OUT of 199 countries, the Philippines ranked 5th as one of the countries with the lowest cost of living around the world, according to MoveHub, a site which shows important information about popular locations all over the world. This latest information came from Numbeo, a site that gathered its data through user inputs and manually collected data from authoritative sources.
An infographic published in Movehub showed that among the regions in the world, the Southeast Asian region, including parts of Australia, require the lowest expenses in a day-to-day basis. The study started from July 1, 2013 until Jan. 2, 2015.
“The Consumer Price Index, used to determine the difference in the living costs between countries takes into account the prices of groceries, transportation, restaurants and utilities,” Movehub indicated in the infographic posted in its website.
In the study, the living costs in each country are measured against a base of 100, which represents New York City’s cost of living. Prices of the daily needs were converted into a common denominator.
India, according to the study, has the lowest cost of living, followed by Nepal, Pakistan, Tunisia, Algeria, Moldova, Egypt, Macedonia, Syria, Colombia, Bangladesh, Indonesia, Georgia, Morocco and the Philippines.
Western European countries, on the other hand, have the most expensive cost of living—even higher than New York City which has 100 CPI. Switzerland, which topped the list is 26 points ahead of New York.
Singapore is the only Asian country on the list, landing on the 8th spot. Other countries part of the list are Norway, Venezuela, Iceland, Denmark, Australia, New Zealand, Kuwait, United Kingdom, Ireland, Luxemburg, Finland, France and Belgium.
Expensive cost of living in PH
However, in the letter sent to Pope Francis by Student Christian Movement of the Philippines, League of Filipino Students, National Union of Students of the Philippines, College Editors Guild of the Phillippines, Anakbayan, Kabataan Partylist, Kabataang Artista Para sa Tunay na Kalayaan, and Youth Act Now Against Corruption, the groups addressed the difficulties faced by the youth sector in the country noting its very expensive cost of living.
“No words can fully describe the magnitude of poverty in our country,” the letter said.
“While prices of basic commodities, including food, health services, and transportation continue to rise, our wages as young workers and employees remain miniscule and below living standards,” the groups explained.
“The minimum wage in our country—465 Philippine Pesos—is less than half of the actual amount needed to have a decent life. Wages and salaries remain unchanged for years despite the roaring inflation, with the government content on knowing that out nation remains to be one of the major sources of cheap labor for the global economy,” they reiterated. (With reports from PhilStar.com and Rappler.com)
(New York & New Jersey January 23-29, 2015 Sec. A pg.1)