Can you teach in higher education with a master's degree?
In the unedited post, you mentioned portuguese, so I'll take a chance and guess brazilian. It is statistically likely, you don't seem to be from portugal, but that still leaves portuguese speaking african countries...

Considering public universities in/near SP, RJ, MG, the whole south and some capitals, you won't even be able to apply, they require PhDs all around, with high competition. In the federal universities farthest away from these centers (like AP, RO, RR) a masters would be enough in most cases. These openings are probably available even with the recession, not many candidates willing to relocate, and, without PhD, the salary will be kinda low... (~ 4k BRL)

On the other hand, if you go to the private universities, yes, totally. With the exception to some of the most prestigious (like PUC, Mackenzie, etc), that require PhDs.  In the smaller ones, most of the professors do not even have masters. Low pay, no research and tons of courses tho... 

If you combine both and consider a small private university farthest away from the economic centers, they might not even consider you, saying that you are overqualified....