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Some 63 percent of Filipinos in the UAE have experienced a “significant” pay rise over the past five years, according to a new survey released Thursday.
In a study of 3,800 expats surveyed for this year’s Philippine Property and Investment Exhibition (PPIE), 65 percent said they earned more than Dh5,000 a month. One in five even said they earned between Dh10,000 and Dh40,000.
Respondents’ pay rises reflect the UAE’s strong economy, which is expected to post its strongest annual expansion since 2011 after growing 8.2 percent in the first three months of the year, according to central bank data.
With increasing purchasing power, more Filipinos have also been looking for ways to increase their income. The poll found that as many as 80% are keen to invest within 12 months.
Their main investment preferences are real estate (61%), entrepreneurship (58%), life insurance (37%) and mutual funds (32%).
The 2022 PPIE survey is analyzed based on three component indicators of consumer confidence: income, stability and investment.
better financial literacy
The results also showed that the majority of Filipino expats in the UAE (76%) were more financially literate than they were five years ago.
They are now aware of the role of inflation across the economic cycle and more curious about capital appreciation, the study said.
Despite the hit to the global economy from the pandemic, 68% say they are in a more financial or financial position today than they were five years ago.
“Due to the country’s consistently positive asset appreciation and rental income, the Philippines is known as Asia’s ‘rising star in the real estate market’. Long-term residency is now allowed due to the host country’s sweeping visa reforms,” said Dr. Karen Remo, founder and CEO of New Perspective Media Group. and employment stability, overseas Filipino demand for real estate is also expected to remain strong, especially in the UAE.
Remo added that the PPIE, which will be held at the Crowne Plaza Sheikh Zayed Dubai from November 5 to 6, “makes it easier for Filipinos and foreign investors in the UAE to find properties that suit their tastes”.
Vince Ang, COO of New Perspective Media, said: “The return of PPIE in Dubai is a clear demonstration of the dynamism of the Philippine real estate sector and the growing purchasing power of Filipinos in the UAE. The tireless efforts of empowering them to invest their hard-earned money in important ways to create a better, brighter future for themselves and their families even after they retire.”
Participants can register for this event for free.
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