April 23, 2015
The Philippines is a sovereign island country in Southeast Asia located in the western Pacific Ocean. It is officially known as the Republic of the Philippines. Ethnologies lists 175 individual languages in the Philippines. However, According to the 1987 Philippine Constitution, Filipino and English are the official languages. Filipino is a standardized version of Tagalog, spoken mainly in Metro Manila and other urban regions.
The Philippines has a democratic government. It is a constitutional republic with a presidential system. It is governed as a unitary state with the exception of the Autonomous Region in Muslim Mindanao, which is largely free from the national government.
The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As at February 17, 2014, there were 36 universal and commercial banks, 71 thrift banks, 533 rural banks, 40 credit unions, and 6,267 non-banks with quasi-banking functions, all licensed with the Central Bank of the Philippines under Republic Act No. 8791, also known as the General Banking Act of 2000. The currency there is the Philippine Peso. The Philippine Peso converts to 0.023 US Dollar.
Filipinos may work at will. Foreign workers and expatriates must possess valid visas, work passes, and employment passes prior to commencing work. Depending upon the length of time a candidate intends to live and work, the Philippines’ visa application procedure will follow one of several courses. Where a candidate will be relocating to the Philippines for less than six months they will be required to submit a Special Work Permit application. However, where the duration of an assignment exceeds six months, candidates may apply for a Philippines work permit either from within the country or from their own country of residence.
The country’s over 7,000 islands offer plenty of life-style choices for expats. Rural farmhouses, condominiums, and rooms in shared apartments are all available. As is the case everywhere in the world, housing is not as widely available in urban centers. The rent is also higher than in remote rural areas. The rents are highest in Metro Manila. The best and safest way to find a place to stay during your expat life in the Philippines is by recommendations from friends and colleagues. Internet listings and classified ads in local newspapers are also a great way to start.
Please read more on Country Fact Pages located on our website. As always, our goal is to continue to make it as easy as possible for Western and European businesses to join-and succeed in the thriving Asia markets, and to expand our clients’ reach, and in turn, help to grow their operations at home.
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Founder & CEO, Tiger-Consulting