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A good indication that exchange rates are not the be-all-end-all is the #KRW and #PHP. Today's exchange rate is ₱1.00 = ₩23.00; compare that to U$1.00 = ₱58.00 (the former the Peso is stronger; and in the latter, the Peso is very weak).

A. Philippines and Korea: The minimum wage is not enough for a small family, or a solo individual, to get by weekly.

B. Goods are more expensive in Korea than in the Philippines.

C. Korea minimum wage: ₩78,880 or ₱3,342 / day

D. Philippine minimum wage: ₩14,396 or ₱610 / day

Koreans are still better off than Filipinos when living in the Philippines, while retaining their Korean wage. This is the primary reason why the largest foreign migration in the Philippines are Koreans (there are other important reasons why Koreans are living in the Philippines, like *cough*EducationIsNotToxic*cough*).

This is also the reason why there are many Filipinos who want to work in Korea.

If you are living in the Philippines, it is better because goods here are cheaper than most other countries. However, to have a good life, you need a wage based on US or Korea rates; or charge for your services closer to US or Korea current rates.

The traditional option is to join the rat race and climbed up the corporate ladder fast (which usually involves s*cking up to a lot of things your personal principles find wrong).

(PS. I remember reading an article (or was it a paper?) about how in the next 100 years, the Philippines will be have a very large Korean population, and South Korea, primarily Filipinos; especially with the declining Korean population.)

Anyway… how is it in your country?

* Disclaimer: I'm not an economy expert. My approach is probably very flawed. ^_~