Hey Joe, Expats Living in The Philippines! If you're moving to the Philippines, retiring in the Philippines or thinking of living in the Philippines, learn from those already living in the Philippines.
There is a story on BusinesWorld Online reporting that Moody’s has downgraded the banks in the Philippines. I’ll admit this story is complex and I didn’t fully understand it. At the same time, they said the individual banks are healthy but there are “systemic risk” which makes the bank more risky than they have been.
It seems to be related to the Philippine Central Bank reluctance to intervene in the markets in the past and the slowed economic growth putting the central bank in a weakened position to act.
I don’t think this is highly significant to most expats but if your one of the lucky ones with serious money in Philippine banks it could matter to some extent to you. Bangko Sentral (Philippine Central Bank) has download played the downgrade.
This, I think would tend to lower the value of the peso though. As always, one must look at all the factors that determine the value of a currency in relation to another currency.
I'm an American expat having the time of my life living in the Philippines.
I'm becoming a bit of a jack of all trades. I grew up in Jackson, Ms where I graduated with a bachelors degree and a major in Accounting. Though there is no official designation of such, I have a strong educational background in finance as well.
I worked as a revenue agent and computer analyst for the IRS for almost 20 years. I'm retired from that and my pension makes it possible to travel as my income goes with me. I am also a webmaster and it seems, I'm becoming a writer, kicking and screaming all the way. When it comes to proper English, I'm not so good. When it comes to putting emotion and ideas on paper, I've been told for years that I am exceptional at it.
I also love photography and playing with computers which fits in well with my new lifestyle. Like I said, I'm having the time of my life in the Philippines. I look forward to exploring all of the country as well as some nearby countries.
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