@ David690 ...... P130k per month
You obviously have a fairly decent source of income given your estimated monthly living costs, or have you and your partner got a business there to support your expenses.
If i was to live in Palawan right now, i would have no source of income to live off as my wife would still be working back home, and i wouldn't qualify for any pension because of that, so without any business or investment properties i would have to rely on the Wife, and that would be out of the question, at least for the next 4 years at least, and to be brutally honest, i don't think i could be bothered living in the Philippines unless we had some kind of business (tourism is my passion) that i could be involved with, and also have a couple of investment properties that earn us income as well, because the whole point of living in the Philippines, for me at least, is to be able to invest some of our spare cash into a business and a couple of investment properties so that we can make a good enough income for us to live off (plus some extra)
My only source of direct income is my UK OAP, which covers about 30% of my expenses.
I have only been retired here for 1 year, so still finding my feet.
We have bought my wife a few farm lots close to her family home in Visayas, but that will only ever provide pocket money for her, but the long term benefit will be useful in terms of capital appreciation in the future.
I also took out a couple of long term investments for her, for her future, but they are already paid for and don't figure in my monthly expenses.
We have a nice home on a subdivision which is also a golf course, plus we have bought a beach lot for recreational use, but who knows, maybe like you, I will build one or two cottages for a small income.
I appreciate that my expenses may not reflect those of many who have retired here, but to be honest, I don't see how I can cut back on them.
I could give up my medical insurance with PPP, very risky I think at my age.
I could give up my truck and her car, but that would impact severely on our life style.
Boating is my passion, so my boat is a must have.
Alcohol may seem high, but in reality it's not a lot. A single bottle of half decent wine in the evening is P500, a couple of G&T's a night with a shot of JD after dinner is not unreasonable, so don't see how I can economise there.
Trips back to the UK, I can't control ticket prices, but I'm always on the look out for special deals.
Believe me, I would love to be able to live on P50K a month, but don't see how that's possible.
I have financially backed a couple of land subdivision projects here, which gives me a decent return of about 5% a month, but of course, that comes with a risk factor that some will not be happy with. But there is no point in bank deposits at less than 2% a year, way less than inflation, so some risk is required if you want to get a decent return.
At the end of the day, I live a decent, but not extravagant lifestyle, which I feel is my right after a life of working and putting others first.
I wish you well in your venture, who knows, we may come and stay at your resort one day.