Philippines Insider" The Ultimate Philippines Travel Guide for Tourists and Expats

Author Topic: How rich we really are  (Read 19263 times)

Offline hitekcountry

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Re: How rich we really are
« Reply #15 on: March 18, 2016, 08:43:16 AM »
Mr. Lee

Net asset valuation by way of capitalization ratio calculation is not commonly understood.

I understand your point, and I agree with you.
« Last Edit: March 18, 2016, 09:07:16 AM by hitekcountry »

Offline hitekcountry

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Re: How rich we really are
« Reply #16 on: March 18, 2016, 09:06:23 AM »
I'm actually always surprised how many Filipinos I always see that are in Starbucks or other places spending money on some pretty overpriced desserts. Or if I'm in the mall and see just how many people seem to be buying all of the merchandise that is either the same price as in the US or more. I wonder where all of this spending cash comes from.

I find that interesting also.

I suspect that there are some that may only get to ďplay the roleĒ a few times a year but while they get the chance they live the fantasy and they get to be seen pretending as though they go shopping all the time.

Itís one of the things that I find fascinating about the malls in the Philippines. The person you are walking past could be some poor person wearing the only good clothes and shoes he owns or that person could be extremely wealthy and you would never know. The poor person is living a fantasy for an hour or two and the rich person content to blend in and not be conspicuous.

Probably the most egalitarian environment you're ever going to find in the Philippines.


Offline Lee2

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Re: How rich we really are
« Reply #17 on: March 18, 2016, 09:21:53 AM »
Agreed, thats why find it mildly amusing and grossly inaccurate when I hear comments such as, "filipinos drink emperador because they cant afford san mig", or things of that nature.  Go to a mall in Greenbelt, the Fort, MOA, Cebu City, Davao.... not just a mall, go to any half way decent restaurant, or stand on the street and watch all the cars go by, MANY NICE NICE CARS etc.   You will see that a vast majority in all these places are filipinos.   Again there are only two classes, the wealthy and the poor and poorer, and there are a lot of wealthy filipino's.  The foreigners here are probably what should represent the middle class.  I dont meet many "rich" foreigners, quite the contrary, most of the foreigners I have met probably fall into the first tier of poor category.
On the cars, I was told about 7 to 10 year loans on vehicles, which amazed me, but a local friend who owns a new truck gave me that information and I confirmed it with another local friend who also had a fairly new SUV.

As for the people in the malls, the live for today attitude is sort of responsible, as well as the many families of OFW's and those married to foreigners sending money home once in their new countries, and then there are those that work in bars, one time years ago I went to a bachelor party one night at a bunch of girly bars only to go to SM the next day and see many of the same ladies at the mall.

I personally find the Philippines to be an enigma which I probably will never understand. :(
:) Happily married since 1994 & live part of the year in Cebu and the rest in S. Florida.

Offline dav662

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Re: How rich we really are
« Reply #18 on: March 18, 2016, 03:23:10 PM »
I have found this attitude in most countries in Asia. Thailand is the same. They want all the latest. Latest and expensive handbags, the latest iPhones, the latest and most expensive make up etc. But they are in deep debt and cannot even service that debt. They do not have 3 proper meals per day either. I really do not understand that mentality.

Offline hitekcountry

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Re: How rich we really are
« Reply #19 on: March 19, 2016, 10:18:23 AM »
On the cars, I was told about 7 to 10 year loans on vehicles,

OMG ! thatís insane.  Debt is the name of the road to poverty.

My rule on buying cars is -- the car you can pay cash for is the car you can afford.

Offline Hestecrefter

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Re: How rich we really are
« Reply #20 on: March 20, 2016, 01:14:09 AM »

My rule on buying cars is -- the car you can pay cash for is the car you can afford.

Hear, hear.