MANILA - Metro Manila has moved up the list of most expensive cities for expatriate workers, according to Mercer, a company that tracks individual cost of living globally.
Mercer said that based on its Cost of Living Survey 2019, the Philippines' capital ranked 109th out of 209 cities, up 29 spots from its 2018 position. Mercer said this was the 4th biggest climb globally.
Mario Ferraro, Mercer's mobility leader for Asia, Middle East, Africa and Turkey said Manila's rise in the rankings was mainly due to the "fairly rapid increase in the cost of rented accommodation in the neighborhoods where the expats are more likely to reside."
Ferraro cited rising rents in the Makati central business district and Bonifacio Global City as examples.
He said that Manila's rising cost of living for expats was "a consequence of the Philippines being such an attractive location" for foreign businessmen and investments.
"How this will impact foreign investment in the long term remains to be seen," Ferraro said in an interview on ANC's Market Edge.
Mercer said Asian cities also topped the list with Hong Kong ranking as the most expensive city for expats for the second year in a row. Tokyo came in second, followed by Singapore and then Seoul.
Shanghai, Beijing and Shenzhen also made the top ten costliest cities with only Zurich and New York City the only Western entries in the top ten.
Tunis and Taskent, meanwhile, ranked as the least expensive cities for expats.