you only get on prime location in which you live the rest of your days. Satisfaction comes from the optimum quality of living, and your happiness depends where you live as well.

Lucky for you, there is no shortage of islands in the Philippines that canโ€™t catch your eye. Assuming you are already close to retirement, your recommended place of living is in Metro Manila and Cebu City, as they are the only cities with Joint Commission-accredited hospitals. If you are unable or donโ€™t want to live in either of the two, choose a location not very far from an accredited hospital and have fast transportation to quickly transport you to and from the hospital.

This website is helpful as it contains both the top cities and provinces to retire in the Philippines, listed in alphabetical order.

Healthcare Costs

Given your elderly age once retirement comes along, your health would have been heavily deteriorated. You are limited in coming up with ways to earn money for retiring, add the fact that health care costs in the Philippines continues to increase.

Although senior citizens can enjoy PhilHealth benefits such as medical coverage of up to 20% discounts, they canโ€™t outweigh the already expensive medications and PhilHealth benefits only includes covering hospitalization costs, not much of use for outpatients.

The advice that will be given next may sound obvious, but remember that most Filipinos look away when it comes to financial preparation. Your savings will dwindle in the weight of expensive medicines and medical bills if you donโ€™t acquire a life insurance plan for your retirement.

Lastly, even if you are almost close to retiring age, minimize or avoid entirely unhealthy habits such as smoking and liquor consumption. They will take a toll on your health when you grow older and incur expenses in your health. While youโ€™re at it, exercise. Running is free, your body will thank you for it in the long run.


Amidst the onset problems of Filipino workers, it is best to be well-informed in planning ahead for your future. You owe it to yourself to live a comfortable life once youโ€™ve retired, everyone does and you shouldnโ€™t take for granted what little time you have to prepare, so it is best to start early!