Manila Among Cities With Higher Cost of Living in Mercer Survey 2019
Out of over 500 cities in the world, Manila emerged as the 109th most expensive location for working expatriates in the 25th Annual Cost of Living Survey administered by Mercer.
The city is among those with the highest rise this year as it climbed 29 places from its 138th position in 2018. It is fourth alongside Ashgabat (from 43rd to 7th), Phnom Penh (from 108th to 142nd), and Havana (from 165th to 133rd).
Mercer took into consideration the comparative cost of more than 200 items in each location like housing, food, transportation, utilities, entertainment, home services, among others.
Mercer’s Global Mobility Product Solutions Leader Yvonne Traber reiterated in a statement how important a city’s cost of living is in attracting businesses.
“Decision makers increasingly acknowledge that globalization is challenging cities to inform, innovate, and compete to foster the kind of satisfaction that attracts both people and investment–the keys to a city’s future,” said Traber.
Using New York City as the base city and US dollar for currency movements, the survey showed that factors including currency fluctuations, cost of inflation for goods and services, and volatility in accommodation prices contribute to the overall cost of expatriate packages for employees on international assignments.
Mercer’s Career Business President Ilya Bonic, on the other hand, highlighted the importance of deploying expat professionals abroad.
“There are numerous personal and organizational advantages for sending employees overseas, including career development, global experience, new skillsets, and re-allocation of resources. By offering fair and competitive compensation packages, organizations can facilitate moves that drive business results,” Bonic explained from the same statement.
Further, eight of the top ten most expensive countries are from Asia with number one being Hong Kong, followed suit by Tokyo, Singapore, Seoul, Shanghai (6th), Ashgabat (7th), Beijing (8th), and Shenzhen (10th).
Source: Mercer
