Some 63 per cent of Filipinos in the UAE have experienced a "significant" salary increase over the last five years, a new survey released on Thursday revealed.
Out of 3,800 expats polled in the research conducted for this year's Philippine Property and Investment Exhibition (PPIE), 65 per cent said they were drawing a monthly salary of more than Dh5,000. One in five even said that they are earning between Dh10,000 and Dh40,000.
The pay rise among the respondents reflected the UAE’s robust economy, which is projected to record its strongest annual expansion since 2011 following the 8.2 per cent increase in the first three months of the year, as per the Central Bank.
With a higher purchasing power, more Filipinos have also been looking for ways to grow their income. The poll found that as many as 80 per cent of them are keen to invest within 12 months.
Their top investment preferences are property (61 per cent), entrepreneurship (58 per cent), life insurance (37 per cent) and mutual funds (32 per cent).
The 2022 PPIE survey was analysed based on three component indicators of consumer confidence: income, stability and investment.
Better financial literacy
Results also showed that majority of Filipino expats in the UAE (76 per cent) are more financially knowledgeable than five years ago.
They are now aware of how inflation works in the overall economic cycle and more curious about capital appreciation, the study said.
Despite the global economic blow of the pandemic, 68 per cent said they are financially stable or more financially stable today than five years ago.
“The Philippines has been coined as the ‘Rising Star of the Real Estate Market’ in Asia, thanks to the country’s consistently positive asset appreciation and rental income. Demand for property is likewise anticipated to remain strong among overseas Filipinos especially in the UAE, boosted by the host country's sweeping visa reforms which now allow long-term residency and employment stability," said Dr Karen Remo, founder and CEO of New Perspective Media Group.
The PPIE — which will be held at the Crowne Plaza Hotel on Sheikh Zayed Dubai on November 5 and 6 — "makes it easier for Filipinos and foreign investors in the UAE to find properties that suit their tastes", Remo added.
Vince Ang, chief operating officer at New Perspective Media, said: “The return of PPIE in Dubai is a clear indication of a vibrant Philippine property sector and the burgeoning purchasing power of Filipinos in the UAE. It is also a testament to our relentless endeavour for nearly a decade now to empower them with essential ways to invest their hard-earned money for a better, brighter future for themselves and their family even after their retirement."
Participants may register for the event for free.
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