Home Loans Philippines

Get a housing loan.

Home Loans in the Philippines

Ready to buy a home or condo?

Should you ask a banker, a property broker or a mortgage broker to advise you about getting a home loan?

Find out why Ryan Ong says Mortgage  Brokers Get You The Cheapest Loans.
It appears that is probably a good way to save money.

How to find a good, licensed mortgage broker and read the good advice at this link. Do not trust every broker, read what to watch out for.

It is essential to have a Filipino attorney advise you and review all of your real estate and loan documents before entering into a loan or a property purchase agreement.

Ask questions of your property agent, banker and/or the property developer regarding a loan. But it appears it will be best to rely on the assistance of a mortgage broker to arrange the lowest rate home loan.

If you cannot find a mortgage broker, then it will be up to you or your attorney to check mortgage rates at several banks. Find the lowest rates. Read about money and banks in the Philippines.

Whatever you do, don't buy a home or condo near a

pig farm or chicken farm.
You will probably get sick enough that you will need to know about hospitals and doctors in the Philippines. This is why it is a good idea to purchase property in a better location far away from pigs and chickens.

Oh, don't forget to check and see if any neighbors of a property raise hogs in their yards.

Foreigners are not permitted to purchase land or houses in the Philippines.

But, if you are married to a Filipino, your spouse may purchase land, houses and condos.

Foreigners are permitted to purchase condominiums in the Philippines.

Read more about buying property in the Philippines.

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Disclaimer: I am not a mortgage broker or lender.

This article will be expanded upon. Please check back to read more about home loans, bankers, property agents and mortgage brokers in the Philippines. Last updated July 18, 2022.

Money and Banking in the Philippines.

Banks in the Philippines

Money and Banking in the Philippines

Visitors to the Philippines - check out Currency Regulations in the Philippines before leaving home.

Use this handy International Currency Converter to find current exchange rates. This is not a warranty of its accuracy, but I have found it to be quite accurate. 

BPI 

Which bank to use in the Philippines? My favorite bank is the Bank of the Philippine Islands (BPI). Banks in shopping malls often have many people waiting to be served. Some have seating for those waiting, some do not. For example, Banco de Oro (BDO) has long lines and few seats, and it is common to stand in line for up to 45 minutes before being called to a teller. On the other hand, BPI has chairs or padded benches to relax on while you are waiting to be called. BPI has a ticket system where you enter information about your transaction (deposit or withdrawal, etc.) The machine will issue you a ticket with a number on it. Your number will be called when you are next to be served. If you need to see a bank officer your wait will be shorter.

Another difference between BDO and BPI:  the last I knew BDO charges a fee to deposit and a fee to withdraw money. BPI does not charge such fees. If you discover that they now charge fees, please notify me by commenting below.

Some of the largest banks in the Philippines:

1. Banco de Oro Universal Bank (BDO Unibank)
2. Metropolitan Bank and Trust Company
3. Bank of the Philippine Islands (BPI)
4. Land Bank of the Philippines
5. Philippine National Bank
6. Development Bank of the Philippines
7. China Banking Corporation (Chinabank)

The banks most commonly found in shopping malls are:

Banco de Oro (BDO), Bank of the Philippine Islands

(BPI), and China Banking Corporation (Chinabank.)

A more complete list of major banks in the Philippines.

If you are selecting a bank, ask the bank manager if there are safe deposit boxes available. I have read that you must be a regular customer and must have large deposits in the bank. I just discovered online that Philippine National Bank (PNB) offers safe deposit boxes and has the fees posted (call the bank to confirm.)

If you are in the USA or another country and want to open an account with a Philippine bank. You may want to use PNB which has many offices in the USA and other countries.

Warning: I tried to cash Travelers Checks at Western Union in Manila and discovered that they do not accept them. Almost nobody accepts them. Do some research online before purchasing them. I have read that some banks, hotels and restaurants will accept them.

Warning: if you wire funds to a bank in the Philippines there will be a wait of about 10 days before the funds will be available to you. The money arrives at the bank within hours or a day or two but for some reason the money cannot be withdrawn fast. If you write a check on a U.S. bank it will take 30 days to clear.

If you are planning on staying for an extended length of time in the Philippines, it is a good idea to open a Peso account and a Dollar account (or an account in your home currency.) Everything is priced on Pesos. And, with a Dollar and Peso account you can wait until the exchange rate is more favorable before exchanging your currency for Philippine Pesos. Another reason is so that you can exchange Dollars for Pesos at the "onshore rate." It will cost you considerably less than exchanging in your country.

If you send money via Western Union tell them you want the money to arrive in the Philippines as US Dollars. If you send it as Pesos you will lose when your dollars are converted to Pesos by Western Union.

There are money changers with small sidewalk offices, but it is much safer to change your money in a mall. Often there is someone looking over your shoulder while changing on the sidewalk.

If you exchange a large amount of money at a mall you can ask a bank guard to request a mall security guard to take you to your car. If you do not have a car then exercise extreme caution. Be aware of who may be watching you exchange, be aware of anyone who may be following you. Take precautions. Maybe take a family member, relative, or a trusted Filipino friend with you to the bank.

Banks and bank branches usually have at least two armed security guards. One outside and one or two inside.
They are armed with pistols and shotguns, are very professional, happy to answer questions.

Armored truck personnel are more heavily armed.

Need to hire someone to work for you? See information and charts about how much money do Filipinos earn?

Check out foods to avoid in the Philippines.

Discover Filipino Foods Americans Like.

You will find many American restaurants in the Philippines.

There are grocery stores where you may buy American and European foods.

Malls in the Philippines are World Class! And they feature world class cinemas and restaurants chains from all over the world.

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This article will be expanded upon. Please check back to read more about money and banking in the Philippines. This page last updated July 18, 2022.

Bad Food in Philippines and USA.

Don't eat bad food.

Bad food, commonly thought of as "good food." 

Watch the movie above to discover what is wrong with eating meats. It may change your mind about which foods you will eat from now on.

"If anyone wants to save the planet all they have to do is just stop eating meat…vegetarianism takes care of so many things in one shot: ecology, famine, cruelty."
~ Paul McCartney

Check out this article: Want to Help Save the Planet? Stop Eating Meat. It addresses many reasons for not eating meat, not the least of which is filth in factory farms.

To avoid the bad stuff try eating as a vegetarian or try eating as a Vegan.

Avoid Genetically Modified foods.

If you still want to eat meat after watching the above short video, try a local restaurant. After dining, please consider sharing some of your wealth with

street children and orphanages in the Philippines.

Want some familiar Western or other ethnic foods? You will find many American fast food franchises in the Philippines.  This is an extensive list with links to help you find local branches near you as you travel the Philippines.

"Even today, the problem of food safety in the Philippines is largely blamed on a lack of enforcement. Tap water is often undrinkable, and food sold by street vendors is still classified as unsafe by the US Center for Disease Control." From an article dated July 11, 2015 at csmonitor.com about the incident where 1,300 school children were sickened eating a Filipino candy.

Be careful, don't get sick, check out other Foods To Avoid in the Philippines.

Be careful about drinking water and Slurpees in the Philippines.

Two months after arriving in the US from the Philippines my daughter and I ate chicken nuggets at KFC. We both got sick. I had to rush my daughter to the emergency room. The doctor said it could be a virus or it could be the chicken!

Find grocery stores in the Philippines. In these stores you will be able to find some American foods, drinks and snacks.

Try some Filipino foods Americans like.

Learn about genetically modified foods

(GMO) in the Philippines.

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This article will be expanded upon. Please check back for more expose about the bad foods in the Philippines and in the USA. This page last updated July 23, 2022.