70 percent of Overseas Filipino Workers (OFWs) in the United Arab Emirates (UAE) reported experiencing a significant increase in their salaries over the past five years since 2019, reflecting UAE’s robust economic climate.
With a big purchasing power boost, Filipinos in the UAE are showing heightened investment appetite with property as the most preferred investment.
This is according to a survey conducted by New Perspective Media Group, organizer of Philippine Property and Investment Exhibition. PPIE, the Philippines’ largest international property and investment show, now on its 10th edition, which will be held on May 11-12, 2024, at The Bristol Hotel, Deira, Dubai.
The survey, which covered 3,200 respondents, predominantly comprises millennials (78 percent) who have resided in the UAE for over six years (88 percent). The study focused on key indicators of consumer confidence, including income growth, financial stability, and investment preferences.
STRONG PURCHASING POWER
The survey showed that 75 percent of Filipinos in UAE earn more than AED5,000 with the following breakdown; 56 percent earn between AED5,001-10,000; 11 percent earn between AED10,001-20,000; 5 percent are in the AED20,001-40,000 bracket; while 3 percent receive monthly salary above AED40,000.
PREFERRED INVESTMENTS
Property emerged as the preferred investment among Filipino expats in the UAE, capturing the interest of 62 percent of respondents, followed by entrepreneurship/own business (58 percent), life insurance (30 percent), and stocks/bonds (27 percent).
FINANCIAL STABILITY
Furthermore, 68 percent said they are more financially stable now than five years ago. This sense of stability has contributed to a diversified asset portfolio among OFWs, encompassing savings (69 percent), real estate (62 percent), gold and diamond (58 percent), life insurance (47 percent), vehicle (41 percent), and own business (22 percent).
Dr. Karen Remo, CEO and Founder of New Perspective Media Group, Organizer of PPIE, said, “The Philippine Property and Investment Exhibition was conceived with the aim of boosting the financial literacy of OFWs so they can plan for a better future for themselves and their families. For the last 10 years, we have been steadfast in this mission. That is why it is truly fulfilling to see Overseas Filipinos embracing financial awareness and empowerment. This would have not been possible without the support of our partners in the business and government sectors.”
She added, “The growth in the Philippines’ real estate market is backed by strong economic fundamentals and the country’s anticipated leadership role in ASEAN’s economic expansion. The long-term outlook remains positive, particularly with ongoing asset appreciation and attractive rental income. PPIE 2024 serves as a strategic platform for Filipinos and foreign investors in the UAE to seize these opportunities and directly engage with leaders in the Philippine property sector.”
Vince Ang, Chief Operating Officer of NPM Group, said, “PPIE plays a crucial role in facilitating meaningful connections and providing access to lucrative investment opportunities for overseas Filipinos. We are very pleased to see that PPIE has been instrumental in the surge in investment interest and financial empowerment over the years.”
PPIE 2024 will be participated by Ayala Land, Hotel 101, RLC Residences, and Rockwell Land as Silver Sponsors; Sunlife, One Lancaster Park, Crescent Hills Residences, and Tabeer Tourism as Exhibitors; Dubai Economy & Tourism as Support Sponsor; The Filipino Times, the largest digital news portal for Filipinos overseas and the biggest free newspaper in the UAE, and GMA Pinoy TV, as Media Partners.
More than 50 industry experts will speak at various forums, featuring topics such as property investment and savings options for OFWs, how to set up a business, how to create a personal brand, leveraging your hobbies to fund your future investments, and self-development talks, among others.
As the most trusted Philippine business and investment forum and exhibition in the Middle East, PPIE continues to make history in the Gulf region by bringing in over 2,500 quality visitors every year since its first edition in 2014.
For free registration and more information, visit www.ppie.ae.
