According to a new survey released on Thursday, 63 percent of Filipinos in the UAE have experienced "significant" salary increases over the last five years.
65 percent of the 3,800 expats polled for this year's Philippine Property and Investment Exhibition (PPIE) reported drawing a salary over Dh5,000 per month. One in five even said that they are earning between Dh10,000 and Dh40,000.
As per the Central Bank, the UAE's economy is projected to record its strongest annual expansion since 2011 following the 8.2% increase in the first three months of this year.
In addition to increasing their purchasing power, Filipinos have also been looking for ways to increase their income. The poll found that as many as 80 per cent of them are keen to invest within 12 months.
Among their top investment preferences are property (61%) entrepreneurship (58%) life insurance (37%), and mutual funds (32%).
We analyzed the 2022 PPIE survey based on three component indicators of consumer confidence: income, stability, and investment.
IMPROVED FINANCIAL LITERATURE
Additionally, 76% of Filipino expats in the UAE are more financially knowledgeable than five years ago.
The study found that participants are now aware of how inflation fits into the overall economic cycle, and they are more curious about capital appreciation.
Sixty-eight percent of respondents said they are financially stable or more financially stable now than five years ago, despite the impact of the pandemic on the global economy.
Despite the country's consistently positive asset appreciation and rental income, the Philippines is referred to as the 'Rising Star of the Real Estate Market' in Asia. 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.
On November 5 and 6, the PPIE will be held at the Crowne Plaza Hotel on Sheikh Zayed Dubai. "It makes it easier for Filipinos and foreigners to find properties in the UAE that fit their tastes", Remo said.
PPIE's return to Dubai is a clear indication of the Philippines' vibrant property market and the burgeoning purchasing power of Filipinos in the UAE, according to Vince Ang of New Perspective Media. We have been working tirelessly for nearly a decade now to equip them with essential ways to invest their hard-earned money for a brighter, more secure future for themselves and their families."