The cost of living in Manila has increased by 29 spots in rankings, making the Philippine capital the 109th costliest city in the world, according to Mercer’s 2019 Cost of Living survey.
The survey found that Manila’s jump to 109th rank is the fourth highest climb in the world. The causes are increase in foreign investment, buoyant expatriate market, and movement of other cities, Philstar.com reported.
The survey also found that Asia is the home of eight of the top 10 most expensive cities.
Hong Kong is still the costliest city followed by Tokyo, Singapore, Seoul, Zurich, Shanghai, Ashgabat, Beijing, New York City, and Shenzhen.
“Despite the relatively high cost of living, many organizations still see a strong business rationale for moving talent into and within the region,” Mario Ferraro, Mercer’s global mobility practice leader for Asia, Middle East and Africa, was quoted in the report as saying.
“At the same time, cost considerations are still an issue, and we are seeing an increased focus on having a clear business case for the assignment, as well as measuring the return on investment,” he added.
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