The United Arab Emirates has now surpassed the concentration of Filipinos in the Kingdom of Saudi Arabia, announced Philippine Ambassador to the UAE, Alfonso Ferdinand Ver, during his speech at Cebu Pacific’s Stakeholders Night, the Philippines’ largest carrier.
“In the statistics I received upon my arrival, the number of residents with visas is 700,000 plus. Additionally, there are over 300,000 individuals with temporary visas. When combined, these totals to more than 1 million,” revealed Ambassador Ver in an interview with The Filipino Times.
This, according to Ambassador Ver, positions Filipinos in the UAE as the third-largest nationality, surpassing the current figure of 800,000 Filipinos in KSA.
“We have a significant community here. The UAE hosts over 200 nationalities, surpassing the number of United Nations member countries… We need to maintain our status as one of the top nationalities. We are the third largest, following Indians in the first position, with Pakistanis totaling 1.6 million, and now we have exceeded 1 million,” emphasized Ambassador Ver.
This ballpark figure is reflected in the remarkable growth of Cebu Pacific, which recorded a 109% increase in capacity since the pre-pandemic period.
“We have doubled our capacity, adding 29,000 seats per month, with twice-daily frequencies,” stated Candice Iyog, Cebu Pacific’s Chief Marketing and Customer Experience Officer, during the celebration of their 10th year anniversary on the Manila-Dubai route in May 2023.
A Hub for Growth and Success
The United Arab Emirates (UAE) stands as the Middle East’s third-largest economy and one of the region’s wealthiest nations in terms of per capita wealth.
Filipinos in Dubai, representing diverse industries, share valuable insights into the advantages and allure of working and living in the UAE.
The country offers abundant career opportunities, with a strong preference for Filipino workers. Notably, tax-free salaries allow for higher earnings and increased savings.
“The UAE attracts Filipinos with its robust economy offering diverse job opportunities and higher pay packages. Its safety, political stability, ease of living, wide use of the English language, and cultural tolerance further enhance its appeal. Also, the large Filipino community in the UAE provides a comforting home-like environment for newcomers.
But beyond the job opportunities, safety, and convenience, the UAE offers abundant opportunities for personal and professional growth to those who are willing to do the work. This country nurtures a culture of success, an environment where if you can thrive, you can excel anywhere in the world,” said Financial Coach and Podcast Creator of Pera and Purpose Jay Tolentino.
Dubai boasts an exceptional quality of living, offering a range of accommodation options to suit individual preferences. The UAE provides various visa types catering to different purposes.
Additionally, the UAE excels in healthcare provision, ensuring access to top-quality medical services. The presence of numerous Filipino restaurants and establishments contributes to a sense of familiarity and home away from home. Furthermore, the country promotes religious tolerance, respecting the diverse beliefs and practices of Muslims, Christians, and individuals of other faiths.
Thriving as Investors and Entrepreneurs
A 2022 survey commissioned by New Perspective Media Group, organizer of the Philippine Property and Investment Exhibition (PPIE), reveals that 63 percent of overseas Filipinos in the UAE have witnessed significant salary increases in the past five years.
Based on responses from 3,800 long-term UAE residents, primarily millennials, the survey also highlights that an impressive 80 percent of Filipinos express a strong interest in investing within the next 12 months. This enthusiasm stems from improved financial literacy and increased income.
The survey identifies preferred investment options, including property (61 percent), entrepreneurship (58 percent), life insurance (37 percent), and mutual funds (32 percent). These findings underscore the growing financial aspirations and confidence among Filipinos in the UAE.
The demand for real estate investments from Overseas Filipino Workers (OFWs) is undeniably significant. According to a recent survey, 8 out of 10 OFWs are actively seeking investment opportunities, with real estate being their top priority.
This year, New Perspective Media Group is proud to present the 9th edition of an exclusive event designed to bring top real estate and investment options to Filipinos in the UAE. Taking place on May 12 and 13 at the prestigious Radisson Blu Hotel in Dubai Deira Creek, this event is made possible by the generous support of our Gold Sponsors, Rockwell Land, and RLC Residences, as well as our Silver Sponsor, Ayala Land.
They will be joined by Aqwire, Bases Conversion, and Development Authority, Department of Trade and Industry, Megaworld of The FORT, Philippine Airlines, REMATA, and V Hermosa Bright Corporation as exhibitors during the 9th edition of PPIE.
These esteemed companies have identified the UAE as their fastest-growing international market, and their success in this region is evident. In 2022 alone, one of these companies experienced an impressive revenue growth of 157 percent. Sales from overseas Filipinos saw a remarkable surge of 59 percent, while sales to foreigners increased by 39 percent. Their exceptional performance underscores the immense potential and attractiveness of the UAE market for real estate investments.
Read more: Ayala Land sales to OFWs up 59% and to foreigners up 39% in 2022
Foreign investments to PH from UAE at an all-time high
Foreign investments from the UAE to the Philippines are booming, with key sectors attracting investment in manufacturing (48%), finance and insurance (27%), and real estate (13%). In 2022, foreign direct investments in real estate reached $181.64 million, a significant 33% increase from 2021.
Region 4-A (19%), Region 3 (17.9%), and Region 1 (13.9%) are the top regions for foreign investments. These regions have seen remarkable growth, more than doubling since 2021. Colliers reported that developers are now shifting focus to provinces like Pampanga, Bulacan, Cebu, Davao, Bacolod, and Iloilo, beyond Metro Manila.
Tapping into the presence of Filipino workers in the Middle East
President Ferdinand Marcos Jr. unveiled the Philippines’ strategy to harness the potential of Filipino workers in the Middle East to attract investment from Gulf countries during his participation at the World Economic Forum in Davos, Switzerland in January 2023.
“President Ferdinand R. Marcos Jr. expressed optimism that the Philippines could leverage on the strong presence of overseas Filipino workers (OFWs) in the Middle East to corner investments from Arab countries looking eastward for new investment destinations,” the presidential office said in a statement.
This initiative comes hand in hand with other measures taken by the government to entice investors. Starting last April 1, 2023, select sectors including railways, airports, expressways, and telecommunications have opened up to 100 percent foreign ownership, a significant change from the previous 40 percent limit. This move aims to create a more conducive environment for foreign investors and foster economic growth in the country.
In line with these efforts, the Asian Development Bank’s Asian Development Outlook (ADO) April 2023 report projects a 6.0% growth for the Philippine economy this year, with further advancement expected at 6.2% in 2024.
In Dubai, events like the Philippine Economic Investment Summit (PEIS) and PPIE are organized to enhance the financial literacy of Filipinos, anticipating a rise in the number of Filipino investors and entrepreneurs.
Indeed, NPM Group’s commitment to empowering Filipinos through knowledge sharing, particularly in financial matters, has resulted in increased confidence among Filipinos to venture into investments. According to a recent survey, an impressive 76% expressed greater financial knowledge compared to five years ago, with 68% considering themselves financially stable.
To kickstart your journey as an entrepreneur or investor, don’t miss the opportunity to gain insights from industry experts and seasoned investors during this two-day event filled with informative presentations and engaging discussions.
Registration is free, simply visit www.ppie.ae to secure your spot.
