Thursday 21 February 2008

Thursday

I went out for a walk but I didn't get very far before I felt tired, I ended up in the mall of asia and just had a look around for a while, I then had a meal there before I came home for the evening.

I've been reading a lot about how the credit/property/pension markets in the UK are looking bad, because of the sub prime mortgages "frauds" that have happened in the US and the UK, things don't look bright for the forseeable future. Pensions which is my main interest will be affected by all this, I don't expect to get any good news when I inquire about how much I would get if I retired early.

So it looks like I will have to work a few years more yet, to make matters worse the Philippine pesos has risen sharply against the dollar and the pound. When I first arrived here to get 10,000 pesos from my ATM cost me just over £100 to do it today costs me over £125 !! doesn't sound too much but basically thats around 25% less value my spending power now has.... thats a huge percentage.

For example the condo that I live in now, I was thinking about buying one in this building, it would cost me £40,000 then, now it would cost me £50,000 simply because of the exchange rate.

Enjoy your Thursday and tomorrow another weekend begins
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3 comments:

Anonymous said...

Hi Gerard,
I see you are still a bit weak after your walk, it will take you some time to recover fully.

I dont have to worry too much about the pensions now as I'm already rceiving it, it could be worse. Thankfully I paid the full stamp all my working life so that helped.

I didnt realise that the Filipino Peso had devalued,25% is quite substantial, it will make a difference to you if you buy property in the foreseeable future.

As you said another weekend, they're flying by, before we know it you will be on the plane back to the beautiful UK.

Take care and enjoy the last leg of your break.

LOL

Anne xxxxxxxxxxx

21 February 2008 at 23:41
Anonymous said...

The prices over here have gone up drastically in the last few months
Gerard Gas Elec I have noticed a marked increase in my grocery bill it must be very difficult with people with fixed income and high mortgage repayments. If you had money in a bank account over there,
savings account what return would you get as good as UK or worse. I havent seen anything on the news about the snow in China being bad.

Take care
Best wishes Jan

22 February 2008 at 11:01
gerry said...

Hi Anne, of course you are 60 so are getting the old age pension.
Yes the pesos has rose dramatically against the dollar and the pound.
Last leg....still another 7 weeks so not too bad.

Hi Jan, no the rates over here are no better unless you want to invest in rural banks were you can get as much as 20% but it is risky.
China was big news over here as it was virtually closed because of the weather.

23 February 2008 at 00:41

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